Global stocks drop after Wall St rebound on US growth data – .

Global stocks drop after Wall St rebound on US growth data – .

BANGKOK – Global stocks and US futures were mostly down on Friday despite a flurry of reports showing the economic recovery from the pandemic gathered pace in the last quarter.

The euro-using area saw its GDP jump 13.7% from a year earlier in the April-June quarter, according to a preliminary estimate. This follows a report Thursday showing the U.S. economy has recovered above its pre-pandemic level.

The German DAX fell 0.8% to 15,511.92 and the CAC 40 in Paris fell slightly 0.1% to 6,623.52. The UK FTSE 100 was down 0.8% to 7,020.61. US stocks appeared poised to retreat, with the S&P 500 futures contract down 0.7%. The contract for the industrialists of the Dow fell by 0.3%.

Japan also released relatively strong economic data for the previous quarter, before the government began to tighten restrictions on coronaviruses as cases increased.

“Retail sales, industrial production and employment all rebounded strongly in June, indicating a significant upturn in activity between waves of alpha and delta coronaviruses,” Capital Economics said in a report.

However, the spread of the delta variant of the coronavirus is prompting governments to tighten pandemic restrictions in many countries.

Japanese authorities have sounded the alarm as Tokyo reported record coronavirus cases for two consecutive days this week, as the Olympics are well advanced.

Tokyo’s Nikkei 225 lost 1.8% to 27,283.59 while Seoul’s Kospi fell 1.2% to 3,202.32. The Hang Seng in Hong Kong lost 1.4% to 25,961.03 and the Shanghai Composite Index fell 0.4% to 3,397.36.

The Australian S & P / ASX 200 was down 0.3% to 7,392.60.

Shares rose slightly in India but fell in Southeast Asia.

The yield on the 10-year Treasury bill fell to 1.24% from 1.27% Thursday night.

On Thursday, Wall Street stocks rebounded from a two-day decline, setting the S&P 500 on pace with its second consecutive weekly gain. The S&P 500 Index rose 0.4% to 4,419.15, fueled by large gains. He is just below his most recent record.

The modest recovery came as the latest government data showed continued economic growth and investors scrutinized another batch of mostly positive corporate earnings reports.

The Dow Jones Industrial Average rose 0.4% to 35,084.53, while the Nasdaq rose 0.1% to 14,778.26. The Dow Jones and the Nasdaq also hovered just below their record highs set on Monday.

Helping allay some concerns on Wall Street about the pace of the economic recovery, the Commerce Department said the US economy grew at a solid 6.5% annual rate in the last quarter. That did not meet economists’ forecast for 8.5% growth, but the total size of the economy has now surpassed its pre-pandemic level.

There was also encouraging news on the larger picture of jobs, which tended to lag the rest of the recovery. Claims for unemployment benefits fell from 24,000 to 400,000 last week, the Labor Department reported.

In other exchanges, US benchmark crude oil lost 19 cents to US $ 73.43 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil lost 19 cents to $ 74.91.

The US dollar rose to 109.56 Japanese yen from 109.48 yen on Thursday. The euro strengthened to $ 1.1903 from $ 1.1889.


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