TOKYO (AP) — Global shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal Reserve policy meeting set for later this week.
France's CAC 40 added 0.3% in early trading to 8,109.22, while Germany's DAX edged up 0.2% to 18,198.89. Britain's FTSE 100 gained 0.5% to 8,176.36. U.S. shares were set to drift higher with S&P 500 futures up 0.2% at 5,144.00. Dow futures rose 0.2% to 38,509.00.
Sydney's S&P/ASX 200 added 0.8% to 7,637.40. South Korea's Kospi surged 1.2% to 2,687.44. Hong Kong's Hang Seng edged up 0.5% to 17,746.91, while the Shanghai Composite rose 0.8% to 3,113.04.
Trading was closed in Tokyo for a holiday, Showa Day. Japan has a series of holidays coming up known as the Golden Week, through Monday.
Stephen Innes, managing partner at SPI Asset Management, said the market mood was positive after last week's Wall Street tech-driven rally.
The recent string of strong earnings have boosted market sentiments, but what could be a risk factor is the declining Japanese yen, he added.
“Investors will be closely monitoring the latest developments in the remarkable and volatile decline of the Japanese yen against the U.S. dollar and other major currencies,” Innes said.
The yen reached a new 34-year low after the Bank of Japan’s decision to keep interest rates unchanged Friday. That was in line with expectations, but what was unexpected was the central bank’s apparent lack of significant concern about the exchange rate, Innes added.
In currency trading Monday, the U.S. dollar edged up at one point to 160 Japanese yen levels, before cascading downward, to as low as 155 yen, raising speculation of market intervention by the Bank of Japan. The central bank does not comment on such moves. The finance minister, when questioned by Japanese reporters, declined to comment.
“The medium-term impact of a currency intervention is not a given if the intervention is not backed by a more hawkish policy stance,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
The dollar cost 155.89 yen in afternoon trading. The euro cost $1.0724, up from $1.0699.
A weak yen can be a boon for Japan's giant exporters like Toyota Motor Corp. by boosting the value of their overseas earnings when converted into yen.
But a weak currency can hurt the economy in the long run because it reduces purchasing power and possible wage growth. Japan imports almost all its energy.
Recent data on U.S. inflation have analysts expecting the Federal Reserve to keep rates on hold. Its main interest rate has been sitting at the highest level since 2001. A report released Friday showed inflation remaining high.
After earlier indicating that three cuts to interest rates could happen this year, top Fed officials have since said they could hold its main interest rate high for a while to ensure inflation heads down toward the 2% target.
In energy trading, benchmark U.S. crude fell 51 cents to $83.34 a barrel. Brent crude, the international standard, lost 73 cents to $88.77 a barrel.
A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 29, 2024. (AP Photo/Ahn Young-joon)
A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 29, 2024. (AP Photo/Ahn Young-joon)
MINNEAPOLIS (AP) — Giancarlo Stanton homered and Carlos Rodón overcame a shaky start and worked six-plus strong innings as the New York Yankees beat the Minnesota Twins 5-1 on Tuesday night.
Alex Verdugo added a two-run double for New York, which has won nine of 12. The Yankees continue to thrive in Minnesota where they are 29-15 all-time at Target Field and boast the highest winning percentage of any opponent at the park.
Rodón (4-2) allowed a leadoff home run to Ryan Jeffers in the bottom of the first inning and surrendered three hits in the frame. He gave up six hits overall and didn’t walk a batter, finishing with six strikeouts before being lifted following a leadoff single by Carlos Santana in the seventh. The 31-year-old left-hander had retired 11 in a row before Santana's hit.
“They had things going in the first, just had to lock in,” Rodón said.
Rodón has allowed two runs or less in seven of his 10 starts this season. Ian Hamilton relieved Rodón and allowed a pinch-hit single by Edouard Julien, but came back to strand both runners. He pitched two scoreless innings, and Clay Holmes worked a perfect ninth.
