Global Shares Mixed on Trade Talks 11/19 05:06
Shares advanced in early European trading Tuesday after a mixed session in
Asia as investors awaited fresh developments in trade talks between the United
States and China.
TOKYO (AP) -- Shares advanced in early European trading Tuesday after a
mixed session in Asia as investors awaited fresh developments in trade talks
between the United States and China.
France's CAC 40 added 0.3% to 5,945.15, while Germany's DAX rose 0.4% to
13,259.55. Britain's FTSE 100 gained 0.4% to 7,339.84. U.S. shares were set to
drift higher with Dow futures up 0.2% at 28,069. S&P 500 futures were also up
0.2% at 3,127.00.
Japan's benchmark Nikkei 225 shed 0.5% to finish at 23,292.65. Australia's
S&P/ASX 200 added 0.7% to 6,814.20. South Korea's Kospi slipped 0.3% to
2,153.24. Hong Kong's Hang Seng gained 1.6% to 27,093.80, while the Shanghai
Composite index jumped nearly 0.9% to 2,933.99.
Chinese indexes rose as political protests in Hong Kong quieted somewhat,
with police tightening a blockade at Hong Kong Polytechnic University. Hundreds
of demonstrators who left the campus after a violent weekend were arrested.
Strong economic data and better corporate earnings than expected have buoyed
U.S. shares since early October.
But the on-again, off-again negotiations between Beijing and Washington over
their trade dispute remain a wild card for the markets.
"Risk sentiment can be seen little changed amid the conflicting reports on
US-China trade as we remain in a very headline driven reality," said Jingyi
Pan, market strategist at IG in Singapore.
In a boost for technology stocks, especially chip makers, the Commerce
Department gave another 90-day extension for Chinese tech giant Huawei to
continue doing business with U.S. companies.
President Donald Trump earlier ordered that U.S. manufacturers stop
supplying key components to Huawei on the grounds that it is a security risk.
But the government has not shown evidence of that, and many American companies
have sought exclusions to the rule for the sake of their own businesses.
Markets seemed to react with calm to news that Trump summoned Federal
Reserve Chairman Jerome Powell to the White House on Monday to discuss the
economy and interest rates --- issues where the president has repeatedly
attacked the Fed.
Trump tweeted Monday that his meeting with Powell was "very good and
cordial." He added that they discussed "interest rates, negative interest, low
inflation, easing, Dollar strength and its effect on manufacturing, trade with
China, E.U. and others, etc."
The Fed said in a statement that Powell's message to Trump during their
meeting was similar to the one he expressed in congressional testimony last
week, when he said that the economy is in good shape and that the Fed would
likely suspend its rate cuts for now. The central bank has cut its benchmark
short-term rate three times this year to try to support the economy.
ENERGY: Benchmark oil fell 2 cents to $57.03 a barrel in electronic trading
on the New York Mercantile Exchange. It fell 67 cents to $57.05 a barrel
Monday. Brent crude, the international standard, picked up 2 cents to $62.46 a
CURRENCIES: The dollar rose to 108.79 Japanese yen from 108.68 yen on
Monday. The euro inched down to $1.1067 from $1.1072.