Stocks mostly lower amid caution over US-China tensions

Stocks mostly lower amid caution over US-China tensions
The Associated Press

TOKYO (AP) — Global stock markets were mostly lower Thursday amid concern over the trade tensions between the U.S. and China.

KEEPING SCORE: France’s CAC 40 was down 0.4 percent at 5,349 and Germany’s DAX shed 0.7 percent to 12,601 after Daimler warned about its outlook due to Chinese tariffs on its vehicles made in the U.S. Britain’s FTSE 100 fell by 0.6 percent to 7,579 after its central bank indicated it could raise rates this summer. U.S. shares were set to drift lower with Dow futures down 0.2 percent and S&P 500 futures 0.1 percent lower.

ASIA’S DAY: Japan’s benchmark Nikkei 225 index finished up 0.6 percent at 22,693.04, and Australia’s S&P/ASX 200 climbed 1.0 percent to 6,232.10. South Korea’s Kospi dropped 1.0 percent to 2,339.95. Hong Kong’s Hang Seng and the Shanghai Composite also fell, Hong Kong by 1.4 percent to 29,296.05 and Shanghai by 1.4 percent to 2,875.81.

TRADE TENSIONS: Markets have been on edge with the U.S. and China announcing tariffs on each other’s imports and threatening more. After a global drop on Tuesday, markets rebounded Wednesday and remain stable as the sting of President Donald Trump’s tariff threats fade.

ANALYST’S TAKE: “Uncertainties surrounding how things are moving on Trump’s trade deal, not only with China but also with other economies, are still out there,” said Margaret Yang Yan of CMC Markets. “We need to see constructive moves in trade negotiations between Washington and Beijing so that market confidence can be restored.”

ENERGY: U.S. crude lost 97 cents to $64.74 a barrel as investors expect OPEC to agree to a production increase at a meeting on Friday. Brent crude, the international standard for oil prices, lost $1.20 to $73.54 a barrel in London.

CURRENCY: The dollar rose to 110.56 yen from 110.02 yen late Wednesday. The euro dropped to $1.1542 from $1.1572.

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