Stock market today: World shares are mixed after Wall Street logs 3rd straight loss

News

Stock market today: World shares are mixed after Wall Street logs 3rd straight loss

2024-10-24 16:28 Last Updated At：16:40

BANGKOK (AP) — Shares were trading higher in Europe after a retreat Thursday in Asia following a third straight day of losses on Wall Street as its long, record-breaking rally lost more steam.

Oil prices gained more than $1.

Germany's DAX climbed 0.8% to 19,525.36 and the CAC 40 in Paris also gained 0.8%, to 7,557.30. Britain's FTSE 100 was likewise up 0.8%, at 8,322.03.

The future for the S&P 500 was up 0.5% while that for the Dow Jones Industrial Average edged 0.1% lower.

In Asian trading, Japan’s benchmark Nikkei 225 shed larger early gains, ending 0.1% higher at 38,143.29 as purchasing manager indexes showed worsening conditions in Japan for both manufacturing and services. The overall composite PMI compiled by au Jibun Bank fell to a two-year low.

“Japan's private sector fell into contraction territory at the start of the fourth quarter of the year,” Usamah Bhatti, an economist at S&P Global Market Intelligence, said in a commentary. “Confidence about business activity growth in the next 12 months softened in October and was the least pronounced since August 2020.”

Chinese markets declined, with Hong Kong's Hang Seng losing 1.3% to 20,489.62, while the Shanghai Composite index shed 0.7% to 3,280.26.

In Seoul, the Kospi gave up 0.7% to 2,581.03 and Australia's S&P/ASX 200 edged 0.1% lower to 8,206.30.

Taiwan's Taiex lost 0.6% and the Sensex in India edged 0.1% lower. Bangkok's SET declined 0.2%.

“A cocktail of worries about China’s economic outlook and a contentious U.S. presidential election weighed heavily on market sentiment,” Stephen Innes of SPI Asset Management wrote in a commentary.

On Wednesday, the S&P 500 sank 0.9%. Its recent pullback follows six straight winning weeks, its longest such streak this year.

Stocks are sagging under rising pressure from Treasury yields. Higher yields can make investors reluctant to pay high prices for stocks, which critics say already look too expensive after they rose faster than corporate profits.

The Dow Jones Industrial Average dropped 1%, while the Nasdaq composite tumbled 1.6%. Nvidia and other Big Tech stocks were among the market’s heaviest weights.

The yield on the 10-year Treasury rose again to 4.23% from 4.21% late Tuesday and from just 4.08% Friday.

Treasury yields have been climbing after a raft of reports have shown the U.S. economy remains stronger than expected. That’s good news for Wall Street, because it bolsters hopes that the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.

McDonald’s dropped 5.1% after federal health officials linked its Quarter Pounder burgers with an E. coli outbreak that’s affected at least 49 people in 10 states. Investigators are still trying to find what specific ingredient is contaminated, and the Centers for Disease Control and Prevention said McDonald’s stopped using fresh slivered onions and quarter pound beef patties in several states as it investigates.

Boeing slipped 1.8% in what could be one of the most consequential days in years for the troubled aerospace manufacturer.

The company reported a loss of more than $6 billion for the latest quarter. Later Wednesday, Boeing factory workers voted 64% against the company's latest contract offer, opting to continue a six-week strike that has halted production of the aerospace giant’s bestselling jetliners. Boeing stock has lost nearly 40% this year.

Big Tech stocks, whose prices have soared amid Wall Street’s frenzy around artificial-intelligence technology, were the heaviest weight on the market. Nvidia dropped 2.8% and Apple shed 2.2%.

But AT&T rose 4.6% after reporting stronger profit for the latest quarter than analysts expected and Texas Instruments climbed 4% after the semiconductor company reported stronger profit and revenue than anticipated.

In other dealings early Thursday, U.S. benchmark crude oil gained $1.27 to $72.04 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, surged $1.23 to $76.19 per barrel.

The dollar slipped to 152.13 Japanese yen after surging above 153 yen on Wednesday. The euro rose to $1.0799 from $1.0783.

Macron says France will provide 100-euro aid package to support Lebanon

2024-10-24 16:35 Last Updated At：16:40

PARIS (AP) — France will provide a 100-million euro ($108-million) aid package to support Lebanon, French President Emmanuel Macron told an international conference Thursday in Paris.

Macron said “in the immediate term, massive aid is needed for the Lebanese population, both for the hundreds of thousands of people displaced by the war and for the communities hosting them.”

