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Stock market today: World shares mixed after China pledges more support for slowing economy

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World shares are mixed after China pledged more spending to counter its economic slowdown. Benchmarks fell in Paris, Frankfurt, Sydney and Seoul but rose in London, Tokyo and Hong Kong. U.S. futures were mixed and oil prices turned higher. On Tuesday, the S&P 500 rose 0.7% and the Dow gained 0.6%. The Nasdaq composite climbed 0.9%.

A currency trader walks by the screens showing the Korea Composite Stock Price Index at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Oct. 25, 2023. Asian shares advanced Wednesday, tracking gains on Wall Street after Verizon and other big companies reported fatter profits for the summer than expected. A currency trader walks by the screens at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Oct. 25, 2023.

However, officials said the funds would not be channeled into China’s ailing property sector, which has weighed heavily on growth as developers struggled to meet repayment obligations for massive debts while demand has weakened. The future for the S&P 500 slipped 0.4% while that for the Dow Jones Industrial Average edged 0.1% higher. On Tuesday, the S&P 500 climbed 0.7% and the Dow gained 0.6%. The Nasdaq composite rose 0.9%.South Korea’s Kospi slipped 0.9% to 2,363.17, while the S&P/ASX 200 in Sydney lost 2.6 points to 6,834.39. India’s Sensex dropped 0.8% and the SET in Bangkok was up 0.8%.

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