TOKYO (AP) — Global shares were mixed yesterday in cautious trading after Wall Street closed the week with new milestones as the Dow Jones Industrial Average crossed 28,000 for the first time and the S&P 500 and Nasdaq hit record highs.
France’s CAC 40 slipped less than 0.1 per cent in early trading to 5,938.87, while Germany’s DAX rose almost 0.1 per cent to 13,252.40. Britain’s FTSE 100 was little changed, inching up to 7,303.90 in early trading.
United States (US) shares were set to drift higher with Dow futures gaining 0.3 per cent to 28,023. S&P 500 futures were up 0.2 per cent at 3,124.50.
Japan’s benchmark Nikkei 225 edged up 0.5 per cent to finish at 23,416.76. Australia’s S&P/ASX 200 fell 0.4 per cent to 6,766.80. South Korea’s Kospi was little changed, slipping less than 0.1 per cent to 2,160.69. Hong Kong’s Hang Seng added 1.3 per cent to 26,665.26, while the Shanghai Composite was up 0.6 per cent at 2,909.20.
“Market focus this week will still lies on the US-China trade talk, and updates in Hong Kong. Hong Kong’s domestic economy is on the verge of a recession as the recent riot has adversely hurt its retail, service, tourism, aviation, education sectors and has caused severe reputational damage to the city as one of Asia’s most important financial hubs,” said Analyst Margaret Yang Yan at CMC Markets in Singapore.
On Wall Street, health care and technology stocks powered most of the broad rally, which helped drive the S&P 500 to its sixth straight weekly gain. The Dow extended its streak of weekly gains to four.
Investors have been encouraged by surprisingly good corporate earnings, three interest rate cuts by the Federal Reserve and data showing the economy is still growing solidly.
Hopes that the US and China can make progress in their latest push for a trade deal have also helped keep investors in a buying mood.
Traders hope the world’s two biggest economies can make a deal before new and more damaging tariffs take effect next month.
Beijing is pressing Washington to roll back tariffs as part of a potential deal that the nations are trying to hammer out.
Benchmark crude oil added 18 cents to USD57.90 a barrel. It rose 95 cents to USD57.72 a barrel last Friday. Brent crude, the international standard, rose nine cents to USD63.39 a barrel.
The dollar rose to JPY108.91 from JPY108.70 last Friday. The euro strengthened to USD1.1063 from USD1.1033.