Global shares mixed as investors look ahead to Fed meeting

Elaine Kurtenbach, The Associated Press</span>
Published Wednesday, May 2, 2018 7:08AM EDT

BANGKOK -- Shares were higher in Europe on Wednesday after a day of losses in most Asian markets. Investors are looking ahead to Federal Reserve meeting and to China-U.S. trade talks later in the week.

KEEPING SCORE: Germany's DAX added 1.2 per cent to 12,756.54 and the CAC 40 of France gained 0.2 per cent to 5,533.29. The FTSE 100 climbed 0.6 per cent to 7,563.82. The future for the Dow Jones industrial average was flat at 24,072.00 while the future for the S&P 500 edged 0.1 per cent higher.

ASIA'S DAY: Japan's Nikkei 225 index slipped 0.2 per cent to 22,472.78 and the Hang Seng in Hong Kong lost 0.3 per cent to 30,723.88. The Shanghai Composite index was nearly flat at 3,081.18 and South Korea's Kospi gave up 0.4 per cent to 2,505.61. Australia's S&P ASX 200 advanced 0.6 per cent to 6,050.20. Shares were lower in Thailand and Singapore but edged higher in Indonesia.

TRADE: Uncertainty over trade tensions between Washington and Beijing is mounting as top U.S. officials prepare to head to Beijing for talks aimed at defusing worsening tensions over the trade imbalance. The Trump administration decision Monday to delay a decision on imposing tariffs on steel and aluminum imports sidestepped a potential trade battle with Europe for now, though but European Union leaders want a permanent exemption and say the delay in resolving the issue is bad for business.

U.S. ECONOMY: U.S. manufacturing grew at a slower pace in April, according to the Institute for Supply Management, a trade group of purchasing managers. Many factories said shortages of workers and skills affected their productivity. Meanwhile the Commerce Department said construction spending fell in March as home building dropped sharply.

SAMSUNG BIOLOGICS: South Korean biotech company Samsung Biologics Co.'s shares plunged as much as 11 per cent in Seoul after a regulator said Samsung breached accounting rules. Samsung said it will defend itself and has abided by accounting rules. At stake is whether or not the way Samsung Biologics evaluated the value of its affiliate Samsung Bioepis violated rules.

ENERGY: Overnight, oil prices gave up some of their recent gains. But they bounced back Wednesday in Asia, with benchmark U.S. crude gaining 49 cents to $67.74 per barrel in electronic trading on the New York Mercantile Exchange. It fell 1.9 per cent to $67.25 a barrel in New York on Tuesday. Brent crude, the international standard, added 28 cents to $73.41 per barrel. It dropped 2.1 per cent to $73.13 a barrel in London.

CURRENCIES: The dollar slipped to 109.82 Japanese yen from 109.88 yen. The euro rose to $1.1999 from $1.1993.

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