Global Shares Mixed Wednesday 10/16 05:38
Global shares were mixed Wednesday after a Wall Street rally driven by
healthy earnings reports from U.S. companies.
TOKYO (AP) -- Global shares were mixed Wednesday after a Wall Street rally
driven by healthy earnings reports from U.S. companies.
France's CAC 40 was down nearly 0.2% in early trading at 5,691.75. Germany's
DAX was unchanged at 12,629.82. Britain's FTSE 100 fell 0.3% to 7,189.08. U.S.
shares were set to drift lower with Dow futures falling 0.3% at 26,917.00. S&P
500 futures were also down 0.3% at 2,988.00.
European shares fell after European Union and British negotiators failed to
reach a breakthrough in Brexit talks during a frantic all-night session. They
are to continue seeking a compromise on the eve of a crucial EU summit on
In Asian trading, Japan's benchmark Nikkei 225 rose 1.2% to finish at
22,472.92, while Australia's S&P/ASX 200 gained 1.3% to 6,736.50. Hong Kong's
Hang Seng edged up 0.6% to 26,664.28, while the Shanghai Composite index lost
0.4% to 2,978.71.
South Korea's Kospi added 0.7% to 2,082.83 after the Bank of Korea announced
it was cutting its benchmark interest rate by a quarter of a percentage point,
to a record-low 1.25%.
Shares also rose in Taiwan and most of Southeast Asia. India's Sensex fell
Stocks notched solid gains on Wall Street on Tuesday as investors welcomed
surprisingly good quarterly results from some of the nation's biggest companies.
Strong earnings from UnitedHealth Group, JPMorgan Chase and other companies
helped power the market's broad gains, erasing modest losses from a day earlier.
Investors are looking to the wave of quarterly report cards due out over the
next few weeks to give them a clearer picture of what impact the trade war
between the U.S. and China is having on corporate profits and the broader
"Global market sentiment was seen picking up a notch overnight with Wall
Street gaining on earnings despite the uncertainty that persists on U.S.-China
trade," said Jingyi Pan, market strategist with IG in Singapore.
The encouraging earnings reports came with a spate of surprisingly good
forecasts for the rest of the year, which helped ease concerns about a slowdown
due to the costly trade conflict.
On Friday, the U.S. agreed to suspend a planned hike in tariffs on $250
billion of Chinese goods that had been set to kick in Tuesday. Beijing,
meanwhile, agreed to buy $40 billion to $50 billion in U.S. farm products.
The U.S. did not, however, cancel plans for more tariffs in December and the
sticking points of intellectual property and trade secrets still hang over the
ENERGY: Benchmark crude oil fell 24 cents to $52.57 a barrel in electronic
trading on the New York Mercantile Exchange. It fell 78 cents to $52.81 a
barrel Tuesday. Brent crude oil, the international standard, declined 35 cents
to $58.39 a barrel.
CURRENCIES: The dollar fell to 108.68 Japanese yen from 108.85 yen on
Tuesday. The euro strengthened to $1.1025 from $1.1029.