Stock markets around the world saw mixed performances on July 16 and 17, with some indices experiencing gains while others declined. The Dow Jones Industrial Average set a new record on July 16, but disappointing corporate earnings weighed on sentiment in Europe and Asia.
In Europe, the Stoxx 600 index dropped 0.4%, with most sectors in the red. Hugo Boss slumped 11% after cutting its profit guidance due to weaker demand for high-end fashion. Miners were the worst-performing industry group, as Rio Tinto Group declined after giving disappointing guidance on its copper operations.
In Asia, China's GDP grew 4.7% in the second quarter, missing expectations of a 5.1% expansion forecast by a Reuters poll and lower than the 5.3% rise seen in the first quarter. Hong Kong's Hang Seng index fell 1.73%, while mainland China's CSI 300 was up slightly at 3,476.25.
China's top leaders are expected to gather this week for a highly anticipated meeting known as the Third Plenum, with analysts expecting the gathering to focus on areas such as high local government debt levels and a push for advanced manufacturing.
Investors also kept an eye on U.S. futures, which rose on Monday morning, with contracts for the S&P 500 up 0.25%, while those for the Nasdaq saw gains of about 0.41%. The Dow Jones Industrial Average was higher by 0.24%.
Meanwhile, in other news, former U.S. President Donald Trump faced an assassination attempt at a rally over the weekend, and David Roche, president of Quantum Strategy, predicted that Trump would win the presidency with an increased probability of a Republican clean sweep of both the House of Representatives and the Senate.
JP Morgan revised its forecast for China's annual economic growth to 4.9%, while Goldman Sachs kept its forecast at 4.8%. Yields for longer-term Treasurys remained low, with the 10-year Treasury yield hovering around 2.5%.
Federal Reserve Chair Jerome Powell is expected to speak on inflation and interest rates later this week.
In other markets, oil prices fell, with US benchmark crude oil priced at $81.68 per barrel and Brent crude at $84.64 per barrel.
The Japanese yen was trading at 158.56 to the dollar, while the euro was valued at $1.0891.
