clear
Friday October 19th, 2018 9:24AM

Global shares steady after Wall Street rally fizzles

By The Associated Press
Related Articles
  Contact Editor

SEOUL, South Korea (AP) — Global shares were mixed Thursday, with Europe steady and Asia posting modest losses after main Wall Street benchmarks fell for the first time in 2018. Unconfirmed reports Thursday that China may slow its purchases of U.S. government bonds weighed on investor sentiment. China's trade minister rejected the reports as false.

KEEPING SCORE: Britain's FTSE 100 lost 0.1 percent to 7,744.75. France's CAC 40 was flat at 5,505.51, while Germany's DAX dipped 0.2 percent to 13,260.53. Futures augured a lackluster start on Wall Street. S&P futures added 0.1 percent and Dow futures also added 0.1 percent.

CHINA: A report by Bloomberg News said China is considering slowing or halting its purchases of U.S. Treasurys, which helped push yields higher. The report triggered sell-offs of U.S. government bonds and the yield on the 10-year Treasury reached its highest level since March at one point before pulling back. China's foreign exchange regulator challenged the report that it might slow or stop purchases of U.S. Treasury debt due to trade tensions with Washington as "fake news."

ANALYST'S TAKE: "Justifiably, Beijing's biggest worry is that the value of its U.S. bond holdings will be eroded substantially by rising inflation and supply," Mizuho Bank Ltd. said in a daily commentary. But it added that "Doubts about (U.S. bonds) allure should not be overblown as a threat of imminent dumping."

SOUTH KOREA: Bitcoin prices in South Korea gyrated, sinking as much as about 20 percent, after the country's justice minister said it plans to ban crypto currency trading. South Korea's presidential office later said the ban is under review and no decision has been made on whether or not to implement it. The justice ministry has taken the sternest stance on digital currencies among South Korean ministries but other government agencies reported oppose an outright ban on bitcoin and other virtual currency trading.

ASIA'S DAY: Japan's Nikkei 225 fell 0.3 percent to 23,710.43 and South Korea's Kospi retreated 0.5 percent to 2,487.91. Hong Kong's Hang Seng index edged 0.2 percent higher to 31,120.39 and the Shanghai Composite index erased earlier losses to edge 0.1 percent higher at 3,425.34. Australia's S&P/ASX 200 slumped 0.5 percent to 6,067.60. Most stock markets in Southeast Asia were weaker.

CURRENCIES: The dollar rose to 111.63 Japanese yen from 111.43 yen. The euro fell slightly to $1.1947 from $1.1948.

OIL: Benchmark U.S. crude rose 17 cents to $63.74 per barrel on the New York Mercantile Exchange. The contract added 61 cents to settle at $63.57 per barrel on Wednesday. Brent crude, the international standard, gained 14 cents to $69.34 per barrel in London. It gained 38 cents to $69.20 a barrel on Wednesday.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
EU backs under-fire Iran nuclear pact at Brussels talks
EU foreign ministers say that a key agreement curbing Iran's nuclear ambitions must be preserved as U.S. President Donald Trump weighs whether to pull out of the pact
5:07AM ( 28 minutes ago )
Global shares steady after Wall Street rally fizzles
Global stock markets steady after Wall Street posts first losses of 2018
5:01AM ( 35 minutes ago )
German economy grew in 2017 at fastest pace in 6 years
Official data show that the German economy, Europe's biggest, accelerated last year to grow by 2.2 percent
4:51AM ( 45 minutes ago )
Associated Press (AP)
N Korea: Popularity of 'Fire and Fury' foretells Trump's end
North Korea has found good material to attack U.S. President Donald Trump: Michael Wolff's bombshell new book, "Fire and Fury"
3:41AM ( 1 hour ago )
Asian shares mixed after Wall Street rally fizzles
Asian stock markets mixed after Wall Street posts first losses of 2018
2:53AM ( 2 hours ago )
Another GOP governor seeks exclusion from drilling proposal
Another Republican governor is asking the Trump administration to exclude his state from a plan to open more U.S. coastal waters to offshore oil drilling
12:30AM ( 5 hours ago )
AP Business
China's modern Silk Road hits political, financial hurdles
China's plan to expand trade across Asia and Europe with a modern Silk Road of railways and other infrastructure is hitting political and financial hurdles
12:29AM ( 5 hours ago )
Coal executive's 'wish list' finds success under Trump
A coal company executive's "wish list" of actions that seek to roll back environmental and mine safety regulations has caught the eye of the Trump administration
12:26AM ( 5 hours ago )
Norway's PM makes business case of 'green economy' to Trump
Norway's prime minister is telling President Donald Trump that her country remains committed to the Paris climate agreement, making the business case of the "green economy" to the real estate developer-turned president
9:01PM ( 8 hours ago )
AP Business - Economy
Worries China will lower US asset purchases hits markets
Global shares fall as momentum from Wall Street's long winning streak fades
7:46AM ( 21 hours ago )
Global shares slide as Wall Street rally fades
Global shares fall as momentum from Wall Street's long winning streak fades
4:09AM ( 1 day ago )
Asian share prices mostly lower as Wall Street rally fades
Shares fall in Asia as Wall Street's extended winning streak fades
1:06AM ( 1 day ago )
AP Business - Financial Markets
EU backs under-fire Iran nuclear pact at Brussels talks
EU foreign ministers say that a key agreement curbing Iran's nuclear ambitions must be preserved as U.S. President Donald Trump weighs whether to pull out of the pact
5:07AM ( 28 minutes ago )
German economy grew in 2017 at fastest pace in 6 years
Official data show that the German economy, Europe's biggest, accelerated last year to grow by 2.2 percent
4:51AM ( 45 minutes ago )
Syrian insurgents in counteroffensive in northwestern area
Syrian insurgent groups launch counteroffensive against government forces in northwest, capture villages, take prisoners
4:46AM ( 50 minutes ago )
Final day of talks on possible German government coalition
Chancellor Angela Merkel's conservatives were sitting down for a final day of talks with their prospective center-left partners to try and determine if there was enough common ground to begin formal coalition talks
4:41AM ( 55 minutes ago )
Chinese authorities demolish well-known evangelical church
Authorities in northern China's coal country have demolished a Christian mega-church that has long clashed with the government
4:00AM ( 1 hour ago )