Stocks mixed as record-breaking week approaches end

London, March 12 (AFP/APP):US and European stocks traded mixed on Friday as a week that saw equities set new records on both sides of the Atlantic neared its finish.
In Europe, London’s FTSE 100 gained as a drop in the pound helped take the sting out of data showing that Britain’s economy tanked on the latest Covid-19 lockdown while post-Brexit exports to the EU plunged after the country formally departed the bloc.
In the eurozone, Frankfurt’s DAX 30, which has streaked to fresh highs repeatedly this week, gave up gains made the previous day after the European Central Bank gave sentiment a boost by promising more support for the economy if needed.
On Wall Street, equities were also mixed a day after both the Dow and S&P 500 set records on Thursday after US President Joe Biden finally signed his enormous coronavirus stimulus package into law.
The Dow pushed higher in late morning trade but the S&P dipped, and the tech-heavy Nasdaq slumped more than a percentage point lower.
Asian stock markets earlier closed mostly higher.
“The week is heading towards its end on a mixed note, the overall picture being one of gains and losses, although the Dow has stuck rigidly to the script and ground out another record high,” said Chris Beauchamp, chief market analyst at online trading platform IG.
“The standout market of the day was Japan where the Nikkei jumped 1.7 percent, a somewhat delayed reaction to the $1.9 trillion stimulus being signed and a weak yen giving support to exporters,” noted Russ Mould, investment director at AJ Bell.

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Less than two months after taking office, Biden on Thursday put his name to the huge rescue plan that paves the way for a spending splurge widely seen as ramping up domestic and global growth.
The package — which includes up to $1,400 in cash handouts, extended unemployment benefits and other aid programmes — comes as the US government pushes ahead with its vaccine drive against the coronavirus.
The ECB’s decision Thursday to ramp up its own stimulus, or bond-buying programme, provided some calm to markets.
Observers said the ECB move signalled to investors that central bank officials around the world were ready to step in to keep their monetary policies ultra-low for as long as needed to help the economy get back on track.
However, a rise in money market rates this year has led some economists to fear that the largesse of global central banks will cause a surge in inflation, potentially leading to an end of the cheap cash that has powered a year-long equity rally.
Those fears were in play once again on Friday, analysts said, pointing to the rate on benchmark 10-year US government bonds raising to 1.6 percent.
“After some relative calm on the interest rate front, another jump in the 10-year Treasury yield seems to be pressuring stocks this morning, a day after major indices closed at record highs,” said JJ Kinahan, chief market strategist at TD Ameritrade.
The tech-heavy Nasdaq Composite suffered a sharper drop of 1.3 percent.
“It seems that the pressure on the Nasdaq is coming amid a reallocation from tech stocks and into cyclical equities” that benefit from an increase in economic growth, said Kinahan.
“While such a shift can be unnerving, it’s nothing to panic about,” he added.

– Key figures around 1630 GMT –

New York – Dow: UP 0.5 percent at 32,631.49 points
EURO STOXX 50: DOWN 0.3 percent at 3,833.31
London – FTSE 100: UP 0.4 percent at 6,761.47 (close)
Frankfurt – DAX 30: DOWN 0.5 percent at 14,502.39 (close)
Paris – CAC 40: UP 0.2 percent at 6,046.55 (close)
Tokyo – Nikkei 225: UP 1.7 percent at 29,717.83 (close)
Hong Kong – Hang Seng: DOWN 2.2 percent at 28,739.72 (close)
Shanghai – Composite: UP 0.5 percent at 3,453.08 (close)
Euro/dollar: DOWN at $1.1943 from $1.1982 at 2200 GMT
Pound/dollar: DOWN at $1.3901 from $1.3984
Euro/pound: UP at 85.92 pence from 85.66 pence
Dollar/yen: UP at 109.00 yen from 108.53 yen
Brent North Sea crude: DOWN 0.3 percent at $69.43 per barrel
West Texas Intermediate: DOWN 0.2 percent at $65.86 per barrel

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