Global stock markets were mixed today as a dearth of market-moving news kept many investors on the sidelines following recent strong gains, which saw major Wall Street indexes hit new highs. Earnings statements out of the U.S. will likely be the main driver this week.
In Europe, London's FTSE 100 index was up by 0.5 percent to 7,420, while France's CAC 40 was up 0.1 percent at 5,242. Germany's DAX was 0.1 percent lower at 12,621. Wall Street was poised for a pretty uninspiring open, with Dow futures and the broader S&P 500 futures up 0.1 percent.
Both the Dow and the S&P indexes closed out last week at record highs as traders cheered suggestions from U.S. Federal Reserve Chair Janet Yellen that the central bank may not raise interest rates as fast as markets had been pricing in. Softer than anticipated inflation data reinforced that view. The focus this week could well be more on the U.S. second-quarter earnings report. It's a slow start this week, the main ones due Monday from Netflix and BlackRock.
"Looking to the U.S. open and today's inertia seems set to continue, with the Dow Jones futures promising a slight 30 point increase after the bell,'' said Connor Campbell, financial analyst at Spreadex. "That would still, however, help the Dow hit a fresh record peak, the index benefiting greatly from the Federal Reserve's new-found rate hike reticence.''-AP