World shares meander after Wall Street ends with weekly loss

AP – World shares and United States (US) futures were mostly higher yesterday, bouncing back from losses last week on Wall Street.

Stocks rose in London, Paris, Tokyo and Shanghai but fell in Hong Kong, where a Financial Times report that Chinese regulators want to break up the mammoth e-commerce payments platform Alipay dragged shares in Alibaba Group Holding nearly 4.3 per cent lower. The company said it had no comment on the report.

Japan reported its wholesale prices were near a 13-year high in August, adding to concerns over inflation as the country prepares for a leadership transition.

Prices have surged in the world’s three largest economies, and elsewhere, as supply chain troubles, shipping bottlenecks and other disruptions arising from the pandemic have hindered a return to normal growth.

But Tokyo and most other major markets logged gains after opening lower.

Britain’s FTSE 100 gained 0.4 per cent to 7,058.13, while the DAX in Germany climbed 0.7 per cent to 15,713.86. In Paris, the CAC 40 rose 0.5 per cent to 6,694.92.

The future for the Dow industrials was up 0.5 per cent while that for the S&P 500 picked up 0.4 per cent.

The yield on the 10-year Treasury note was steady at 1.33 per cent.

In Asian trading, Tokyo’s Nikkei 225 ended up 0.2 per cent at 30,447.37 and the Hang Seng in Hong Kong trimmed earlier losses, closing 1.5 per cent lower at 25,813.81. In Seoul, the Kospi edged 0.1 per cent higher to 3,127.86, while the S&P/ASX 200 picked up 0.3 per cent to 7,425.20. The Shanghai Composite index gained 0.3 per cent to 3,715.37.

People passing by a bank’s electronic board showing the Hong Kong share index at Hong Kong Stock Exchange. PHOTO: AP