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Global Markets Mixed After Trade Deal 12/16 05:48
Global stock markets were mixed Monday following a U.S.-Chinese trade deal
that disappointed some investors.
BEIJING (AP) -- Global stock markets were mixed Monday following a
U.S.-Chinese trade deal that disappointed some investors.
London, Frankfurt and Shanghai advanced while Tokyo and Hong Kong declined.
The interim "Phase 1" agreement announced Friday was in line with
expectations. The two sides agreed to reduce some punitive tariffs imposed in
their fight over China's technology ambitions and trade surplus. Beijing agreed
to buy more American farm exports.
Market choppiness reflects concern "the details were disappointing," said
Mizuho Bank in a report.
London added 1.6% to 7,476.69 points and Frankfurt's DAX advanced 0.6% to
13,355.19. France's CAC 40 added 0.8% to 5,965.21.
On Wall Street, the future for the benchmark Standard & Poor's 500 index
rose 0.2% and that for the Dow Jones Industrial Average was unchanged.
On Friday, the S&P 500 index added less than 0.1% to a new all-time high.
The Dow inched up less than 0.1%. The tech-heavy Nasdaq also hit a new high,
gaining 0.2%.
In Asia, the Shanghai Composite Index gained 0.6% to 2,984.39. Tokyo's
Nikkei 225 lost 0.3% to 23,952.35 and Hong Kong's Hang Seng index shed 0.4% to
27,568.97.
Seoul's Kospi retreated 0.1% to 2,168.15. Sydney's S&P-ASX 200 gained 1.6%
to 6,849.70 and India's Sensex advanced 1.6% to 41,052.73. Taiwan gained, while
New Zealand retreated and Singapore was unchanged.
China reported unexpected strong November factory activity and spending.
Industrial production rose 6.2% from a year earlier, up from the previous
month's 4.7%. Retail sales growth rose to a five-month high of 8% from
October's 7.2%.
The U.S.-Chinese deal averted tariff hikes planned for Sunday on imports
from both sides, but the impact on economic growth will be limited, said
Citigroup economists.
The two sides also agreed to roll back some punitive tariffs, but investors
already had factored that into their plans.
"We believe the net effect on China's growth is largely neutral," said
Citigroup.
ENERGY: Benchmark U.S. crude lost 13 cents to $59.94 per barrel in
electronic trading on the New York Mercantile Exchange. The contract gained 89
cents on Friday to $60.07. Brent crude, used to price international oils, lost
13 cents to $65.09 per barrel in London. It rose $1.02 the previous session to
$65.22.
CURRENCY: The dollar gained to 109.41 yen from Friday's 109.33 yen. The euro
advanced to $1.1140 from $1.1120.
(AG)
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