BEIJING (AP) — Global stocks were mixed Monday after Wall Street turned in its fifth straight weekly gain and China’s manufacturing growth held steady.
Frankfurt and Tokyo advanced while London opened lower and Hong Kong declined.
U.S. stocks benefited from Federal Reserve chairman Jerome Powell’s announcement of a strategy change that could keep interest rates low. The change, dubbed “average inflation targeting,” could hold down rates even if inflation hits the Fed’s 2% target.
In early trading, the FTSE 100 in London lost 0.6% to 5,963.57 while Frankfurt’s DAX gained 0.7% to 13,122.16. The CAC 40 in France added 0.9% to 5,050.16.
On Wall Street, futures for the benchmark S&P 500 Index and the Dow Jones Industrial Average were up 0.3%.
On Friday, S&P 500 gained 0.7% while the Dow rallied 0.6%. The S&P gained 3.3% for the week.
Asian markets opened higher but all except Japan retreated, ending the