World Shares A Tad Higher As Wall Street Weakens

After a shaky day on Wall Street, global equities were largely up on Tuesday as markets cooled off after a rare winning week. Elaine Kurtenbach of the Associated Press (AP) reported late on June 28, 2022 that oil prices were rising and US futures were also rising.

Photo Insert: Representatives of IBM on the trading floor of the New York Stock Exchange

Group of Seven leaders were finalizing a plan to seek a price restriction on Russian oil, boost taxes on Russian imports, and apply other additional measures as they wrapped up a meeting in Elmau, Germany.

Rising energy prices and Treasury bond yields were weighing on sentiment after last week's rally, and investors were waiting for comments from central bank leaders such as Federal Reserve Chair Jerome Powell and European Central Bank chief Christine Lagarde, who were expected to speak midweek, analysts said.

The DAX in Germany rose 0.9 percent to 13,306.38, while the CAC 40 in Paris rose 1.4 percent to 6,132.32. The FTSE 100 in the United Kingdom rose 1.1 percent to 7,337.96. The Dow industrials and the S&P 500 futures were both up 0.7 percent. The S&P 500 fell 0.3 percent to 3,900.11 on Monday. The Dow fell 0.2 percent to 31,438.26, while the Nasdaq fell 0.7 percent to 11,524.55.

In Asian trade on Tuesday, Tokyo's Nikkei 225 index rose 0.7 percent to 27,049.47, while Seoul's Kospi rose 0.8 percent to 2,422.09. The S&P/ASX 200 index in Australia rose 0.9 percent to 6,763.60. As the country's newest round of breakouts recedes, Chinese stocks have benefited from the relaxation of pandemic restrictions.

The Hang Seng index in Hong Kong recovered early losses, rising 0.9 percent to 22,418.97, while the Shanghai Composite index rose 0.9 percent to 3,409.21. Taiwan and India's stocks dipped, but Bangkok's climbed.

Oil prices maintained their gains after soaring on Monday on news that Middle Eastern producers were at or near maximum capacity, with limited room to increase output. In electronic trading on the New York Mercantile Exchange, benchmark US crude oil rose $1.52 to $111.09 a barrel. On Monday, it rose $1.95 to 109.57 per barrel. Brent crude, the worldwide trading benchmark, climbed $1.68 to $112.66 per barrel.

Stocks finished the week with robust gains, and the S&P 500 had its best day in two years on Friday. Markets rose as the pressure from rising Treasury yields eased, and investors speculated that the Federal Reserve may not need to raise interest rates as aggressively as previously expected to manage inflation.

Treasury yields have resumed their upward trend. The 10-year Treasury note yield, which influences mortgage rates, increased to 3.22 percent early Tuesday from 3.20 percent late Monday.

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