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Tuesday May 21st, 2019 9:02AM

Global markets mostly higher as Jackson Hole in focus

By The Associated Press
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SEOUL, South Korea (AP) — Global stock markets were mostly higher Thursday as investors awaited speeches by the world's top central bankers at Jackson Hole, Wyoming.

KEEPING SCORE: In early trading, Britain's FTSE 100 rose 0.4 percent to 7,408.39. France's CAC 40 gained 0.4 percent to 5,133.54 and Germany's DAX advanced 0.3 percent to 12,214.81. Futures augured a lukewarm start on Wall Street. S&P futures added less than 0.1 percent while Dow futures advanced 0.1 percent.

ASIA'S DAY: Asian markets finished mixed. Japan's Nikkei 225 slipped 0.4 percent to 19,353.77 but South Korea's Kospi rose 0.4 percent to 2,375.84. Hong Kong's Hang Seng index advanced 0.4 percent to 27,518.60 while the Shanghai Composite Index fell 0.5 percent to 3,271.51. Australia's S&P ASX 200 added 0.1 percent to 5,745.50. Stocks in Southeast Asia were mixed.

FED WATCH: Federal Reserve Chair Janet Yellen and other central bankers will assess the global economy at this week's annual conference in Jackson Hole, Wyoming. Yellen and European Central Bank President Mario Draghi are due to speak on Friday. Analysts foresee no major policy changes but a surprise announcement cannot be ruled out. The Federal Reserve is raising interest rates and is preparing to pare back the $4.5 trillion it holds on its balance sheet.

US POLITICS WATCH: In a speech late Tuesday, President Donald Trump said that "if we have to close down our government, we're building that wall" that he wants on the border between Mexico and the United States. He also said he thinks the U.S. government will "end up probably terminating" the North American Free Trade Agreement with Canada and Mexico, though he also said he has yet to make up his mind. The remarks by the president came as concern is growing about whether the government can push through pro-business policies.

ANALYST'S TAKE: "President Trump's threat to shut down the U.S. government unless Congress agrees to fund the building of a wall on the Mexican border rattled investor nerves overnight," said Michael McCarthy, chief market strategist at CMC Markets. "An absence of macro data and calm currency markets indicate company profit results will once again dominate trading."

OIL: Benchmark U.S. crude oil fell 17 cents to $48.24 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 58 cents to settle at $48.41 per barrel on Wednesday. Brent crude, the international pricing standard, fell 14 cents to $52.43 per barrel in London. On Wednesday, it rose 70 cents to $52.57 per barrel.

CURRENCIES: The dollar rose to 109.37 yen from 109.04 yen. The euro slipped to $1.1789 from $1.1810.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
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