MANILA, Philippines (AP) — World shares were mixed Thursday ahead of a key meeting between U.S. President Donald Trump and Russian President Vladimir Putin at the week’s end.
Bitcoin briefly rose more than 3% to a new record of over $123,000, according to CoinDesk. It later fell back below $122,000.
The future for the S&P 500 was unchanged, while that for the Dow Jones Industrial Average edged 0.1% higher.
Later Thursday, a report will show how bad U.S. inflation was at the wholesale level across the United States. Economists expect it to show inflation ticked up to 2.4% in July from 2.3% in June.
In early European trading, Britain’s FTSE 100 was flat at 9,165.01 after the government reported that the UK economy grew at a faster than expected 1.2% annual pace in the last quarter. In quarterly terms, the economy grew 0.3%, slowing from a 0.7% expansion in January-March.
Germany’s DAX rose 0.5% to 24,296.02. In Paris, the CAC 40 added 0.4% to 7,832.60.
Europe is bracing for Trump’s encounter with Putin, though the U.S. president has said he will prioritize trying to achieve a ceasefire in Ukraine when he meets with Putin on Friday in Anchorage.
The Trump-Putin meeting could have major implications for energy markets, potentially leading to an easing of sanctions against Moscow, or an escalation if no progress is made on ending the war in Ukraine.
Early Thursday, U.S. benchmark crude rose 28 cents to $62.93 per barrel. Brent crude, the international standard, added 32 cents to $65.95 per barrel.
During Asian trading, Tokyo’s Nikkei 225 fell nearly 1.5% to 42,649.26 as investors sold to lock in recent gains that have taken the benchmark to all-time records.
The Japanese yen rose against the dollar after U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates.
Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.
The dollar fell to 146.50 Japanese yen Thursday, down from 147.39 yen. The euro slid to $1.1681 from $1.1705.
In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,519.32, while the Shanghai composite index slid 0.5% to 3,666.44.
South Korea’s Kospi rose less than 0.1% to 3,225.66.
In Australia, the S&P ASX 200 index added 0.5% to 8,873.80.
Taiwan’s Taiex fell 0.5% and India’s Sensex edged 0.2% higher.
On Wednesday, U.S. stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut U.S. interest rates.
The S&P 500 rose 0.3% and the Dow climbed 1%. The Nasdaq composite added 0.1%.
Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, though they risk worsening inflation.
Trump has angrily been calling for cuts to help the economy, often insulting the Fed Chair Jerome Powell while doing so.
But the Fed has hesitated, worried that Trump’s sweeping higher tariffs could make inflation much worse. Fed officials have said they want to see more fresh data about inflation before moving.
