Global stocks mixed in muted trading after Wall Street fall
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.