Yahoo Finanzas Wall Street flat as FTSE closes lower amid concerns over rate hikes
A look at how the major markets are performing on Monday
US stocks were flat on Monday while European stocks and the FTSE 100 were mixed as the uncertain economic outlook continued to weigh on investors after the Bank of England (BoE) raised interest rates by half a point last week, following the US Federal Reserve and other central banks increasing borrowing costs.
The Dow Jones (^DJI) remained at 33,728.39 points as it traded at 0.00%, the S&P 500 (^GSPC) fell 0.05% to 4,344.79 points. The tech-heavy NASDAQ (^IXIC) declined 0.04% to 13,486.68.
FTSE 100 and European stocks
Across the pond, the FTSE 100 (^FTSE) lost 0.11% to close at 7,453.58 points. The CAC 40 (^FCHI) in Paris rose 0.15% to 7,174.41 points, while in Germany, the DAX (^GDAXI) fell 0.19% to 15,799.41 points.
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It comes as new data showed UK fixed-rate mortgage costs jumped to new seven-month highs.
Moneyfacts reported that the average two-year fixed rate residential mortgage has risen to 6.23%, up from 6.19% on Friday — marking its highest level since November.
The average five-year fixed residential mortgage rate also edged higher, to 5.86% from 5.83% on Friday, also the highest since November.
US and Asia markets
US stocks had a muted open as investors considered the impact of the latest rate hikes and look ahead to inflation data this week that could further impact the monetary policy path of the Federal Reserve.
Among US companies, electric vehicle manufacturer Lucid Group (LCID) saw its shares rise nearly 12% on Monday after details were revealed of its deal with Aston Martin to create “industry-leading ultra-luxury high performance electric vehicles.”
As part of the agreement, US-based EV maker Lucid will supply Aston Martin (AML.L) with select powertrain components for initial and some future battery-electric models.
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Meanwhile, shares were down in Carnival Corporation (CCL), by nearly 7%, despite the cruise operator reporting a record quarter for bookings.
The lower share price was likely down to the company still making a net loss of $407m (£320m) on a GAAP-reporting basis, although it reported an adjusted EBITDA profit of $681m, towards the top end of its forecasts in March.
Traders were also keeping across Nike's (NKE) share price, with the retailer due to release an update on its earnings this week.
In Asia, the markets were lower overnight. Tokyo’s Nikkei 225 (^N225) fell 0.25% to 32,698.81 points, while the Hang Seng (^HSI) in Hong Kong lost 0.41% to 18,811.65. In mainland China, the Shanghai Composite (000001.SS) declined by 1.50% to 3,149.80 points.
Pound
The pound to dollar exchange rate (GBPUSD=X) rose to 1.27 in early trade, meaning £1 will get you $1.27. Meanwhile the pound to euro exchange rate (GBPEUR=X) fell to 1.16.
Oil markets
Oil prices rose on Monday as output cuts offset demand concerns stemming from weak Chinese export data.
US crude oil, or West Texas Intermediate (CL=F), gained 0.85% to trade at $69.75 a barrel, while Brent crude (BZ=F) rose 0.97% to $74.57 a barrel.
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