Global markets show mixed trends ahead of Trump-Putin meeting

World shares were mixed Thursday ahead of a key meeting between US President Donald Trump and Russian President Vladimir Putin at the weeks endBitcoin briefly rose more than 3per cent to a new record of over 123000 according to CoinDesk It later fell back below 122000The future for the SampP 500 was unchanged while that for the Dow Jones Industrial Average edged 01per cent higherLater Thursday a report will show how bad US inflation was at the wholesale level across the United States Economists expect it to show inflation ticked up to 24per cent in July from 23per cent in JuneIn early European trading Britains FTSE 100 was flat at 916501 after the government reported that the UK economy grew at a fasterthanexpected 12per cent annual pace in the last quarter In quarterly terms the economy grew 03per cent slowing from a 07per cent expansion in JanuaryMarchGermanys DAX rose 05per cent to 2429602 In Paris the CAC 40 added 04per cent to 783260Europe is bracing for Trumps encounter with Putin though the US president has said he will prioritise trying to achieve a ceasefire in Ukraine when he meets with Putin on Friday in AnchorageThe TrumpPutin meeting could have major implications for energy markets potentially leading to an easing of sanctions against Moscow or an escalation if no progress is made on ending the war in UkraineEarly Thursday US benchmark crude rose 28 cents to 6293 per barrel Brent crude the international standard added 32 cents to 6595 per barrelDuring Asian trading Tokyos Nikkei 225 fell nearly 15per cent to 4264926 as investors sold to lock in recent gains that have taken the benchmark to alltime recordsThe Japanese yen rose against the dollar after US Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was behind the curve in monetary tightening He was referring to the slow pace of increases in Japans nearzero interest ratesLow interest rates tend to make the yen weaker against the dollar giving Japanese exporters a cost advantage in overseas sales The dollar fell to 14650 Japanese yen on Thursday down from 14739 yen The euro slid to 11681 from 11705In Chinese markets Hong Kongs Hang Seng index shed 04per cent to 2551932 while the Shanghai composite index slid 05per cent to 366644South Koreas Kospi rose less than 01per cent to 322566In Australia the SampP ASX 200 index added 05per cent to 887380Taiwans Taiex fell 05per cent and Indias Sensex edged 02per cent higherOn Wednesday US stocks ticked higher extending a global rally fuelled by hopes the Federal Reserve will cut US interest rates The SampP 500 rose 03per cent and the Dow climbed 1per cent The Nasdaq composite added 01per centTreasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September Lower rates can boost investment prices and the economy by making it cheaper for US households and businesses to borrow to buy houses cars or equipment though they risk worsening inflationTrump has angrily been calling for cuts to help the economy often insulting the Fed Chair Jerome Powell while doing so But the Fed has hesitated worried that Trumps sweeping higher tariffs could make inflation much worse Fed officials have said they want to see more fresh data about inflation before movingThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever