Global Markets Mixed With Trade Talks in Focus

By Dow Jones Newswires StaffGlobal markets were mixed with trade tensions in focus, as traders weighed tentative hopes for U.S.-China talks.Asian stock markets closed higher and U.S. stock futures rose after the tech-fueled slump on Wall Street on Wednesday and Federal Reserve Chair Jerome Powell's warning about the challenging trade-offs faced by the U.S. economy.Taiwan Semiconductor Manufacturing Co. delivered another strong quarter of earnings which may afford some relief amid fears about the outlook for the global chip industry.Meanwhile, the dollar rose a touch and Treasury yields edged higher. Most European stock markets started slightly lower, ahead of the European Central Bank's interest-rate decision.U.S. Nasdaq stock futures were recently up 1.3%, with those for the S&P and Dow Industrials also up around 1.0%.South Korean, Chinese and Japanese stock markets closed higher. The Nikkei Stock Average rose 1.3% as talks between Tokyo and Washington get under way. South Korea's benchmark Kospi rose 0.9% led by shipbuilding, defense and semiconductor stocks. Bank of Korea chief Rhee Chang-yong said that South Korea's GDP in 2025 is expected to fall short of the central bank's earlier forecast of 1.5%.The Bank of Korea held interest rates steady earlier Thursday, pausing its easing cycle.European stock markets started mixed; the Stoxx Europe 600 fell 0.4% at the open, with small falls across major indexes. French luxury group Hermes reported higher revenue for the first quarter, but growth slowed in another setback for the sector. Its shares were down 3.2% at the open. Investors are awaiting the European Central Bank's rate decision with a 25 basis-point interest-rate cut widely expected.Meanwhile, U.S. Treasury yields edged higher; the 10-year yield was up 2.5 basis points at 4.302%.The dollar's recent selloff took a pause after recent sharp falls; the DXY dollar index against a basket of major currencies was last up 0.3% to 99.6810. It hit a three-year low of 99.014 late last week.The euro fell ahead of the widely-anticipated interest rate cut by the European Central Bank. It was recently down 0.3% to $1.1372.Gold futures retreated after hitting a record high. Futures were down 0.3% at $3,336.10 a troy ounce, after climbing to a high of $3,371.90/oz. Meanwhile, oil prices rose, with Brent crude above $66 a barrel after the U.S. imposed fresh sanctions aimed at curbing Iranian oil exports. The international oil benchmark traded 0.7% higher at $66.32 a barrel, while the U.S. oil gauge WTI was up 0.9% at $62.36 a barrel.Write to Barcelona Editors at [email protected]