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HONG KONG (AP) — Stocks were mixed in Asian markets on Monday after Wall Street returned to record highs on Friday, but Hong Kong’s benchmark stock price fell more than 2%, the first in 15 months. It is trending near the low price. European markets started higher.
Dow Jones Industrial Average futures rose 0.2%, and the S&P 500 rose 0.3%.
France’s CAC40 index rose 0.5% to 7,434.81 in early trade. Germany’s DAX rose 0.4% to 16,635.19. Britain’s FTSE 100 rose 0.7% to 7,510.86.
In Asia, Tokyo’s Nikkei Stock Average rose 1.7% to 36,546.95. The Bank of Japan began a two-day policy meeting on Monday and was expected to keep interest rates unchanged at ultra-low levels.
Hong Kong’s Hang Seng fell 2.3% to $14,961.18. The index has fallen more than 10% this year, its worst start since 2016. The Shanghai Composite Index fell 2.7% to 2,756.34.
China’s commercial banks on Monday left their prime lending rates unchanged amid downward pressure on the yuan, disappointing investors who had hoped for economic stimulus. The People’s Bank of China surprised the market last week by keeping medium-term lending rates unchanged.
In South Korea, the Kospi fell 0.3% to 2,464.35. Australia’s S&P/ASX 200 rose 0.8% to 7,476.60. In Bangkok, SET fell 0.6%, while in Taiwan, ThaiX rose 0.8%.
On Friday, the S&P 500 rose 1.2% to a record high of 4,839.81. The Dow Jones Industrial Average set its own record a month ago, rising 1.1% to $37,863.80. The Nasdaq Composite rose 1.7% to 15,310.97.
Wall Street’s gains were driven in part by expectations for rate cuts as U.S. inflation remains subdued. U.S. Treasury yields had already fallen significantly on expectations for interest rate cuts, which sharply accelerated stock market gains in November.
The Fed itself has signaled it will cut rates, but some officials have suggested it may be slower to begin cutting rates than the market expects.
Wall Street’s rally on Friday was driven by a big boost in tech stocks, which is typical during a rally.
Semiconductor companies rose for the second day in a row after major semiconductor manufacturer Taiwan Semiconductor Manufacturing Co. said it expects sales to beat analysts’ expectations this year. Broadcom rose 5.9% and Texas Instruments rose 4%.
In energy trading, benchmark U.S. crude oil fell 46 cents to $72.79 a barrel. Brent crude, the international standard crude, fell 55 cents to $78.01 a barrel.
The dollar rose to 148.22 yen from 148.14 yen. The euro fell to $1.0894 from $1.0897.
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