World Shares Mixed Ahead of Fed Action 11/24 04:50

   World shares and U.S. futures were mixed on Monday after Wall Street was 
buoyed by revived hopes for an interest rate cut by the Federal Reserve.

   BANGKOK (AP) -- World shares and U.S. futures were mixed on Monday after 
Wall Street was buoyed by revived hopes for an interest rate cut by the Federal 
Reserve.

   The future for the S&P 500 was up 0.2% while that for the Dow Jones 
Industrial Average was nearly unchanged.

   Germany's DAX gained 0.5% to 23,201.85, while the CAC 40 edged less than 
0.1% lower to 7,978.77. Britain's FTSE 100 inched up 0.1% to 9,547.77.

   Markets in Japan were closed for a holiday.

   Hong Kong's benchmark, the Hang Seng, rose 2% to 25,716.50. It got a boost 
from a 4.7% gain for e-commerce giant Alibaba, which has reported strong demand 
for its updated Qwen AI app. Alibaba is due to report earnings on Tuesday.

   The Shanghai Composite index rose less than 0.1% to 3,836.77.

   Australia's S&P/ASX 200 gained 1.3% to 8,525.10.

   In South Korea, the Kospi reversed early gains, falling 0.2% to 3,846.06 on 
heavy selling of automakers.

   Taiwan's Taiex added 0.3% and the Sensex in India shed 0.4%.

   This week, U.S. markets will be closed Thursday for the Thanksgiving 
holiday, which will be followed by the Black Friday and Cyber Monday retail 
rushes.

   After last week's ups and downs over AI and Nvidia, traders will focus more 
on "the backbone of U.S. growth, the consumer, whose spending still drives 
two-thirds of GDP," Stephen Innes of SPI Asset Management said in a commentary.

   Data on the U.S. economy was scarce during the 6-week U.S. government 
shutdown, leaving investors struggling to parse trends in the economy.

   "This makes any sniff of holiday activity -- foot traffic, discount depth, 
card authorizations -- disproportionately important. In a data desert, even a 
puddle looks like a lake," he said.

   On Friday, the S&P 500 gained 1% and the Dow climbed 1.1%. The Nasdaq 
composite rose 0.9%. Nearly 90% of stocks in the S&P 500 advanced.

   It was a fitting finish for a week that left the S&P 500 just 4.2% below its 
record but also forced investors to stomach the sharpest hour-to-hour swings 
since a sell-off in April. The jarring moves are testing investors following a 
monthslong and remarkably smooth surge for stocks, and they come down to two 
basic as-yet unanswered questions.

   Have prices for Nvidia, bitcoin and other stars of Wall Street shot too 
high? And is the Federal Reserve done with its cuts to interest rates, which 
would boost the economy and prices for investments?

   Markets took heart from a speech by the president of the Federal Reserve 
Bank of New York, John Williams, who told a conference in Chile that he sees 
"room for a further adjustment" to interest rates.

   Other Fed officials have argued against a December cut, saying inflation is 
still too high.

   In the bond market, Treasury yields eased Friday on hopes for cuts from the 
Fed. Traders are now betting on a nearly 72% probability of a December cut, up 
sharply from 39% a day before, according to data from CME Group. That helped 
send the yield on the 10-year Treasury to 4.06% from 4.10% late Thursday.

   In other dealings early Monday, U.S. benchmark crude oil lost 43 cents to 
$57.63 a barrel. Brent crude, the international standard, gave up 38 cents to 
$61.56 a barrel.

   The U.S. dollar rose to 156.75 Japanese yen from 156.47 yen. The euro 
climbed to $1.1537 from $1.1516.

   Bitcoin was up 1.6%, near $86,000. On Friday, it briefly plunged below 
$81,000 before pulling back toward $85,000. That's down from nearly $125,000 
last month and brought it back to where it was in April, when markets were 
shaking because of President Donald Trump's higher tariffs.