Asian stock markets were mixed Monday ahead of a U.S. economic update this week that is expected to show growth slowing.
A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 24, 2023. – Global stocks and Wall Street futures declined Monday ahead of a U.S. economic update that is expected to show growth slowing.
U.S. data this week are expected to show first-quarter economic growth weakened following interest rate hikes to cool business activity and inflation. That might encourage the Federal Reserve to postpone or scale down more possible rate hikes at its May meeting. In early trading, the FTSE in London fell 0.2% to 7,901.22 and the DAX in Frankfurt opened 0.1% lower at 15,860.34. The CAC 40 in Paris shed 0.3% to 7,558.20.
Health care companies and consumer product makers gained ground, offsetting losses in banks, technology stocks and elsewhere. Truist Financial and KeyCorp, two of the larger regional banks, were among the biggest decliners in the S&P 500. Truist fell 6% and KeyCorp ended 3.7% lower.
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