US Stocks Retreat from Record High Amid Weaker Economic Data

Asian and European markets were mixed on Monday after US stocks retreated from their record high following weaker-than-expected economic data. The S&P 500 fell 0.2% on Friday, with investors monitoring oil prices, interest rates, corporate earnings, and uncertainty over Strait of Hormuz oil supplies.

In early trading, the Germany's DAX index was nearly unchanged at 26,429.59, while the CAC 40 in Paris lost 0.1% to 8,630.45. The FTSE 100 in Britain gained 0.2% to 10,773.91.

Tokyo's Nikkei 225 index surged 0.7% to 69,220.25 after Japan's economy grew at a 1.1% annual pace in the second quarter, while Hong Kong's Hang Seng picked up 1.6% to 25,517.88.

Oil prices slipped, with Brent crude down 0.3% to $88.24 per barrel and US benchmark crude slipping 0.9% to $81.65 per barrel. The stability of oil supplies remains uncertain due to the Strait of Hormuz nearly closed, blocking a vital route for oil and gas tankers from the Middle East.