Global stocks mixed in muted trad­ing af­ter Wall Street fall

The China Post - - BUSINESS INDEX & -

Global stocks were mixed in muted trad­ing Tues­day amid a lack of fresh news to buoy mar­ket sen­ti­ment fol­low­ing an overnight slide on Wall Street.

France’s CAC 40 was lit­tle changed in early trad­ing, inch­ing down 0.03 per­cent to 5,252.50. Ger­many’s DAX fell 0.2 per­cent to 12,317.11, while the UK’s FTSE 100 inched up 0.1 per­cent to 7,074.07. U. S. shares were also set for lit­tle change, with Dow fu­tures steady at 17,910. S& P 500 fu­tures were up 0.3 per­cent to 2,092.10.

Hong Kong re­treated on profit-tak­ing Tues­day af­ter an al­most 15-per­cent rise over eight days, while Tokyo was hurt by a stronger yen as Asian in­vestors await the re­lease of key data later in the week.

The tepid per­for­mance among most Asian mar­kets fol­lows losses on Wall Street as U.S. in­vestors pre­pare for the cor­po­rate earn­ings sea­son to get un­der way.

Hong Kong ended down 1.62 per­cent, or 454.85 points, at 27,561.49 but Shang­hai closed up 0.34 per­cent, or 13.85 points, at 4,135.57.

Tokyo was flat, edg­ing up 3.22 points to close at 19,908.68, and Syd­ney fell 0.23 per- cent, or 13.7 points, to close at 5,946.6.

But Seoul rose 0.61 per­cent, or 12.80 points, to 2,111.72.

With few cat­a­lysts to spur busi­ness, traders took the op­por­tu­nity to cash in be­fore key events this week, in­clud­ing U.S. re­tail sales data, main­land Chi­nese growth fig­ures and a Euro­pean Cen­tral Bank (ECB) meet­ing.

“Clearly, in­vestors are wait­ing for the next set of clues of how the global econ­omy is evolv­ing,” said Matthew Sher­wood, head of in­vest­ment mar­kets re­search in Syd­ney at Per­pet­ual Ltd.

“Asian mar­kets haven’t man­aged to match the ex­cep­tional per­for­mance seen yes­ter­day, which was on the back of China’s dis­ap­point­ing trade bal­ance read­ing. To­day seems to be a day of con­sol­i­da­tion ahead of a data dump from China to­mor­row,” said Stan Shamu, mar­ket strate­gist at IG in Mel­bourne, Australia.

“The data ab­sence overnight meant they de­cided to take prof­its even though the U.S. re­port­ing sea­son is set to move into a higher gear in the next two days,” he told Bloomberg News.

Hong Kong took a step back for the first time af­ter an eight-ses­sion run that was fu- eled by main­land Chi­nese in­vestors seek­ing out rel­a­tively cheap eq­ui­ties af­ter a year-long surge in Shang­hai.

Re­tail traders north of the bor­der have been on an in­vest­ment binge in hopes the gov­ern­ment will un­veil econ­omy-boost­ing mea­sures fol­low­ing a se­ries of weak data over re­cent months.

Close at­ten­tion will be paid to Wed­nes­day’s first-quar­ter growth data out of Bei­jing, with an­other weak fig­ure likely to spur more eq­uity pur­chases.

A sur­vey of econ­o­mists by AFP has fore­cast growth of 6.9 per­cent in Jan­uary-March, which would be the weak­est quar­terly re­sult since the start of 2009 at the height of the global fi­nan­cial cri­sis.

Gold fetched US$ 1,192.75 US$1,199.90 late Mon­day. In other mar­kets: — Welling­ton gained 0.12 27.79 points, to 5,882.11.

Cho­rus was up 1.18 per­cent at NZ$2.995 and Air New Zealand rose 0.91 per­cent to NZ$2.775.

— Manila slipped 0.21 per­cent, or 16.76 points, to 8,056.49.

— Mumbai and Bangkok were closed for public hol­i­days.

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