May 22, 2013
Global shares slip, bonds gain on US debt ceiling fears
World equity markets slipped and safe-haven US Treasury debt rose today as a looming battle in Washington over the government's borrowing limit and a recovery in the yen weakened demand for riskier assets.
The Dow Jones industrial average was up 9.31 points, or 0.07 percent, at 13,516.63. The Standard & Poor's 500 Index was down 0.25 points, or 0.02 percent, at 1,470.43. The Nasdaq Composite Index was down 10.64 points, or 0.34 percent, at 3,106.86.
A fall in technology stocks weighed on European shares and sent Germany's benchmark DAX index to a 2013 low today, after weak results from software company SAP.
The euro zone's blue-chip Euro STOXX 50 index fell 0.5 percent to 2,701.59 points, although the broader pan-European FTSEurofirst 300 index closed in slightly positive territory at 1,160.22 points.
In Asia, Japan's Nikkei share average closed at a 32-month high, as persistent weakness in the yen boosted demand for exporters' shares, though comments on the currency by the economic minister trimmed today's gains.
The Nikkei rose 0.7 percent to 10,879.08, the highest close since April 30, 2010. It rose to as high as 10,952.31 in early trade, before paring gains after Japanese Economics Minister Akira Amari said that excessive yen weakness could have a negative impact on the country.
The broader Topix gained 0.8 percent to 906.22 in fairly active trade, with 3.5 billion shares changing hands.