28 C
Guwahati
Thursday, May 23, 2024

Global shares decline after armed rebellion quelled in Russia

- Advertisement -
- Advertisement -

 

TOKYO, June 26 (AP): Global shares mostly fell Monday after a short-lived armed rebellion in Russia added to uncertainties over the war in Ukraine.

- Advertisement -

France’s CAC 40 dipped 0.4 per cent in early trading to 7,135.23. Germany’s DAX slipped 0.2 per cent to 15,797.27. Britain’s FTSE 100 fell 0.8 per cent to 7,403.10. The futures for the Dow Jones Industrial Average and S&P 500 futures were down 0.2 per cent.

The rebellion by mercenary soldiers who briefly took over a Russian military headquarters on an ominous march toward Moscow was over. But the brief weakened President Vladimir Putin just as his forces were facing a fierce counteroffensive in Ukraine.

Yevgeny Prigozhin and his Wagner troops were some of Russia’s most effective fighters in Ukraine. Their aborted takeover of the capital also left their fate uncertain.

Tim Waterer, chief market analyst at KCM Trade, said such geopolitical uncertainties have set off a cautious mood.

- Advertisement -

“On the back of recent hawkish central bank moves amid high inflation and low growth environments, investors are now also having to factor in the chance of escalation on the geopolitical side of things, which is adding another layer of uncertainty to the equation,” he said.

Investors have been rattled, also by signs that Europe’s economy appears to be weaker than expected and by still more interest rates by central banks as they try to get inflation under control. High rates drive down inflation by slowing economic activity, which raises risks of recession.

In Asian trading, Japan’s benchmark Nikkei 225 lost nearly 0.3 per cent to finish at 32,698.81. South Korea’s Kospi rose 0.5 per cent to 2,582.20. Hong Kong’s Hang Seng was down 0.5 per cent to 18,794.13, while the Shanghai Composite, reopening after a holiday, dropped 1.5 per cent to 3,150.62. Australia’s S&P/ASX 200 shed 0.3 per cent to 7,078.70.

“We have a slowing U.S. economy, a slowing global economy, all with on-going extreme inflation and high and going higher interest rate levels. There is no bullish stock market scenario here,” said Clifford Bennett, chief economist at ACY Securities.

- Advertisement -

High interest rates in the United States have already dragged manufacturing and other industries into contraction, while also helping to cause several failures in the banking system that rattled confidence. Federal Reserve Chair Jerome Powell said last week that even though his central bank didn’t raise rates last week, it could still push through a couple more hikes by the end of this year.

A preliminary report last week indicated the overall U.S. economy continues to grow, even though manufacturing is shrinking and its output fell to a five-month low.

In energy trading, benchmark U.S. crude rose 11 cents to USD 69.27 per barrel in electronic trading on the New York Mercantile Exchange. It fell 35 cents to USD 69.16 on Friday. Brent crude, the international standard, gained 15 cents to USD 74.16 a barrel.

In currency trading, the U.S. dollar fell to 143.14 Japanese yen from 143.58 yen. The euro cost USD 1.0898, inching down from USD 1.0903.

- Advertisement -
The Hills Times
The Hills Timeshttp://www.thehillstimes.in
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
9 Well-Known Mango Varieties Found Across India 5 National Parks You Should Visit in India Before Monsoon Hits Experience Shillong’s 7 Unforgettable Sights That Will Awaken Your Senses! 7 Must Visit Destinations In The Seven Sisters Of India 5 Rice Dishes For Summers From South India