TOKYO (AP) – Global shares mostly fell yesterday, despite a rally on Wall Street in stocks seen as benefiting the most from Donald Trump’s reelection as United States (US) president.
France’s CAC 40 declined 0.9 per cent in early trading to 7,358.92, while Germany’s DAX fell 0.8 per cent to 19,296.75. Britain’s FTSE 100 shed 0.7 per cent to 8,066.66. US shares were set to drift higher with Dow futures slipping nearly 0.1 per cent to 44,412.00. S&P 500 futures fell less than 0.1 per cent to 6,028.25.
Japan’s benchmark Nikkei 225 reversed early gains to decline 0.4 per cent and finish at 39,376.09, weighed down by uncertainty about how Trump’s policies, including tariffs, may affect local industries.
Australia’s S&P/ASX 200 lost 0.1 per cent to 8,255.60. South Korea’s Kospi declined 1.9 per cent to 2,482.57.
Hong Kong’s Hang Seng dropped 2.8 per cent to 19,846.88, the first time the index fell below 20,000 points since China announced a stimulus package in September. The Shanghai Composite lost 1.4 per cent to 3,421.97.
Several pieces of what’s known as the ‘Trump trade’ has helped drive the market, as investors try to identify which companies will be winners under a second Trump term.
Stocks of companies more focused on the US economy were also rising because they’re seen as benefiting more from Trump’s America First policies than big multinational companies.
In energy trading, benchmark US crude rose 17 cents to USD68.21 a barrel. Brent crude, the international standard, gained 20 cents to USD72.03 a barrel.
