Global shares mixed as Japan's Nikkei snaps winning streak

Youkyung Lee, The Associated Press</span>
Published Wednesday, October 25, 2017 1:28AM EDT
Last Updated Wednesday, October 25, 2017 7:25AM EDT

SEOUL, Korea, Republic Of -- Global markets were mixed Wednesday while Japan's benchmark snapped a record winning streak with its first loss in 17 straight trading sessions. Investors are eyeing upcoming corporate earnings reports and U.S. politics for clues about the next Federal Reserve chair.

KEEPING SCORE: Britain's FTSE slipped 0.4 per cent to 7,496.63 but France's CAC 40 added 0.1 per cent to 5,401.58. Germany's DAX edged 0.1 per cent lower to 12,999.02. Futures augured a weak start on Wall Street. S&P futures fell 0.2 per cent to 2,562.60 while Dow futures shed 0.1 per cent to 23,389.00.

ASIA'S DAY: Japan's was the only major Asian index in the red as investors locked in gains. The Nikkei 225 index lost 0.5 per cent to 21,707.62. South Korea's Kospi added 0.1 per cent to 2,492.50. Hong Kong's Hang Seng gained 0.5 per cent to 28,302.89. The Shanghai Composite Index climbed 0.3 per cent to 3,396.90. Australia's S&P/ASX 200 added 0.1 per cent to 5,905.60. Shares in Taiwan, Singapore and other Southeast Asian countries were mostly in the black.

JAPAN'S WINNING STREAK ENDS: Profit-taking pressures prevailed with pharmaceutical and energy-related shares leading losses. It was the first daily loss for the Nikkei after 16 straight days of moderate gains -- the longest since World War II -- that had raised talk of a "bubble."

FED HEAD: President Donald Trump is polling Republican senators for advice as he nears a decision to name a new head of the Fed. Current Fed Chair Janet Yellen, Fed board member Jerome Powell and Stanford University economist John Taylor are among the candidates said to be under consideration.

ANALYST'S TAKE: "Markets are bracing for an announcement for the next Fed Chair soon," Mizuho Bank said in a daily commentary. Taylor advocates higher interest rates and his nomination would be perceived to be "a hawkish risk," it said.

EARNINGS: A slew of companies in the U.S. and in Asia are announcing their quarterly financial results this week and next week. South Korean panel supplier LG Display, a supplier to Apple, reported a 150 per cent jump in its net income for the July-September quarter. Other tech and auto exporters in South Korea and Japan are due to report earnings, which would give better ideas about global demand for Asian export items and the pace of global recovery.

OIL: Benchmark U.S. crude shed 24 cents to $52.23 per barrel in electronic trading on New York Mercantile Exchange. The contract jumped 57 cents, or 1.1 per cent, to $52.47 a barrel on Tuesday. Brent crude, used to price international oils, lost 17 cents to $58.16 per barrel in London. It surged 96 cents, or 1.7 per cent, to finish at $58.33 a barrel on Tuesday.

CURRENCIES: The dollar rose to 114.17 yen from 113.91 yen. The euro strengthened to $1.1767 from $1.1762.

Let's block ads! (Why?)