Achi news desk-
New York, (APP – UrduPoint / Pakistan Point News – 26th Mar, 2024) Global stocks were mixed on Monday, while oil prices advanced as escalation between Moscow and Ukraine raised questions about Russian oil production.
US oil prices jumped 1.6 percent on news of the latest drone attack by Kyiv that caused a fire at a major oil refinery in Russia, the latest in a series of strikes against the country’s fuel industry.
Analysts also pointed to increased geopolitical unrest following a separate attack on a concert hall in Moscow, claimed by the Islamic State group.
President Vladimir Putin on Monday acknowledged for the first time that “radical Islamists” were behind the attack that left 139 people dead, but suggested they were somehow linked to Ukraine.
“Elevated tensions between Ukraine and Russia have ended the rally in equity markets seen last week,” said Russ Mould, investment director at AJ Bell.
“Investors were nervously watching transactions from the sidelines, especially as oil prices rose once again.”
On Wall Street, stocks retreated as the market rally showed signs of exhaustion.
Fiduciary Trust’s Maris Ogg said the subdued start was not surprising given the relatively light schedule for economic news this week.
“It certainly wouldn’t be unusual” to have some sort of consolidation after last week’s highs, Ogg said.
Sentiment was also overshadowed after EU antitrust regulators said they were investigating US tech giants Apple, Google parent Alphabet and Facebook parent Meta in relation to digital law aimed at ensuring competition.
Earlier, Frankfurt’s DAX added 0.3 percent to set a new record, as Paris finished flat and Tokyo lower.
Meanwhile shares in Boeing 1 climbed.
4 percent after the company announced Monday that CEO Dave Calhoun would step down as the aviation giant faces increased scrutiny after a series of safety incidents and manufacturing issues.
Susannah Streeter at Hargreaves Lansdown said the rise had paled in comparison to the 25 per cent fall in Boeing shares since the start of the year.
“It’s no surprise that there seems to be some skepticism about the changes, given that the executive merry-go-rounds don’t seem to have made any difference and the company has slipped into further chaos,” he said.
– Key figures around 2050 GMT –
New York – Dow: DOWN 0.4 percent at 39,313.64 (close)
New York – S&P 500: DOWN 0.3 percent at 5,218.19 (close)
New York – Nasdaq Composite: DOWN 0.3 percent at 16,384.47 (close)
London – FTSE 100: DOWN 0.2 per cent at 7,917.57 (close)
Paris – CAC 40: FLAT at 8,151.60 (close)
Frankfurt – DAX: UP 0.3 percent at 18,261.31 (close)
EURO STOXX 50: UP 0.3 per cent at 5,044.19 (close)
Tokyo – Nikkei 225: DOWN 1.2 percent at 40,414.12 (close)
Hong Kong – Hang Seng Index: DOWN 0.2 percent at 16,473.64 (close)
Shanghai – Composite: DOWN 0.7 percent at 3,026.31 (close)
Euro/dollar: UP at $1.0841 from $1.0808 on Friday
Dollar/yen: UP at 151.42 Yen from 151.41 yen
Pound/dollar: UP at $1.2638 from $1.2626
Euro/pound: DOWN at 85.76 pence from 85.60 pence
Brent North Sea crude: UP 1.5 percent at $86.74 a barrel
West Texas Intermediate: UP 1.6 percent at $81.95 a barrel
