Global markets mostly lower as investors watch trade talks

Youkyung Lee, The Associated Press</span>
Published Friday, May 4, 2018 12:48AM EDT
Last Updated Friday, May 4, 2018 7:26AM EDT

SEOUL, Korea, Republic Of -- Shares were mostly lower in Europe and Asia on Friday as investors watched the outcome of trade talks between the United States and China.

KEEPING SCORE: European stocks opened mixed. Britain's FTSE 100 rose 0.5 per cent to 7,541.61 while France's CAC 40 slipped 0.3 per cent to 5,487.95. Germany's DAX added 0.2 per cent to 12,714.72. Futures augured a lacklustre start on Wall Street with Dow futures down 0.2 per cent and S&P futures dipping 0.1 per cent.

ASIA'S DAY: Asian markets finished lower. South Korea's Kospi sank 1 per cent to 2,461.38 and Hong Kong's Hang Seng index lost 1.3 per cent to 29,926.50. The Shanghai Composite Index retreated 0.3 per cent to 3,091.03 and Australia's S&P/ASX 200 dropped 0.6 per cent to 6,062.90. Japan was closed for a public holiday. Stocks rose in Taiwan but fell in Singapore and Indonesia.

TRADE TALKS: At the end of the two-day talk, Chinese and American officials reached consensus in some areas, according to China's Xinhua news agency. But China's state media said "big differences" remain on some matters. There was no immediate comment from the U.S. delegation after the talks. The dispute has deepened as China has stepped up efforts to overtake Western industry leaders in advanced technologies, especially for semiconductors. Analysts have predicted that chances for a breakthrough from the meeting appear slim given the two sides' intensifying rivalry in strategic technologies, where China lags behind the U.S.

OIL: Benchmark U.S. crude lost 13 cents to $68.30 per barrel in electronic trading on the New York Mercantile Exchange. It rose 0.7 per cent to $68.43 barrel in the previous session. Brent crude, the international standard, fell 17 cents to $73.45 per barrel in London. On Thursday, it rose 0.4 per cent to $73.62 a barrel.

CURRENCIES: The dollar fell to 109.12 yen from 109.21 yen. The euro weakened to $1.1961 from $1.1989.

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