mostlycloudy
Tuesday May 22nd, 2018 12:23AM

World shares mixed as Wall Street rally loses momentum

By The Associated Press
Related Articles
  Contact Editor

SEOUL, South Korea (AP) — Shares in Europe and Asia were mixed Tuesday as the afterglow from Wall Street's overnight rally faded. Japan's benchmark Nikkei 225 index lost 0.7 percent, giving up early gains as the yen strengthened against the U.S. dollar.

KEEPING SCORE: Germany's DAX shed 0.2 percent to 12,263.61 and the CAC 40 of France fell 0.1 percent to 5,136.45. Britain's FTSE 100 was wobbling in and out of negative territory, edging 0.1 percent higher in early trading to 7,171.21. S&P futures lost 0.5 percent and Dow futures were 0.6 percent lower, auguring a downbeat start for trading on Wall Street.

ASIA'S DAY: Japan's Nikkei 225 lost 0.7 percent to 21,244.68 after gaining more than 1.0 percent earlier in the day. Hong Kong's Hang Seng index added 1.4 percent to 29,884.06 and the Shanghai Composite Index advanced 1.0 percent to 3,185.86. South Korea's Kospi rose 1.1 percent to 2,395.19. Australia's S&P/ASX 200 rose 0.6 percent to 5,855.90. Share benchmarks in Southeast Asia and New Zealand were all higher.

WHERE THINGS STAND: Sentiment is jittery after it took just nine days for stocks to plunge 10 percent from their latest peak, which was reached on Jan. 26. A drop of that size is known on Wall Street as a market "correction." According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. The index rose 1.5 percent Friday but still wound up with its worst weekly loss in more than two years.

ANALYST'S TAKE: A key question is whether the correction has already hit bottom, said Jingyi Pan, a market strategist at IG. "Nevertheless, the worst is likely not over for this week for the simple reason that we have U.S. CPI sitting as a mammoth event risk this week," said Pan, referring to the Wednesday release of U.S. consumer price index data for January.

JAPAN OUTLOOK: Japan is due to release fourth quarter GDP data on Wednesday. The government looks likely to keep Bank of Japan Gov. Haruhiko Kuroda on as central bank chief for another term. But the decision on the BOJ governorship comes at a time when concern is growing over the central bank's strategy for eventually winding down its massive monetary stimulus.

OIL: Benchmark U.S. crude rose 15 cents to $59.44 per barrel in electronic trading on the New York Mercantile Exchange. It gained 9 cents to $59.29 a barrel on Monday. Brent crude, used to price international oils, advanced 39 cents to $62.98 per barrel in London.

CURRENCIES: The dollar slipped to 107.68 yen from 108.66 yen. The euro rose to $1.2322 from $1.2289.

  • 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.
World shares mixed as Wall Street rally loses momentum
Shares in Europe and Asia mixed as afterglow from Wall Street's overnight rally fades
3:33AM ( 28 minutes ago )
US tells anti-IS coalition to 'keep eyes on prize'
Trump administration concerned 74-strong coalition battling Islamic State group is losing sight of the prime objective
3:31AM ( 30 minutes ago )
At Olympics, Chloe Kim takes family on one more epic ride
Halfpipe hero: Chloe Kim takes family on one more epic ride at Olympics
3:26AM ( 35 minutes ago )
Associated Press (AP)
AP interview: Qatar Air CEO sees growth despite Mideast spat
AP interview: Qatar Airways chief executive says carrier will post an annual loss amid a boycott by neighboring countries, but the Middle East's second largest airline will continue to grow
2:24AM ( 1 hour ago )
Asian shares lifted by Wall Street rally, Nikkei falls back
Asian shares track overnight rally on Wall Street, Nikkei falls back
1:56AM ( 2 hours ago )
MGM opens Macau casino resort as license renewal looms
MGM Resorts to open glitzy new multibillion-dollar casino resort in southern Chinese gambling haven of Macau as license renewal looms
1:26AM ( 2 hours ago )
AP Business
Asian shares lifted by Wall Street rally, China leads gains
Asian shares track overnight rally on Wall Street, China leading gains
10:51PM ( 5 hours ago )
In Olympic corner of Asia, web of relationships is complex
In the corner of Asia home to three Olympic Games in four years, the political relationships among neighbor nations are complex and easily misunderstood
7:50PM ( 8 hours ago )
Trump's budget balloons deficits, cuts social safety net
President Donald Trump unveils a $4.4 trillion budget for next year that heralds an era an $1 trillion-plus federal deficits
7:08PM ( 8 hours ago )
AP Business - Economy
Stocks make more gains following worst week in 2 years
Stocks are solidly higher on Wall Street as the market comes off its worst week in two years, with energy and technology companies both recovering some of their recent losses
11:36AM ( 16 hours ago )
Markets Right Now: Stocks surge in early trade; Dow up 300
Stocks are surging in early trading on Wall Street, sending the Dow Jones industrial average up as much as 300 points in early trading.
10:15AM ( 17 hours ago )
Global stocks rise after Wall Street gains
Global stock markets have risen strongly after Wall Street gained following a turbulent week
4:07AM ( 23 hours ago )
AP Business - Financial Markets
US tells anti-IS coalition to 'keep eyes on prize'
Trump administration concerned 74-strong coalition battling Islamic State group is losing sight of the prime objective
3:31AM ( 30 minutes ago )
At Olympics, Chloe Kim takes family on one more epic ride
Halfpipe hero: Chloe Kim takes family on one more epic ride at Olympics
3:26AM ( 35 minutes ago )
TCU going for 5th College World Series appearance in a row
TCU looks to become 1st program to make five straight College World Series appearances since NCAA went to current tournament format in 1999
3:23AM ( 39 minutes ago )
Friend of ex-SKorean president, Lotte chairman get prison
A confidante accused of manipulating South Korea's former president for personal gain was sentenced to 20 years in prison for bribery and other crimes in the scandal that triggered a presidential impeachment
3:14AM ( 47 minutes ago )
Mardi Gras parade honors New Orleans' tricentennial
New Orleans' oldest parading Carnival group is honoring the city's tricentennial with floats commemorating the first century of the Crescent City
3:05AM ( 57 minutes ago )