Global stocks mostly lower as markets await Trump-Xi summit

Japan Financial Markets
People wait to cross a street in front of an electronic stock indicator of a securities firm in Tokyo, Thursday, April 6, 2017. Asian stocks were mostly lower Thursday, as the region nervously watched for market-moving news from the first meeting between the U.S. and Chinese leaders. (AP Photo/Shizuo Kambayashi)

TOKYO/April 06, 2017 (AP)(STL.News) — Global stocks were mostly lower Thursday, as investors nervously watched for market-moving news from the first meeting between President Donald Trump and Chinese leader Xi Jinping.

KEEPING SCORE: France’s CAC 40 dipped 0.4 percent in early trading to 5,054.21, while Germany’s DAX was down 0.7 percent at 12,126.89. Britain’s FTSE 100 dropped 0.9 percent t0 7,268.99. U.S. shares were also set to drift lower with Dow futures down nearly 0.2 percent to 20,547. S&P 500 futures were also lower, down 0.2 percent at 2,342.40.

ASIA’S DAY: Japan’s benchmark Nikkei 225 lost 1.4 percent to finish at 18,597.06, while Australia’s S&P/ASX 200 dipped 0.3 percent to 5,856.30. South Korea’s Kospi lost 0.4 percent to 2,152.75. Hong Kong’s Hang Seng fell 0.6 percent to 24,250.53. The Shanghai Composite edged up 0.3 percent to 3,281.00. Shares were lower in Singapore, Taiwan, the Philippines and Indonesia.

US-CHINA: Investors were closely watching the meeting in Florida between Trump and Xi beginning later Thursday. Trump has said he plans to deliver an ultimatum to Xi to rein in North Korea.

THE QUOTE: “Today, the markets will be watching the first meeting between the US and Chinese leaders in Florida, or what people have called the ‘Xi-Trump summit.’ This meeting is probably the most important US-China summits in decades, and it will have significant impact on global trade and security,” said Margaret Yang Yan, analyst at CMC Markets Singapore. “Some key topics include trade, currencies and the issues with North Korea.”

FED FACTOR: Market sentiments were also dampened by the U.S. Federal Reserve’s minutes from its policy meeting last month. The minutes, disclosed overnight, showed Fed officials discussing plans to reduce the Fed’s bond holdings later this year and disagreeing over whether it would be safe to let inflation rise faster.

ENERGY: U.S. crude oil fell 18 cents to $50.97 a barrel in New York. It rose 12 cents to $51.15 a barrel Wednesday. Brent, the international standard, slipped 9 cents to $54.27 a barrel in London.

CURRENCIES: The dollar slipped to 110.44 yen from 110.91 yen late Wednesday in Asia. The euro rose to $1.0643 from $1.0665.

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YURI KAGEYAMA, AP Business Writer

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