Global market update: US, European shares gain amid debt ceiling talks

The S&P 500 closed at 4,136.51, up 12.43 points, or 0.31%. The Dow Jones Industrial Average rose 55.85 points, or 0.17%, to close at 33,356.47. The Nasdaq Composite rose 80.47 points, or 0.66%, to close at 12,365.21.

Shares of Meta Platforms Inc climbed 2.16% to $238.86 after Loop Capital upgraded it from ‘Hold’ to ‘Buy’.

Shares of the regional bank advanced. Zions Bancorporation, PacWest Bancorp and KeyCorp all rose at least 6%.

A report on Monday showed the New York Federal Reserve’s “Empire State” index, a gauge of manufacturing activity on current business conditions in New York state, fell to a reading of -31.8 in May.

Investors’ focus is now on the retail sales data for April and the housing data for the same month.

Currencies

The US dollar rose to 136.09 Japanese yen from 135.70. The euro rose to $1.0874 from $1.0853.

Europe European shares rose on Monday after reporting some positive economic data. The pan-European STOXX 600 index rose 0.3%.

Data shows that Germany’s wholesale price index fell slightly in April.

Another report showed consumer prices in Sweden decreased more than expected in April.

The European Union withdrew its 2023 economic growth forecast. However, euro area industrial output fell more than expected in March as capital goods production fell.

Britain’s FTSE 100 closed at 7,777.70, up 0.3%. Germany’s DAX closed flat. France’s CAC 40 added less than 0.1% at 7,418.21.

Asia

Asian markets were mostly up on Monday.

Hong Kong’s Hang Seng index was up 1.8% at 19,971.13. The Shanghai Composite in China closed at 3,310.74, up 1.2%. South Korean benchmark Kospi rose 3.93 points, or 0.16%, to close at 2,479.35.

Japan’s Nikkei 225 rose 0.8% to 29,626.34.

Australia’s S&P/ASX 200 index was up 0.1% at 7,267.1. New Zealand’s benchmark S&P/NZX 50 index closed flat.

Markets in Taiwan, Philippines and Indonesia fell.

energy prices

Brent crude for July delivery rose $1.06 to $75.23 a barrel on Monday. US crude benchmark for June delivery rose $1.07 to $71.11 a barrel.

Natural gas rose 11 cents to $2.38 per 1,000 cubic feet for June.

bullion

Gold for delivery in June rose by $2.90 to $2,022.70 an ounce. Silver for July delivery rose 14 cents to $24.29 an ounce.