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Global markets update: US stocks rise after GDP data


US stocks rose on Wednesday after latest GDP data hinted at pause in interest rate hike.

The S&P 500 rose 0.38% at 4,514.87 points. The Nasdaq gained 0.54% at 14,019.31 points. The Dow Jones Industrial Average added 0.11% at 34,890.24 points. 

Data on gross domestic product (GDP) showed that the US economy expanded 2.1% in the second quarter, slower than a preliminary estimate of a 2.4%.

Technology stocks gained. Apple rose 1.9% and Palo Alto Networks 1.7%.  Nvidia gained 1%.

HP slumped 6.6% after cutting its profit forecast for the full year.

The yield on the 10-year treasury fell at 4.11% from 4.12% late Tuesday. The yield on the 2-year treasury fell at 4.88% from 4.89%.


The US dollar rose at 146.20 Japanese yen from 145.86. It rose at $1.0923 from $1.0872 against the euro.


European equities fell on Wednesday as Denmark’s Orsted led a decline in utilities stocks.

The pan-European STOXX 600 closed 0.2% lower.

Britain’s FTSE 100 edged up 0.1% at 7,473.67. Germany’s DAX fell 0.2% at 15,891.93.France’s CAC 40 lost 0.1% at 7,364.40.

Denmark’s benchmark index shed 1.6% as offshore wind farm developer Orsted tumbled 24.8% after saying it expects US impairments of 16 billion Danish crowns.

A preliminary report showed Germany’s consumer price inflation rose by an annual 6.4% in August.

Peers Siemens Energy and RWE lost 3.3% and 4.7%, respectively.

Tullow Oil, TotalEnergies Gabon and Maurel et Prom, and miner Eramet dipped between 6.6% and 16.5% after a military coup raised concerns over their operations in Gabon.


In Asian stock markets, Hong Kong’s Hang Seng index ended flat at 18,482.86. China’s Shanghai Composite also closed flat. Japan’s Nikkei 225 rose 0.3% at 32,333.46.

Australia’s S&P/ASX 200 index ended 1.2% higher at 7,297.70. In New Zealand, the benchmark S&P/NZX 50 index closed 0.06% lower at 11,521.12.

Energy prices 

Brent crude for October delivery added 37 cents at $85.86 a barrel on Wednesday.  The US crude oil benchmark for October delivery rose 47 cents at $81.63 a barrel.

Natural gas for October delivery added 14 cents at $2.80 per 1,000 cubic feet.


Gold for December delivery rose $7.90 at $1,973 an ounce. Silver for December delivery fell 4 cents at $25.10 an ounce.

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Updated: 31 Aug 2023, 02:52 AM IST

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.