World shares wobble ahead of U.S., Chinese economic data

Annabelle Liang, The Associated Press</span>
Published Sunday, November 11, 2018 11:32PM EST
Last Updated Monday, November 12, 2018 4:32AM EST

SINGAPORE -- Global markets were mixed Monday ahead of the release of economic data by the U.S. and China which could show the effects of a trade dispute between the world's two biggest economies.

KEEPING SCORE: Germany's DAX lost 0.6 per cent to 11,465.63 in early trading while Britain's FTSE 100 rose 0.4 per cent to 7,130.04. France's CAC 40 lost 0.2 per cent to 5,094.70. Wall Street was set for a flat opening. Futures for the S&P 500 index were less than 0.1 per cent higher at 2,779.80. Dow futures dropped almost 0.1 per cent to 25,963.00.

ASIA'S DAY: Japan's Nikkei 225 added 0.1 per cent to 22,269.88. Hong Kong's Hang Seng rose 0.1 per cent to 25,633.18. The Shanghai Composite index rebounded 1.2 per cent to 2,630.52 after closing lower every day last week. Australia's S&P-ASX 200 gained 0.3 per cent to 5,941.30. The Kospi in South Korea dipped 0.3 per cent to 2,080.44. Shares were flat in Thailand but were lower in Singapore, Thailand, Indonesia and the Philippines.

GLOBAL GROWTH: Markets are watching for the release of U.S. inflation data by the Labor Department on Wednesday, which zeros in on consumer prices. In Asia, traders are awaiting industrial production data from China and Japan. They will be looking for indications of a recovery in the Chinese economy, where auto sales fell for the fourth straight month in October. Concerns over China's softening economic growth and its simmering trade dispute with the U.S. have weighed on global stock markets.

ANALYST'S TAKE: "It is a data-centric week this week where U.S. CPI is expected to be the highlight for hints on the Fed and also the wider market, particularly the greenback," Jingyi Pan of IG said in a market commentary.

ENERGY: Oil futures recovered on news that major producers planned to reduce output. Saudi Arabian energy minister Khalid al-Falih said Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts. Benchmark U.S. crude bounced back from 10 days of losses, adding 85 cents to $61.04 per barrel on the New York Mercantile Exchange. The contract shed 48 cents to $60.19 in the previous session. Brent crude, used to price international oils, picked up $1.37 to $71.55. It fell 47 cents to $70.18 in London.

CURRENCIES: The dollar strengthened to 114.01 yen from 113.83 yen late Friday. The euro fell to $1.1260 from $1.1345.

Let's block ads! (Why?)