Global stocks mostly rose Monday, though Wall Street to remain shut for a holiday, as investors awaited economic and corporate earnings reports and Fed meeting minutes due out this week.
KEEPING SCORE: In Europe, France’s CAC 40 shed 0.1 percent to 4,864 and Germany’s DAX gained 0.5 percent to 11,816. Britain’s FTSE 100 inched down 0.2 percent to 7,289. U.S. markets set record highs on Friday but were to remain closed for trading on Monday for Presidents’ Day. Dow and S&P 500 futures were up 0.2 percent.
WEEK AHEAD: Markets await the Federal Reserve’s release Wednesday of minutes from its January policy meeting, which might provide new insight in the U.S. central bank’s views on interest rates. Last week, Fed chief Janet Yellen indicated the Fed is likely to speed up the pace of its interest rate rises if the job market remains healthy and inflation stays on track. Also due this week: a German business confidence index on Tuesday, U.S. new home sales on Friday and earnings from big companies such as British bank HSBC.
ANALYST VIEW: “The Fed minutes on Wednesday are likely to be the data highlight this week,” said Kathleen Brooks, research director at City Index. However, Fed officials are “unlikely to commit to a March rate hike, especially because the Fed has worked its way into a corner where it is now dependent on the Trump administration’s fiscal plans before it can change policy.”
KRAFT CANCELS: Ketchup maker and packaged food giant Kraft Heinz said Sunday it is dropping its $143 billion offer to buy Unilever, in a decision that the two companies jointly described as amicable. Unilever, which makes mayonnaise, tea and seasonings, had rejected the bid as too low. Its shares, which jumped 14 percent on Friday, were down almost 7 percent on Monday.
ASIA’S DAY: Japan’s benchmark Nikkei 225 index edged up 0.1 percent to close at 19,251.08 and South Korea’s Kospi advanced 0.2 percent to end at 2,084.39. Hong Kong’s Hang Seng added 0.5 percent to 24,146.08 and the Shanghai Composite Index rose 1.2 percent to 3,239.96. Australia’s S&P/ASX 200 shed 0.2 percent to 5,795.10.
ENERGY: Benchmark U.S. crude oil added 34 cents to $53.74 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 3 cents on Friday. Brent crude, the international standard, rose 44 cents to $56.25 a barrel in London.
CURRENCIES: The dollar rose to 113.12 yen from 112.85 yen on Friday. The euro ticked up to $1.0627 from $1.0615.
