Stock market today: Global shares are mixed, with China stocks down, after Wall St retreat

A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 23, 2024. – Global shares were mixed on Thursday, with European markets gaining after most major Asian benchmarks declined, apart from in Tokyo.

Australia's S&P/ASX 200 sank 0.5% to 7,811.80. South Korea's Kospi fell nearly 0.1% to 2,721.81 as the central bank kept is policy rate unchanged, as expected. On Wednesday, the S&P 500 fell 0.3% and the Dow Jones Industrial Average sank 0.5%. The Nasdaq composite slipped 0.2%.it “would likely take longer than previously thought” to get inflation fully under control following disappointingly high readings early this year.

The Fed is trying to pull off a tightrope walk where it slows the economy just enough through high interest rates to get inflation under control but not so much that it causes a bad recession.

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