Mon, Jul 15, 2024
World shares are mostly lower after US holiday quiet

World shares are mostly lower after US holiday quiet

  • PublishedMay 28, 2024

TOKYO – Shares were mostly lower in Europe and Asia on Tuesday after U.S. markets were closed for the Memorial Day holiday.

Germany’s DAX gained 0.3% to 18,828.68 while the CAC 40 in Paris edged 0.1% lower to 8,121.17. In Britain, the FTSE 100 shed 0.2% to 8,303.25, reopening from a bank holiday on Monday.

The future for the S&P 500 was up 0.2% while that for the Dow Jones Industrial Average edged 0.1% higher.

In Asian trading, Chinese markets rose and then fell after senior leaders of the ruling Communist Party met and affirmed Beijing’s determination to contain financial risks.

The Shanghai Composite index dropped 0.5% to 3,109.57. Hong Kong’s Hang Seng lost less than 1 point to 18,821.16.

The Chinese government recently eased interest rates and down payment requirements for housing loans as part of its effort to revive the property sector after a crackdown on excessive borrowing caused defaults among many developers.

The housing industry plays a huge role in driving the economy and its troubles have weighed on growth.

The meetings Monday led by Chinese President Xi Jinping “noted that preventing and defusing financial risks is a major challenge,” the official Xinhua News Agency reported.

Efforts to strengthen oversight “should be implemented strictly to send a strong signal that any violator will be held accountable, so that financial oversight will actually have ‘teeth and thorns’ and be sharp-pointed,” Xinhua said.

Tokyo’s Nikkei 225 fell 0.1% to 38,855.37 and the Kospi in Seoul was nearly unchanged at 2,722.85. Australia’s S&P/ASX 200 shed 0.3% to 7,766.70.

On Friday, the S&P 500 gained 0.7% and the Dow industrials rose by less than 0.1%. The Nasdaq composite gained 1.1% to top its all-time high set earlier last week.

In other trading Tuesday, U.S. benchmark crude oil gained $1.16 to $78.88 per barrel in electronic trading on the New York Mercantile Exchange.

“The tense geopolitical setup is supportive of further gains along with the rising U.S. demand into summer and OPEC’s restrictive tone regarding its outlook,” Ipek Ozkardeskaya of Swissquote said in a commentary.

Brent crude, the international standard, added 12 cents to $83.00 per barrel.

In currency dealings, the U.S. dollar rose to 156.91 Japanese yen from 156.89 yen.

The euro rose to $1.0877 from $1.0860.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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