Global stock markets close higher as Europe’s benchmark hits 52-week high

Global stock markets finished higher on Friday, after U.S. equities closed mixed on Wall Street in New York’s final trading session of the week.

U.S. markets were closed on Friday for the Independence Day holiday.

Shares listed in Europe ended Friday’s session in positive territory following a mixed morning. The pan-European Stoxx 600 was up 0.69% at market close, hitting a new 52-week high, with the benchmark notching its fourth consecutive weekly rise.

Utilities stocks led regional gains, rising 1.78%, as investors continued to seek out defensive positions.

In Frankfurt, Germany’s DAX index closed 0.85% higher, leading Europe’s major bourses, while in Milan, the Italian FTSE MIB rose 0.77%. In Paris, the French CAC 40 ended the session 0.48% higher, and in London, the U.K. FTSE 100 added 0.19%.

Earlier in Asia, Japan’s benchmark Nikkei 225 led gains, closing up 1.47%, while the Topix was up 1.17%. South Korea’s Kospi advanced 5.76%, and the Kosdaq Index declined 1.68%.

Australia’s S&P/ASX 200 added 1.37%. Hong Kong’s Hang Seng Index gained 1.28%, while the mainland’s CSI 300 was up 1.15%. Taiwan’s benchmark Taiex inched 0.2% higher.

Overnight in the U.S., stocks ended mixed with the Dow Jones Industrial Average closing at a record high after a softer-than-expected June jobs report fueled hopes for Federal Reserve rate cuts. Meanwhile, weakness in semiconductor stocks dragged the Nasdaq lower. 

The 30-stock average added 594.83 points, or 1.14%, for a record close of 52,900.07. The index hit a new all-time intraday high of 52,903.85. The S&P 500 rose less than 1 point to end at 7,483.24, while the Nasdaq dropped 0.8% to 25,832.67.

Semiconductors fell for a second day in a row, weighing on the latter two benchmarks. The VanEck Semiconductor (SMH) ETF dropped 4.5%, led by a 13.6% decline in Teradyne and an 11.5% slide for KLA. Nvidia shares also pulled back 1.4%, while Micron shares lost 5.5%.