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Global markets update: US equities rise, European equities end flat


Global equity markets were mixed on Monday with US equities closing higher and European equities flat. China’s lower-than-expected gross domestic product (GDP) target weighed on global investor sentiment.

US stocks posted early gains on Monday after yields on 10-year US Treasury bonds rose.

The S&P 500 rose 0.26%. The Dow Jones Industrial Average gained 0.14% and the Nasdaq Composite rose 0.27%.

Treasury yields rose sharply after data showed new orders for US-produced goods fell less than expected in January.

European stocks also cut gains after European Central Bank (ECB) officials signaled more rate hikes. After an initial rise, the STOXX 600 index ended flat on Monday.

China has set an economic growth target of around 5% for this year, lower than last year’s target of 5.5% of GDP.

This week, investors are bracing for major events such as Federal Reserve Chairman Jerome Powell’s testimony before Congress on Tuesday and Wednesday; and US jobs data for February on Friday.

Aside from Powell’s testimony, decisions are also due this week on policy rates from the central banks of Japan, Australia and Canada.

Asian equities were mostly higher on Monday. MSCI’s broadest index of Asia-Pacific stocks outside of Japan was up 0.44%.

Hong Kong’s Hang Seng index rose less than 0.1%. The Shanghai Composite index fell 0.2%.

Japan’s Nikkei index rose 1.11%.

The South Korean KOSPI gained 1.1%.

Gold prices fell on Monday after hitting a nearly three-week high.

Spot gold fell 0.5% to $1,846.54 an ounce in 1956 GMT.

Spot silver was down 1.1% to $21.01 an ounce.

Crude oil prices rose on Monday hope for rising demand from China.

Brent futures for May delivery rose 35 cents to $86.18 a barrel.

Benchmark US crude for April delivery rose 78 cents to $80.46 a barrel.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.