Global markets update: US, European stocks gain amid debt ceiling talks
1 min read 16 May 2023, 02:19 AM ISTS&P 500 gains 0.31%, Dow Jones Industrial Average adds 0.17%, Nasdaq Composite rises 0.66%
PremiumUS stock indices rose on Monday amid ongoing debt ceiling negotiations between the White House and Republicans.
The S&P 500 gained 12.43 points, or 0.31%, at 4,136.51. The Dow Jones Industrial Average rose 55.85 points, or 0.17%, at 33,356.47. The Nasdaq Composite gained 80.47 points, or 0.66%, at 12,365.21.
Shares of Meta Platforms Inc climbed 2.16% at $238.86 after Loop Capital upgraded it to ‘buy’ from ‘hold’.
Regional bank shares advanced. Zions Bancorporation, PacWest Bancorp and KeyCorp all rose at least 6%.
A report on Monday showed the New York Federal Reserve's “Empire State" index, a gauge of manufacturing activity in New York State on current business conditions, tumbled to a reading of -31.8 in May.
Investors’ focus is now on April retail sales data and housing data for the same month.
Currencies
The US dollar surged to 136.09 Japanese yen from 135.70. The euro rose to $1.0874 from $1.0853.
Europe European stocks gained on Monday after reports of some positive economic data. The pan-European STOXX 600 index rose 0.3%.
Data showed Germany's wholesale price index fell slightly in April.
Another report showed consumer prices in Sweden eased more than expected in April.
European Union lifted its 2023 economic growth forecast. However, euro zone industrial production fell by far more than expected in March as output of capital goods plunged.
Britain’s FTSE 100 gained 0.3% at 7,777.70. Germany’s DAX ended flat. France’s CAC 40 added less than 0.1% at 7,418.21.
Asia
Asian markets mostly rose on Monday.
Hong Kong’s Hang Seng index rose 1.8% at 19,971.13. In China, Shanghai Composite gained 1.2% at 3,310.74. South Korean benchmark Kospi closed higher 3.93 points, or 0.16%, at 2,479.35.
Japan’s Nikkei 225 added 0.8% at 29,626.34.
Australia’s S&P/ASX 200 index rose 0.1% at 7,267.1. New Zealand’s benchmark S&P/NZX 50 index closed flat.
Markets in Taiwan, Philipines and Indonesia fell.
Energy prices
Brent crude for July delivery up $1.06 to $75.23 a barrel on Monday. US crude oil benchmark for June delivery rose $1.07 to $71.11 a barrel.
Natural gas for June rose 11 cents to $2.38 per 1,000 cubic feet.
Bullion
Gold for June delivery rose $2.90 to $2,022.70 an ounce. Silver for July delivery added 14 cents to $24.29 an ounce.
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