HONG KONG (AP) — Global stocks were mixed on Monday following a series of key interest rate decisions last week by the U.S. Federal Reserve, Japan, China, and Britain.
The CAC 40 in Paris slipped 0.3% to 7,481.56 after the composite factory activity data for September fell below the 50 threshold that separates expansion from contraction, signaling the strong growth in the French economy seen in August has evaporated.
A similar update on Germany's manufacturing sector, showed the HCOB Manufacturing PMI, or purchasing managers index, in September falling to 40.3, below expectations. Germany’s DAX added 0.4% to 18,796.33. In London, the FTSE 100 rose 0.4% to 8,258.47.
The futures for the S&P 500 and the Dow Jones Industrial Average were little changed.
Chinese stocks got a lift after the central bank lowered its 14-day reverse repurchase rate to 1.85% from 1.95% on Monday after opting to keep key lending rates unchanged last week. Markets had been anticipating a cut. Meanwhile, officials said People’s Bank of China Governor Pan Gongsheng would hold a news briefing to address support for the economy.
The Hang Seng in Hong Kong slipped 0.2% to 18,226.58 while the Shanghai Composite index added 0.4% to 2,748.92.
Markets in Japan were closed on Monday for a public holiday.
Japan’s monetary policy remained in the spotlight after the Bank of Japan announced on Friday that it would keep its benchmark rate unchanged at 0.25%.
That weakened the Japanese yen, which tumbled back from last week’s peak of around 140 to the U.S. dollar. The dollar was trading at 143.56 yen on Monday.
Elsewhere, Australia’s S&P/ASX 200 lost 0.7% to 8,152.90. The Reserve Bank of Australia begins a two-day policy meeting on Monday.
South Korea’s Kospi climbed 0.3% to close at 2,602.01.
On Friday, the S&P 500 slipped 0.2% from its record, closing at 5,702.55. The Nasdaq composite fell 0.4% 17,948.32. The Dow Jones Industrial Average, meanwhile, added 0.1% to close at another record high, at 42,063.36.
Last week the Fed cut its main interest rate for the first time in more than four years, with more likely to come, ending a long run where it kept that rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Inflation has subsided from its peak two summers ago and Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.
The Fed is still under pressure because hiring has begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have damaged the economy.
Critics also say the U.S. stock market may be running too hot on the belief the Federal Reserve will pull off what seemed nearly impossible earlier: getting inflation down to 2% without creating a recession.
Last week, also, the Bank of England kept its main interest rate on hold at 5% in the wake of the Fed's move.
This week will bring preliminary reports on U.S. business activity, the final revision for how quickly the economy grew during the spring and an update on spending by U.S. consumers.
In other dealings early Monday, U.S. benchmark crude oil lost 12 cents to $70.88 per barrel. Brent crude, the international standard, gave up 8 cents to $74.41 per barrel.
The euro fell to $1.1096 from $1.1162.
A bus passes the Wall St. subway station on Wednesday, Sept. 18, 2024, in New York. (AP Photo/Peter Morgan)
FILE - People walk in front of Tokyo Stock Exchange building in Tokyo, on May 28, 2024. (AP Photo/Eugene Hoshiko, File)
Daniel Ricciardo was once tipped as a future Formula 1 champion. His last act in F1 might be playing spoiler in the title race.
The Australian's late rally at the Singapore GP on Sunday snatched the bonus point for fastest lap away from title challenger Lando Norris and helped out Max Verstappen. Ricciardo drives for RB, the sister team of Verstappen's Red Bull, and has previously been a teammate to both Norris and Verstappen.
“If Max wins by a point then I just guaranteed myself a nice Christmas present,” Ricciardo told British broadcaster Sky Sports. Verstappen thanked Ricciardo over the radio to Red Bull.
The lap put the visibly emotional Ricciardo — a popular figure in F1 — in the spotlight ahead of a widely expected decision to replace him with RB's reserve driver Liam Lawson. It generated controversy, too.
Ricciardo finished outside the top 10 so the point isn’t credited to him in the standings, and he finished further back — in 18th place — because he stopped for fresh tires before the lap.
McLaren chief executive Zak Brown objected.
“This once again illustrates that the issue of A/B teams and dual ownership in F1 needs to be addressed as it creates opportunities to manipulate outcomes," Brown told The Associated Press.
"It is precluded in the sporting regulations and we must make sure this type of incident doesn’t happen again in the future, as in Singapore only one team benefited and it wasn’t the team which set the fastest lap.”
RB's team principal Laurent Mekies said the team had simply wanted to give Ricciardo a race to remember.
"Given this may have been Daniel’s last race, we wanted to give him the chance to savor it and go out with the fastest lap," he said in a statement.
RB has yet to officially confirm Ricciardo is leaving, but the driver gave his clearest indication yet that this may have been his last race.
“A lot of emotions because I’m aware it could be it,” he said.
Ricciardo's F1 career looked like it might be over in 2022 when he was soundly beaten by Norris at McLaren. After a stint as a Red Bull reserve, he got another chance last year when RB, then branded AlphaTauri, fired the underperforming Nyck de Vries midseason. It hasn't really worked out, with only four top-10 finishes in 25 races.
“I always said I don’t want to come back just to be on the grid, I want to try and fight back in the front and get back with Red Bull, and obviously it didn’t come to fruition. So then I also have to ask myself the question, ‘Well, then what else can I achieve?’” Ricciardo told Sky Sports.
“Maybe the fairy-tale ending didn’t happen, but I also have to look back on 13 or so years, and I’m proud.”
Even more than for his eight wins, the last of them in 2021, the Australian was famed for his easy-going manner and sense of humor and became a standout face of the “Drive To Survive” Netflix series, which brought F1 to a new audience and sparked a boom in interest in the United States.
Ricciardo's voice was the first heard in the first episode from the 2018 season, which showed him relaxing with his family in Australia and talking of his dream of being a champion.
Ricciardo's fastest lap tipped the title race away from Norris in one very important way. If Verstappen is second in each of the remaining six Grand Prix races and three sprints, he will retain the championship by one point from Norris.
Ricciardo helped out a driver from what's officially a different team, but Norris isn't complaining.
“That’s how it’s been in Formula 1 probably since before I was born, so nothing to complain about,” he said. "It’s the logical thing to do, the smart play by them. Happy for Daniel, that’s all."
AP Auto Racing Writer Jenna Fryer contributed to this report.
AP auto racing: https://apnews.com/hub/auto-racing
RB driver Daniel Ricciardo of Australia poses for a selfie with fans in the paddock at the Baku circuit, in Baku, Azerbaijan, Thursday, Sept.12, 2024. The Formula One Grand Prix will be held on Sunday. (AP Photo/Sergei Grits)
RB driver Daniel Ricciardo of Australia during the second practice session of the Singapore Formula One Grand Prix at the Marina Bay Street Circuit, in Singapore, Friday, Sept. 20, 2024. (AP Photo/Vincent Thian)
Red Bull driver Max Verstappen, left, of the Netherlands and RB driver Daniel Ricciardo of Australia talk during the drivers parade ahead of the Singapore Formula One Grand Prix at the Marina Bay Street Circuit, in Singapore, Sunday, Sept. 22, 2024. (AP Photo/Vincent Thian)
RB driver Daniel Ricciardo of Australia steers his car during the Singapore Formula One Grand Prix at the Marina Bay Street Circuit, in Singapore, Sunday, Sept. 22, 2024. (AP Photo/Vincent Thian)