“That’s the Ian we know where it’s good life to the sinker and the four-seam, jumping out ahead like he’s been doing a lot, but able to put some guys away with either the strikeout ball or some weak contact,” Yankees manager Aaron Boone said. “I thought that was as good as Ian’s thrown in probably a few times out, so that was encouraging to see.”
Twins right-hander Chris Paddack (4-2), who had won three straight starts, surrendered a career high-tying 12 hits and five runs in five innings. Minnesota lost for just the fourth time in 21 games.
“We need to play a cleaner game,” Twins manager Rocco Baldelli said when asked about a couple of misplays in the outfield. ”That was clearly not one of our best games defensively. Made a few mental errors out there, things we haven’t done a lot of this year at all. I don’t anticipate that carrying forward. I don’t anticipate us playing like that on the defensive side of the ball tomorrow. We have to be sharper than that."
New York scored twice in the second to erase the early deficit, getting a sacrifice fly by Oswaldo Cabrera and an RBI double by Anthony Volpe. Stanton hit his ninth homer of the year in the third, a 427-foot liner into the Twins' bullpen in left-center field that had a 114-mph exit velocity.
“Just being able to stay in my legs, stay moving around better and just contribute,” Stanton said of the impact his offseason regimen has had this season.
TRAINER’S ROOM
Yankees: Boone said INF DJ LeMahieu (foot fracture) and RHP Gerrit Cole (right elbow inflammation) are on their way back to New York after getting rehab work done at the team’s Tampa, Florida, complex. LeMahieu got a series of at-bats and defensive work, and Boone said he’d start a rehab assignment on Thursday or Friday. Cole threw about 30 pitches in another throwing session and “everything went well,” according to Boone.
Twins: A recent MRI showed RHP Justin Topa has a 25% tear of the patellar tendon in his left knee and he received platelet-rich plasma and stem cell injections in the knee, according to team trainer Nick Paparesta. Topa was seen in the clubhouse before the game with his knee immobilized. The injection was to hopefully promote healing and avoid surgery. He will be re-evaluated in six weeks. … OF Byron Buxton (right knee inflammation) has been running and did on-field work before Tuesday’s game. The team announced during the game that he will play two rehab games with Triple-A St. Paul on Wednesday and Thursday. … RHP Brock Stewart (right shoulder tendinitis) also had a platelet-rich plasma injection in his shoulder.
UP NEXT
RHP Pablo López (4-2, 3.89 ERA) starts the middle game of the three-game set on Wednesday for Minnesota. New York will start RHP Marcus Stroman (2-2, 3.80 ERA).
AP MLB: https://apnews.com/hub/MLB
New York Yankees relief pitcher Clay Holmes, left, and catcher Austin Wells shake hands after the 5-1 win against the Minnesota Twins of a baseball game Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
Minnesota Twins' Ryan Jeffers (27) catches the team's "rally sausage" after hitting a solo home run during the first inning of a baseball game against the New York Yankees, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
Minnesota Twins' Ryan Jeffers (27) walks back to the dugout after striking out during the second inning of a baseball game against the New York Yankees, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
New York Yankees' Anthony Volpe walks back to the dugout after striking out during the first inning of a baseball game against the Minnesota Twins, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
New York Yankees starting pitcher Carlos Rodón stands on the mound after a solo home run by Minnesota Twins' Ryan Jeffers during the first inning of a baseball game Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
New York Yankees' Oswaldo Cabrera hits a sacrifice fly out to score Anthony Rizzo during the second inning of a baseball game against the Minnesota Twins, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
New York Yankees left fielder Alex Verdugo catches a fly out hit by Minnesota Twins' Carlos Correa during the fifth inning of a baseball game Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
Minnesota Twins starting pitcher Chris Paddack (20) delivers during the second inning of a baseball game against the New York Yankees, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
New York Yankees' Oswaldo Cabrera (95) hits a single during the fifth inning of a baseball game against the Minnesota Twins, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
New York Yankees starting pitcher Carlos Rodón delivers during the first inning of a baseball game against the Minnesota Twins, Tuesday, May 14, 2024, in Minneapolis. (AP Photo/Abbie Parr)