The war between Hezbollah militants and Israel has displaced a million people in the country, killed over 2,500 and deepened an economic crisis.

French organizers hope participants’ financial pledges of humanitarian aid will meet the $426 million the United Nations says is urgently needed.

Paris also seeks to help restore Lebanon’s sovereignty and strengthen its institutions.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

PARIS (AP) — France on Thursday hosts an international conference for Lebanon to rally military and humanitarian aid for the country where war between Hezbollah militants and Israel has displaced a million people, killed over 2,500 and deepened an economic crisis.

Paris also seeks to help restore Lebanon's sovereignty and strengthen its institutions. The country, where Hezbollah effectively operates as a state within a state, has been without a president for two years while political factions fail to agree on a new one.

But the international conference comes as critics say French President Emmanuel Macron’s diplomatic approach in the Middle East has been blurred by his apparent evolving approach and sometimes chaotic communication.

Still, France's historic links with Lebanon, a former colony, and its influential diplomacy give Paris momentum to coordinate “a proper response to the massive challenge that the war in Lebanon now poses,” said Middle East expert Rym Montaz, editor in chief of Carnegie Europe’s blog Strategic Europe.

The French "are trying to make sure that international donors get to hear firsthand from the actors on the ground in Lebanon who can best describe the most immediate needs caused by the Israeli aggression that has forcibly displaced 20% of the Lebanese population over the course of two weeks,” she said.

Israel in the past month has launched a major aerial bombardment and ground invasion of Lebanon as it targets Hezbollah, with strikes hitting the capital, Beirut, and elsewhere.

The International Organization for Migration has said about 800,000 people are displaced, with many now in overcrowded shelters, while others have fled across the border into Syria.

The cash-strapped Lebanese government is ill-prepared to deal with the crisis or the increased demands on its health system. A number of hospitals have been evacuated because of nearby airstrikes and fears that they might be targeted.

In recent weeks, Macron appeared to toughen his stance against Israel while repeatedly calling for a cease-fire in both Lebanon and Gaza, condemning the “unbearable human toll.” He reiterated his call on Monday while speaking by phone with Israeli Prime Minister Benjamin Netanyahu, his office said.

There have been recent tensions between the French and Israeli leaders, especially after Macron called for a halt to arms exports for use in Gaza.

Macron has also strongly condemned the “deliberate” targeting by Israel of U.N. peacekeepers in southern Lebanon, which Israel has denied.

Thursday's conference will include ministers and officials from over 70 countries and international organizations, including the European Union and regional partners, Macron’s office said. Acting Lebanese Prime Minister Najib Mikati, who met with Macron on Wednesday, will attend.

French organizers said they hope the expected financial pledges of humanitarian aid will meet the United Nations’ call for the $426 million it says is urgently needed in Lebanon. Italy this week announced new aid of 10 million euros ($10.8 million) and Germany on Wednesday pledged an additional 60 million euros ($64.7 million) for people in Lebanon.

France also aims at coordinating international support to strengthen Lebanon’s armed forces so they can “deploy more broadly and efficiently” in the country's south as part of a potential deal to end the war. Such a deal could see Hezbollah withdraw its forces from the border.

International support may include equipment, training and financial aid to hire troops and ensure the army's daily needs, Macron’s office said.

Lebanon's army has been hit hard by five years of economic crisis. It has an aging arsenal and no air defenses, leaving it in no position to defend against Israeli incursions or confront Hezbollah.

The Lebanese army has about 80,000 troops, around 5,000 of them deployed in the south. Hezbollah has more than 100,000 fighters, according to the militant group’s late leader, Hassan Nasrallah. The militant group's arsenal — built with support from Iran — is more advanced.

Conference participants also will discuss how to support the 10,500-soldier-strong U.N. peacekeeping mission, UNIFIL. European nations including France, Italy and Spain provide a third of its troops.

Italy, which has over 1,000 troops in the UNIFIL, is notably pushing for the peacekeeping force to be strengthened to “be able to face the new situation” on the ground, an Italian diplomat said, speaking anonymously to discuss ongoing talks.

“What we do know is that without a strengthened Lebanese armed forces and UNIFIL, there can be no sustainable peace and stability at the border between Lebanon and Israel,” Montaz said. “As such, the French efforts are important and crucial for the way forward.”

AP writer Abby Sewell in Beirut, Lebanon, contributed.