US markets open flat; Nasdaq edges up, Dow slips as investors eye China talks, oil gains
US equity markets opened on a mixed note Tuesday as investors weighed global economic signals and awaited fresh cues on interest rates and inflation.
The Dow Jones Industrial Average dipped slightly, down 17.92 points, or 0.04 per cent, to 42,287.56, reflecting a cautious start.
The S&P 500 also edged lower by 1.91 points or 0.03 per cent, trading at 5,934.03.
In contrast, the Nasdaq Composite opened in positive territory, rising 23.19 points, or 0.12 per cent, to 19,265.81, supported by gains in select tech stocks.
In commodities, gold prices softened, falling $10.60 or 0.31 per cent to $3,360 per ounce, while crude oil gained 0.77 per cent to trade at $63 per barrel, as market participants priced in expectations of summer demand and OPEC+ output strategies.
Global stock markets diverged on Tuesday while the US dollar edged higher as investors closely monitored developments in the ongoing trade tensions between the United States and China. Speculation has intensified over a potential conversation between Presidents Donald Trump and Xi Jinping.
Market sentiment had been shaken after President Trump accused China over the weekend of breaching a prior agreement to reduce tariffs.
He threatened to double levies on steel and aluminium, reigniting fears of an escalation in the trade war.
'Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi would speak on the phone helped to ease fears,' said Kathleen Brooks, research director at XTB. However, she added that a 'risk-off tone' remained, partly due to fresh political uncertainty in Europe and signs of economic weakness in both the US and China.
In Asia, Hong Kong and Shanghai closed higher on Tuesday, but European markets were mostly flat or slightly down by midday. The Euronext Amsterdam index fell 0.3 percent following political turmoil in the Netherlands.
Far-right Dutch politician Geert Wilders pulled his party out of the ruling coalition over disagreements on immigration, effectively collapsing the government and likely paving the way for snap elections.
This has introduced fresh uncertainty in the eurozone's fifth-largest economy and a key EU exporter, at a time when far-right movements are gaining momentum across Europe.
Meanwhile, eurozone inflation figures showed price growth eased in May to an eight-month low, dipping below the European Central Bank's 2 percent target. Markets widely expect the ECB to cut interest rates this week, further pressuring the euro.
Oil prices ticked higher following Monday's sharp gains, which were driven by lower-than-expected OPEC+ output increases and renewed geopolitical tensions after a Ukrainian strike on Russian bombers inside Russian territory.
Investor focus remains fixed on the US and China. Trade officials from both countries are expected to meet on the sidelines of the OECD ministerial gathering in Paris on Wednesday.
The Organisation for Economic Co-operation and Development (OECD) downgraded its 2025 global growth forecast to 2.9 percent from a previous estimate of 3.1 percent.
The outlook for US growth was also cut to 1.6 percent, down from 2.2 percent.
The OECD warned that continued high trade barriers, tighter financial conditions, weak consumer and business confidence, and persistent policy uncertainty could significantly hurt growth. 'For everyone, including the United States, the best option is that countries sit down and get an agreement,' said OECD chief economist Alvaro Pereira.
On the economic front, fresh data from China showed factory activity contracting at its fastest rate since September 2022, adding to concerns about the health of the world's second-largest economy.
On Wall Street, the Nasdaq led gains on Monday, buoyed by strong earnings from chipmaker Nvidia. Tech stocks provided support amid broader concerns about trade and growth.
Elsewhere, US Commerce Secretary Howard Lutnick expressed optimism over a forthcoming trade agreement with India, saying it could materialize 'in the not too distant future.'
Meanwhile, political debate intensified in Washington over Trump's proposed 'big, beautiful bill,' featuring tax cuts projected to add $3 trillion to the national debt. The package includes extending tax breaks from 2017, partly funded by budget cuts that could significantly impact low-income healthcare programs.
Key market figures at around 1030 GMT:
London – FTSE 100: Flat at 8,775.31
Paris – CAC 40: Down 0.2 per cent at 7,720.07
Frankfurt – DAX: Up 0.2 per cent at 23,975.16
Tokyo – Nikkei 225: Down 0.1 per cent at 37,446.81 (close)
Hong Kong – Hang Seng Index: Up 1.5 per cent at 23,512.49 (close)
Shanghai – Composite: Up 0.4 per cent at 3,361.98 (close)
New York – Dow: Up 0.1 per cent at 42,305.48 (close)
Currencies and Commodities:
Euro/dollar: Down to $1.1405 from $1.1443
Pound/dollar: Down to $1.3513 from $1.3548
Dollar/yen: Up to 142.98 yen from 142.71 yen
Euro/pound: Down to 84.41 pence from 84.46 pence
Brent crude: Up 0.1 per cent at $64.72 per barrel
WTI crude: Up 0.1 per cent at $62.59 per barrel
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