Global stocks lower, except for Tokyo, on Yellen speech

A man walks by an electronic stock board of a securities firm in Tokyo, Monday, Aug. 29, 2016. Most Asian stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar. (AP Photo/Koji Sasahara)
A woman takes a picture of an electronic stock board of a securities firm in Tokyo, Monday, Aug. 29, 2016. Most Asian stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar. (AP Photo/Koji Sasahara)

TOKYO — Most global stocks slipped Monday after the head of the U.S. Federal Reserve late last week said the case had strengthened for raising interest rates. The Tokyo market was an exception and gained on prospects for a strong dollar.

KEEPING SCORE: France's CAC 40 lost 0.9 percent to 4,401, while Germany's DAX fell 0.7 percent to 10,513. The London Stock Exchange was closed for a summer bank holiday. U.S. shares were set for a modest open, with Dow and S&P 500 futures unchanged.

FED FACTOR: Fed Chair Janet Yellen made comments Friday that were bullish on the economy but gave no timetable for future rate increases. That increased speculation that an interest rate increase is more likely this year. Low interest rates in recent years are credited for helping stock markets hit record highs, so the prospect of higher rates set off worries among some investors.

THE QUOTE: "The dollar jumped after the Federal Reserve's chairperson, Janet Yellen, signaled an impending rate hike in a speech at Jackson Hole last Friday," said Margaret Yang Yan, market analyst at CMC Markets Singapore. "While the rate hike has not yet happened, markets have already begun to move and shift with the assumption of a hike."

ASIA'S DAY: Japan's benchmark Nikkei 225 added 2.3 percent to close at 16,737.49. Japanese stocks generally gain on a weak yen because the earnings of the nation's giant exporters are boosted. South Korea's Kospi fell 0.3 percent to 2,032.35. Hong Kong's Hang Seng slipped 0.4 percent to 22,821.74, while the Shanghai Composite inched down 0.01 percent to 3,070.03.

ENERGY: Benchmark U.S. crude oil fell 64 cents to $47.00. It had risen 31 cents on Friday. Brent crude, used to price oil internationally, lost 69 cents to $49.23.

CURRENCIES: As currencies tend to rise as interest rates increase, the dollar jumped on Yellen's comments. It rose to 102.21 yen from 100.51 late last week in Asia. The euro fell to $1.1177 from $1.1289.

___

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at http://bigstory.ap.org/content/yuri-kageyama

Must Read

House Speaker Paul Ryan wins GOP nomination to run again

Aug 10, 2016

House Speaker Paul Ryan has defeated a longshot Republican primary challenger who had been praised by Donald Trump

Beyond 'Obamacare': State initiatives refocus health debate

Aug 9, 2016

Political activists are looking to state ballot questions to move beyond "Obamacare" and refocus the nation's long-running debate over government's role in health care

Valeant's rosy forecast and promised changes, fire up shares

Aug 9, 2016

Drugmaker Valeant posts big 2Q loss, but execs tout turn-around plan and reassured investors drive up shares

People also read these

If Trump can't get along with GOP, how will he govern?

Aug 9, 2016

Beyond the political fallout from Donald Trump's rocky relationship with party elders lies a fundamental reality: Should he win the presidency, the brash billionaire will have to work closely with the same GOP leaders he vilified on the campaign trail

4 months after Japan earthquake, final victim may be found

Aug 10, 2016

Nearly four months later, the final victim of two deadly earthquakes in southern Japan may have been found

Father of Orlando shooter sighted at Hillary Clinton event

Aug 10, 2016

Father of Orlando gay nightclub shooter spotted at Hillary Clinton campaign event in central Florida

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH