World shares were mixed despite fresh record highs on Wall Street, as investors remained wary of inflation, slowing demand and uncertainty over how markets will start the new year.
Is Santa bringing a rally — or coal — to global markets this Christmas?
World shares were mixed on Wednesday, with investors weighing the traditional year-end Santa Claus rally against fresh signs of a late-season slowdown, after the benchmark S&P 500 closed at another record high on a report showing the US economy grew at an unexpectedly strong 4.3% annual rate in July to September.
In financial shorthand, a Santa Claus rally refers to the tendency for share prices to rise in the final days of December and the first trading sessions of the new year, often attributed to thinner holiday trading, year-end portfolio adjustments and a generally upbeat seasonal mood among investors.
The pattern is far from guaranteed, however, and has failed to materialise in years marked by economic uncertainty or heightened market stress.
The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%.
Britain’s FTSE 100 was down 0.2% at 9,870.89, while the CAC 40 in Paris added 0.2% to 8,121.32.
Stock exchanges including those in London, Paris, Hong Kong and Australia have closed early or will be closing early on Christmas Eve. Germany’s markets were closed for the day.
US markets will end early Wednesday for Christmas Eve and stay closed for Christmas.
In Asian trading, Tokyo’s Nikkei 225 fell 0.1% to 50,344.10 and South Korea’s Kospi slipped 0.2% to 4,108.62.
Hong Kong’s Hang Seng gained 0.2% to 25,818.93. The Shanghai Composite index edged 0.5% higher, to 3,940.95.
In Australia, the S&P/ASX 200 slipped nearly 0.4% to 8,762.70. Taiwan’s Taiex picked up 0.2% while the Sensex in India fell 0.1%.
Gold and silver extended their rally after hitting record highs this week driven by heightened geopolitical tensions.
The price of gold rose 0.3% early Wednesday to $4,525.20 (€3,837.19) per ounce, adding to gains of about 70% for the year. Silver rose 1.6%.
source:euronews