rainn.png
Friday November 15th, 2019 6:08AM

Global shares mostly turn lower again amid trade tensions

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — European shares slid and U.S. markets looked to open lower on Friday as worries persist about the economic impact of the trade dispute between the U.S. and China.

The absence of any new escalation in the trade dispute helped power a rally on Wall Street on Thursday that carried to Asia overnight. But the buying appears to be short-lived.

Germany's DAX was down 1.2% to 11,704 after a report showed that exports declined again in June and are down 8% year-over-year, raising fears that Europe's biggest economy shrank slightly in the second quarter. France's CAC 40 slipped 0.9% to 5,337 in midday trading, while Britain's FTSE 100 dipped 0.1% to 7,280 after government figures showed that the British economy shrank in the second quarter for the first time since 2012.

U.S. shares were set to drift lower, with Dow futures down 0.6% at 26,196. S&P 500 futures were down 0.7% at 2,918.

Technology companies powered stocks broadly higher on Wall Street on Thursday, driving the S&P 500 to its best day in more than two months and erasing its losses for the week.

The Chinese currency was again trading near its weakest point this week.

The country's central bank rattled financial markets when it allowed the yuan to fall to an 11-year low against the dollar on Monday in what economists said was a "warning shot" to Washington in the midst of a tariff war.

On Friday, the People's Bank of China set the starting point for trading at 7.0136 to the dollar, from 7.0039 on Thursday. But the yuan weakened to trade at 7.0593, not far from Wednesday's 7.0662 level. Investor anxiety has eased following central bank statements promising sharp declines will not continue and the exchange rate will be kept stable.

"Share markets are at risk of further short-term volatility and weakness on the back of the escalating U.S.-China trade war, Middle East tensions and mixed economic data," said Shane Oliver, chief economist at AMP Capital.

Japan's benchmark Nikkei 225 added 0.4% to finish at 20,684.82. Australia's S&P/ASX 200 gained 0.3% to 6,584.40. South Korea's Kospi added 0.9% to 1,937.75. Hong Kong's Hang Seng slipped 0.5% to 25,996.64 while the Shanghai Composite edged down 0.7% to 2,774.75.

Data on Japan's economy for the April-June quarter were better than expected and added to the optimism. Japan's gross domestic product grew at a seasonally adjusted annualized rate of 1.8% during the three months ended in June, compared to the previous quarter.

ENERGY: Benchmark crude rose 67 cents to $53.21 a barrel, despite an International Energy Agency report saying the U.S.-China trade war and a decline in world economic growth are weakening the demand for oil. Brent crude oil, the international standard, picked up 83 cents to $58.21 a barrel.

CURRENCIES: The dollar fell to 105.69 Japanese yen from 105.97 Thursday. The euro rose to $1.1202 from $1.1197.

___

Matt Ott in Washington contributed to this report.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global shares mostly turn lower again amid trade tensions
Markets in Europe have turned lower and U.S. markets look to open with losses on Friday as worries persist about the trade dispute between the U.S. and China
8:00AM ( 5 minutes ago )
Richard Gere visits migrants stuck at sea in Mediterranean
Actor Richard Gere is visiting rescued migrants on board a humanitarian ship that has been stuck in the Mediterranean Sea for over a week.
7:41AM ( 25 minutes ago )
Curfew eased partially in Kashmir for Friday prayers
The police chief says a strict curfew keeping residents of Indian-controlled Kashmir in their homes for a fifth day was eased for Friday prayers
7:41AM ( 25 minutes ago )
Associated Press (AP)
UK economy shrinks for first time since 2012 as Brexit bites
The British economy shrank in the second quarter of the year for the first time in six and a half years largely because Brexit uncertainties weighed heavily on business investment
5:45AM ( 2 hours ago )
US-China trade war weakening demand for oil
The International Energy Agency says the U.S.-China trade war and a decline in world economic growth are weakening demand for oil
5:45AM ( 2 hours ago )
German exports a bit lower in June, add to economic clouds
German exports were a little lower in June than the previous month and dropped 8% in year-on-year terms, reinforcing expectations that data due next week may show the economy shrank slightly in the second quarter
5:40AM ( 2 hours ago )
AP Business
Japanese economy grew better than expected April-June
Japanese government data is showing Japan's economy grew at a better-than-expected 1.8% seasonally adjusted annualized rate during the April-June quarter on healthy consumer spending and capital investment
10:59PM ( 9 hours ago )
Asian shares rise following broad rally for US stocks
Asian shares are higher as investors bought back stocks following gains on Wall Street, although worries about a trade dispute between the U.S. and China remained
10:55PM ( 9 hours ago )
Technology companies power broad rally for US stocks
Technology companies powered stocks broadly higher on Wall Street Thursday driving the S&P 500 to its best day in more than two months and erasing its losses for the week
5:03PM ( 15 hours ago )
AP Business - Economy
Stocks rise as investors brace for more trade war turbulence
Global stock markets are up as investors monitor the U.S.-Chinese trade war and after Beijing reported a rise in exports, easing some concerns about the economic impact of the dispute
7:47AM ( 1 day ago )
Global stocks rise after volatile Wall Street day
Global stocks rebound after Wall Street recovers from volatile day to eke out a gain
5:49AM ( 1 day ago )
China imports from US fall 19% in July amid trade war
China's imports of U.S. goods fell 19% in July from a year earlier as a trade war with Washington intensified
4:15AM ( 1 day ago )
AP Business - Financial Markets
Richard Gere visits migrants stuck at sea in Mediterranean
Actor Richard Gere is visiting rescued migrants on board a humanitarian ship that has been stuck in the Mediterranean Sea for over a week.
7:41AM ( 25 minutes ago )
Curfew eased partially in Kashmir for Friday prayers
The police chief says a strict curfew keeping residents of Indian-controlled Kashmir in their homes for a fifth day was eased for Friday prayers
7:41AM ( 25 minutes ago )
Rescue ships stranded in Med as Europe fails to respond
The Spanish humanitarian ship Open Arms remains stuck in the Mediterranean Sea off Italy's southernmost island for an eighth day, with no European government offering safe harbor to the 121 migrants on board
7:30AM ( 35 minutes ago )
Cyprus' rival leaders to meet UN chief next month
A United Nations spokesman says the rival leaders of ethnically divided Cyprus are ready to meet with the U.N. Secretary-General next month to map out the next steps leading to a hoped-for return of full-fledged reunification talks
7:11AM ( 54 minutes ago )
Bribe or donation? Parent's defense questions the difference
A parent accused in a sweeping college admissions bribery scheme plans to argue that he isn't much different from parents who make donations in the hopes of giving their children an edge in admissions
6:49AM ( 1 hour ago )