Chinese investors monitor stock prices at a brokerage house in Beijing, Wednesday, Aug. 29, 2018. Asian stock markets edged higher Wednesday after Wall Street gained on strength in technology and retailing shares. (AP Photo/Mark Schiefelbein)

Global stocks mixed after Wall Street gain

August 29, 2018 - 5:34 am

BEIJING (AP) — Asian stock markets mostly rose Wednesday while Europe declined in early trading after Wall Street gained on strength in technology and retailing shares.

KEEPING SCORE: In early trading, Germany's DAX lost 0.1 percent to 12,509.32 and London's FTSE 100 shed 0.7 percent to 7,564.42. France's CAC 40 was 4 points lower at 5,481.21. On Tuesday, the FTSE 100 rose 0.5 percent, CAC 40 gained 0.4 percent and the DAX added 0.1 percent. On Wall Street, futures for the Standard & Poor's 500 index and the Dow Jones industrial average were unchanged.

ASIA'S DAY: Tokyo's Nikkei 225 rose 0.1 percent to 22,848.22 while the Shanghai Composite Index fell 0.3 percent to 2,769.29. Hong Kong's Hang Seng added 0.2 percent to 28,416.44 and Seoul's Kospi advanced 0.3 percent to 2,309.03. Sydney's S&P-ASX 200 gained 0.7 percent to 6,352.20 and India's Sensex shed 0.4 percent to 38,722.93. Benchmarks in New Zealand, Taiwan and Bangkok gained while Singapore retreated.

WALL STREET: The S&P 500 closed at a record. Shoe retailer DSW surged 20.2 percent after reporting stronger-than-expected results. Apple added 0.8 percent and chipmaker Qualcomm gained 3.6 percent. The S&P 500 rose less than 0.1 percent while the Dow added 0.1 percent. The Nasdaq composite gained 0.2 percent. Energy companies dipped along with oil prices.

NAFTA: Canada's foreign minister said she had a "constructive conversation" with U.S. Trade Representative Robert Lighthizer about how to revamp the North American Free Trade Agreement. Chrystia Freeland arrived in Washington for talks after the Trump administration reached a preliminary deal with Mexico to replace NAFTA. While some experts think stocks could rally if the U.S. and its partners make progress on new trade deals, others say it is unclear how much tensions have harmed stocks.

ANALYST'S QUOTE: "The initial euphoria from the U.S.-Mexico agreement died down" and "mixed views" from Canadian officials gave investors little guidance, Jingyi Pan of IG said in a report. Investors appear to be looking at the Mexico talks "to project how the U.S. administration would likely remain adamant as well in dealing with China that could invite further tensions ahead," said Pan. "One to watch, nevertheless, as more tariffs loom."

ENERGY: Benchmark U.S. crude added 21 cents to $68.74 per barrel in electronic trading on the New York Mercantile Exchange. The contract sank 34 cents on Tuesday to close at $68.53. Brent crude, used to price international oils, gained 11 cents to $76.40 in London. It shed 21 cents the previous session to $76.29.

CURRENCY: The dollar gained to 111.21 yen from Tuesday's 111.19. The euro declined to $1.1670 from $1.1696.

AP Editorial Categories: 
Comments ()