· The S&P 500 ended a five-day winning streak on Wednesday as investors’ optimism about global economic growth was countered by a steep drop in FedEx Corp (FDX.N) shares, but the benchmark index managed to hover near all-time highs.
The Dow Jones Industrial Average .DJI fell 27.88 points, or 0.1%, to 28,239.28, the S&P 500 .SPX lost 1.38 points, or 0.04%, to 3,191.14, and the Nasdaq Composite .IXIC added 4.38 points, or 0.05%, to 8,827.74.
But the Nasdaq notched a record closing high for a fifth straight session.
FedEx shares tumbled 10.0% after the U.S. parcel delivery company cut its fiscal 2020 profit forecast on heavy expenses, slowing global trade and fallout from its breakup with Amazon.com Inc (AMZN.O).
The market largely shrugged off the likely impeachment of U.S. President Donald Trump as the House of Representatives geared up for a historic vote later in the day on two charges accusing Trump of abusing his power and obstructing Congress.
Impeachment would have little effect on the factors most influential on U.S. markets, said Shannon Saccocia, chief investment officer at Boston Private. “It doesn’t change what the Fed does,” she said. “It doesn’t change what happens from a China perspective.”
· European stocks closed mixed on Wednesday as investor caution returned following U.K. Prime Minister Boris Johnson’s vow to block an extension of EU trade talks beyond 2020, reviving fears of a “cliff-edge” Brexit.
The pan-European Stoxx 600 closed flat with sectors and major bourses pointing in different directions.
Johnson on Tuesday used the power of his newly won parliamentary majority to set a hard deadline of December 2020 to reach a new trade deal with the EU, with the U.K. set to leave the bloc by January 31, in a bid to strong arm the bloc into hastening an accord.
With a phase one U.S.-China trade deal now agreed, Reuters reported Tuesday that U.S. President Donald Trump’s administration is finalizing a set of narrow rules limiting exports of sophisticated technology to China and other adversaries. U.S. tech companies may receive some reprieve having feared a more stringent crackdown.
· Shares in Japan were mixed in early trade on Thursday ahead of the Bank of Japan’s decision on interest rates, expected around 11:00 a.m. HK/SIN.
The Nikkei 225 slipped fractionally as shares of index heavyweight and robot maker Fanuc dropped about 1%. The Topix index, on the other hand, was slightly higher.
Elsewhere, South Korea’s Kospi rose 0.36% as shares of chipmaker SK Hynix surged more than 2% on the back of Micron posting a first-quarter beat on the top and bottom line.
Meanwhile, shares in Australia were higher in morning trade, with the S&P/ASX 200 adding 0.25%.
Investors await the release of Australian jobs data for November, set to be released around 8:30 a.m .HK/SIN. The data could provide clues as to where the Reserve Bank of Australia could move next on interest rates.
Overall, the MSCI Asia ex-Japan index traded 0.07% higher.
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