Global shares mixed on renewed jitters over trade friction

Global shares mixed on renewed jitters over trade friction

TOKYO/January 24, 2018(AP)(STL.News)— Global shares are trading mixed, with European benchmarks lower and Asian shares mostly higher. Japan’s Nikkei 225 slipped 0.8 percent as the dollar weakened against the yen, hurting exporters. Dow futures and S&P 500 futures are higher.

KEEPING SCORE: France’s CAC 40 fell 0.2 percent to 5,526.21, while Germany’s DAX was flat at 13,556.96. Britain’s FTSE 100 slipped 0.2 percent to 7,715.31. U.S. shares were set for gains with Dow futures adding 0.2 percent at 26,230. S&P 500 futures climbed 0.1 percent to 2,841.30.

ASIA’S DAY: Japan’s benchmark Nikkei 225 slipped 0.8 percent to finish at 23,940.78, while Hong Kong’s Hang Seng index rose 0.1 percent to 32,958.69. The Shanghai Composite index edged nearly 0.4 percent higher to 3,559.47 and South Korea’s Kospi gained less than 0.1 percent to 2,538.00.  Australia’s S&P/ASX 200 rose 0.3 percent to 6,054.70. Shares fell in Taiwan and were mixed in Southeast Asia.

TRADE TROUBLES: President Donald Trump’s move Tuesday to tax imported solar cells and washing machines was denounced by China, Germany and Mexico and is likely to heighten tensions between the United States and its trade partners. Touchier trade cases lie ahead, involving China’s overproduction of steel and aluminum and its theft of trade secrets.

ANALYST VIEWPOINT: “French manufacturing PMI and German Flash manufacturing PMI data both missed the market expectations. Above all, what is spooking the markets today is a trade war,” Naeem Aslam of ThinkMarkets said in a commentary.

ENERGY: Benchmark U.S. crude lost 2 cents to $64.45 a barrel in electronic trading on the New York Mercantile Exchange. It rose 90 cents, or 1.4 percent, to $64.47 a barrel on Tuesday. Brent crude, used to price international oils, fell 14 cents to $69.82.

CURRENCIES: The dollar slid to 109.66 yen from 110.32 yen late Tuesday in Asia. The euro edged up to $1.2342 from $1.2299.


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By Associated Press, published on STL.NEWS by St. Louis Media, LLC (TM)