Global stocks, US futures mixed as virus cases surge in Asia

Monday, May 17, 2021 | Joe Mcdonald, AP Business Writer

A currency trader walks near screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), left bottom, and the foreign exchange rates at a bank's foreign exchange dealing room in Seoul, South Korea, Monday, May 17, 2021. Asian stock markets were mixed Monday after Taiwan and Singapore tightened anti-coronavirus restrictions and Wall Street turned in its biggest weekly decline in three months. (AP Photo/Lee Jin-man)

BEIJING (AP) — Global stock markets were mixed Monday after surging new coronavirus cases in Thailand and Taiwan fueled disease fears and Chinese factory and consumer activity were weaker than expected.

London and Frankfurt opened lower. Shanghai and Hong Kong advanced while Tokyo declined.

Wall Street futures fell after the S&P 500 index gained Friday, rebounding from heavy selling earlier, but finished the week down 1.4% for its biggest weekly loss in three months.

Thailand reported 9,635 new coronavirus cases. That added to concern after Taiwan and Singapore announced limits on public gatherings and other curbs over the weekend following new infections. The rebound in economies that appeared to have the disease under control fueled concern the region's recovery might be pushed back.

“The buy everything exuberance that rounded out the week in New York had not translated into Asian markets,” said Jeffrey Halley of Oanda in a report. “Instead, it is surging cases of Covid-19 across Asia that have grabbed the headlines.”

Investors also looked ahead to Tuesday's release of notes from the latest U.S. Federal Reserve meeting.

In early trading, the FTSE 100 in London lost 0.4% to 7,018.67 and Frankfurt's DAX was off less than 0.1% at 15,402.13. The CAC in Paris shed 0.2% to 6,373.84.

On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were off 0.2%.

On Friday, the S&P 500 rose 1.5% to 4,173.85. The Dow Jones Industrial Average added 1.1% to 34,382.13, ending down 1.1% for the week. The Nasdaq advanced 2.3% to 13,429.98 for a weekly loss of 2.3%.

Wall Street’s gain Friday was led by technology stocks. Apple, Microsoft, Facebook, and Google’s parent company all rose 1% or more. Retailers, banks and industrial stocks also rose.

That followed three days of heavy selling driven by investor worries about a possible rise in U.S. inflation. The major indexes had hit all-time highs the previous week.

In Asia, the Shanghai Composite Index gained 0.8% to 3,517.62 after government data showed April growth in factory output, retail spending and investment decelerated from the previous month's explosive rate.

The Nikkei 225 in Tokyo fell 0.9% to 27,824.83 while Hong Kong's Hang Seng advanced 0.6% to 28,194.09.

The Kospi in Seoul shed 0.6% to 3,134.52 while Sydney’s S&P-ASX 200 added 0.1% to 7,023.60.

India's Sensex rose 1.4% to 49,407.13. New Zealand and Singapore gained while Bangkok and Jakarta retreated.

Taiwan's 333 new virus cases and Singapore's 21 were modest compared with India's thousands. But they come after Malaysia, Thailand and the Philippines re-imposed curbs in response to rising case numbers.

“You don’t have much time to nip this in the bud before you could be dealing with an India-like situation,” said Robert Carnell of ING in a report. The economic impact “will depend in large part on how successful the measures now being rolled out end up being."

In energy markets, benchmark U.S. crude rose 11 cents to $65.48 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.55 on Friday to $65.37. Brent crude, used to price international oils, added 13 cents to $68.84 per barrel in London. It closed $1.66 higher the previous session at $68.71.

The dollar declined to 109.27 yen from Friday's 109.36 yen. The euro gained to $1.2150 from $1.2143.

Featured Article: How to Use the New Google Finance Tool

7 Great Dividend Stocks to Buy For a Comfortable Retirement

There are people who will say the day of set it and forget it retirement accounts are over. But it’s a narrative we’ve heard before. The truth is the formula for saving for and enjoying a comfortable retirement, like the formula for weight loss, hasn’t really changed. A lot depends on whether an individual has the discipline to see it through.

Dividend stocks remain one of the core elements of a retirement portfolio. As individuals near retirement the ability to reinvest dividends allows for a greater total return. And once individuals need to live off their portfolio, the dividends provide a source of income without having to tap their principal.

However, not all dividend stocks are the same and many investors get sucked in by the allure of a high-yield dividend stock. But what you’re really looking for are companies with a history of increasing its dividend. The ability to increase a dividend over time illustrates that the company has a business model that can hold up regardless of how the broader economy is performing.

In this special presentation, we’ll highlight seven stocks that individuals can buy today to capture a stable, recurring dividend.

View the "7 Great Dividend Stocks to Buy For a Comfortable Retirement".

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.