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01/07/24
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Global Stocks Gain After France’s Election Results
On Monday, global stocks inched up in choppy trading after France’s historic elections and before a slew of economic data later this week that may provide clues on the chances of a Federal Reserve interest rate cut.
In the first round of voting, the French far-right took a smaller-than-anticipated lead, indicating a hung parliament may be the result and hinder the party’s agenda. Following the vote, European stocks closed 0.31% higher, while the euro gained 0.13%.
On Tuesday, investors will be focused on remarks by Fed Chair Jerome Powell, followed by Wednesday’s minutes from the latest policy meeting of the Fed and Friday’s non-farm payrolls data for the U.S. In June, the Fed forecast only one rate cut in this year.
The MSCI global shares index, tracking shares in nearly 50 nations, was 0.05% higher after trimming losses. In Asia, the MSCI’s widest index of Asian-Pacific shares excluding Japan closed 0.05% down.
All three major indexes on Wall Street were trading up in a choppy session led by gains in consumer discretionary and technology stocks. The biggest losers were industrials, materials, and real estate equities.
The Nasdaq Composite gained 0.43% to 17,809.62, the S&P 500 gained 0.08% to 5,464.75 and the Dow Jones Industrial Average rose 0.11% to 39,163.69.
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