HONG KONG (AP) 鈥� European shares opened higher on Monday after a mixed trading session in Asia ahead of a Federal Reserve decision this week on interest rates.
Germany鈥檚 DAX rose 0.5% to 14,757.59 and the CAC 40 in Paris advanced 0.4% to 6,823.22. Britain鈥檚 FTSE 100 surged 0.7% to 7,343.62. The future for the S&P 500 gained 0.5% and the Dow Jones Industrial Average added 0.3%.
A mixed set of economic reports Friday didn鈥檛 appear to alter Wall Street鈥檚 expectations that the Federal Reserve will keep its benchmark rate of above 5.25% unchanged at a meeting Wednesday.
In Asian markets on Monday, Tokyo鈥檚 Nikkei 225 index lost 1% to 30,696.96. There is speculation, given recent signs of sustained inflation, that the Bank of Japan may make adjustments to its monetary policy in a meeting that ends on Tuesday.
Over the weekend, more than 30 companies listed in China revealed intentions to conduct share buybacks and purchases after China announced a slew of measures aimed at stabilizing falling stock prices. The Shanghai Composite index rose 0.1% to 3,021.55.
On Monday, a Hong Kong court hearing until December 4. The property developer鈥檚 default on debt obligations has made it the world鈥檚 most indebted real estate developer and dragged on China鈥檚 economic growth. The Hang Seng in Hong Kong edged 7 points higher to 17,356.96.
Australia鈥檚 S&P/ASX 200 slipped 0.8% to 6,772.90.
South Korea鈥檚 Kospi added 0.3% to 2,310.55. Taiwan鈥檚 Taiex edged up 0.1% and the SET in Bangkok climbed 0.5%.
On Friday, a report showed that the Fed鈥檚 preferred measure of inflation remained high last month, but within economists鈥� expectations. was stronger than expected, even though growth in their incomes fell short of forecasts.
Stocks stumbled, with the S&P 500 falling 0.5% to 10% below the peak it reached in July.
That put benchmark index into what鈥檚 called a 鈥渃orrection.鈥� Stocks have fallen the past three months as investors face the reality of higher interest rates, with Federal Reserve officials talking about keeping rates 鈥渉igher for longer.鈥�
The Dow Jones Industrial Average fell 1.1% and the Russell 2000 index of smaller company stocks slipped 1.2%, closing at its lowest level in about four years. The Nasdaq was the bright spot in the market, gaining 0.4%.
Ford stumbled 12.2% after reporting and revenue a day after it reached a tentative contract agreement with the United Auto Workers union.
The yield on the 10-year Treasury has been hovering at levels not seen since 2007. On Monday it was at 4.85%. Its rise from less than 3.50% in the spring to more than 5% earlier last week has sent prices tumbling for older bonds already trading in the market.
Concerns over an escalation of the Israel-Hamas war have added to uncertainty. Israeli ground forces conducted incursions into Gaza over the weekend and Prime Minister Netanyahu warned of a .
Still, a barrel of benchmark U.S. oil fell $1.42 to $84.12 a barrel in electronic trading on the New York Mercantile Exchange. It slipped 99 cents to settle at $84.54 on Friday. Brent crude, the international standard, slipped $1.46 to $87.74 per barrel.
In currency trading, the U.S. dollar fell to 149.54 Japanese yen from 149.59 yen. The euro cost $1.0554, falling from $1.0567 late Friday.
Zimo Zhong, The Associated Press
