HONG KONG (AP) — Global stock markets were mixed on Monday after a series of key interest rate decisions by the U.S. Federal Reserve, Japan, China and Britain last week.
Paris' CAC 40 index fell 0.3 percent to 7,481.56 after combined manufacturing activity data for September fell below the 50 threshold that separates expansion and contraction, suggesting the strong growth seen in August in the French economy had vanished.
A similar update on German manufacturing showed the HCOB manufacturing PMI (Purchasing Managers' Index) fell to a weaker-than-expected 40.3 for September. Germany's DAX rose 0.4% to 18,796.33. In London, the FTSE 100 rose 0.4% to 8,258.47.
Futures for the S&P 500 and Dow Jones Industrial Average were little changed.
Chinese stocks rose after the People's Bank of China cut its 14-day reverse repurchase rate to 1.85% from 1.95% on Monday after deciding to keep its key lending rate unchanged last week. Markets had expected the rate cut, while officials said central bank Governor Pan Gongsheng would hold a press conference on supporting the economy.
Hong Kong's Hang Seng Index fell 0.2% to 18,226.58, while the Shanghai Composite Index rose 0.4% to 2,748.92.
Japanese markets were closed on Monday due to a public holiday.
Japan's monetary policy remains in focus after the Bank of Japan announced on Friday that it would keep its policy interest rate unchanged at 0.25%.
That has sent the Japanese yen lower, down from a high of around 140 yen to the dollar last week. The dollar was trading at 143.56 yen on Monday.
Meanwhile, Australia's S&P/ASX 200 fell 0.7 per cent to 8,152.90. The Reserve Bank of Australia begins a two-day policy meeting on Monday.
South Korea's KOSPI rose 0.3% to close at 2,602.01.
On Friday, the S&P 500 fell 0.2% from its all-time high to close at 5,702.55, the Nasdaq Composite Index was down 0.4% to 17,948.32, while the Dow Jones Industrial Average rose 0.1% to close at a record high of 42,063.36.
Last week, the Fed lower key interest rates The Fed cut interest rates for the first time in more than four years, and there is a high possibility that interest rates will continue to rise. This puts an end to a long-term policy that had maintained the highest interest rates in 20 years in an attempt to curb high inflation due to the slowdown in the U.S. economy. Inflation is It peaked in the summer two years ago. Chairman Jerome Powell said the Fed will Keeping the job market strong And the economy Get out of the recession.
The Fed remains under pressure as hiring is beginning to slow under the weight of rising interest rates, and some critics say the central bank may have waited too long to cut rates, potentially damaging the economy.
Critics also say the U.S. stock market may be overheated by hopes that the Federal Reserve will achieve what previously seemed an almost impossible feat: bringing inflation down to 2 percent without causing a recession.
Last week, the Bank of England followed the Federal Reserve's lead by keeping its key interest rate unchanged at 5%.
This week is due to see the release of a preliminary report on U.S. business activity, a final revision to the spring economic growth figure and an update on U.S. consumer spending.
In other early Monday trading, benchmark U.S. crude oil fell 12 cents to $70.88 a barrel, while the international standard Brent crude fell 8 cents to $74.41 a barrel.
The euro fell from $1.1162 to $1.1096.
