ELAINE KURTENBACH, AP Business Writer
Bangkok (AP) — European stocks were trading high on Monday after a day’s rise in Asia. US futures and oil prices have also risen.
The leaders of the Group of Seven’s major economic powers have promised financial, humanitarian and other support for Ukraine.
In consultation with Ukrainian President Volodymyr Zelensky on a video link, they have signed a contract seeking a cap on Russian oil prices, raising tariffs on Russian goods and imposing other new sanctions. Details were to be categorized by the Treasury Minister, according to a senior US official who spoke anonymously to preview the announcement from the summit.
Markets seemed unmoved by the possibility that Russia had defaulted on its external debt for the first time since the 1917 Bolshevik Revolution, further moving the country further away from the global financial system during the war in Ukraine.
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Russia faced a Sunday night deadline to meet the 30-day grace period for interest payments, which initially expired on May 27. However, checking the defaults can take some time.
Germany’s DAX rose 0.9% to 13,229.00, and Paris’ CAC 40 rose 0.3% to 6,091.12. The UK’s FTSE 100 rose 0.7% to 7,260.71.
The future of the S & P 500 was up 0.5%, while the future of the Dow Jones Industrial Average was up 0.4%.
In Asian trade, the Hang Seng Index in Hong Kong rose 2.4% to 22,229.52 and the Nikkei 225 in Tokyo rose 1.4% to 26,871.27. In South Korea, the Kospi rose 1.5% to 2,401.92.
Australia’s S & P / ASX 200 rose 1.9% to 6,706.00 and the Shanghai Composite Index rose 0.9% to 3,379.19.
Positive news about inflation helped push up New York stocks on Friday, but the rise in sentiment could be temporary. Central bank policy has regained market jitter and reversed dip-buy sentiment. “
The S & P 500 recorded a 6.4% increase last week, but is still close to 20% below the record set earlier this year. On Friday it rose 3.1% and the Dow Jones Industrial Average rose 2.7%. High-tech heavy Nasdaq is 3.3% higher.
Russell 2000 microenterprise stocks increased 3.2%.
To defeat terrible inflation, central banks are taking other steps that may raise interest rates, hurt investment prices and slow the economy enough to cause a recession.
Friday’s International Monetary Fund lowered US growth forecasts for 2022 to 2.9%, down from 5.7% in 2021 when the economy recovered from the pandemic recession. However, the United States said it could barely avoid the recession with careful policy adjustments.
In another transaction, an electronic transaction on the New York Mercantile Exchange raised the price of US benchmark crude by 5 cents to $ 107.67 per barrel. It rose $ 3.35 to $ 107.62 on Friday.
Brent crude, the price standard for international trade, rose 20 cents per barrel to $ 109.30.
The dollar rose from 135.11 yen on Friday to 135.16 yen. The euro rose from $ 1.0554 to $ 1.0576.
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