Global shares fall ahead of US tax vote

beijing — Global stock prices slid on Monday as investors looked ahead to a possible US Senate vote on proposed tax changes and data announcements from major economies.

In early trading, France’s CAC 40 lost 0.4 per cent to 5,369.20 and Germany’s DAX declined 0.3 per cent to 13,016.58. London’s FTSE 100 shed 0.1 per cent to 7,398.74. On Friday, the CAC 40 rose 0.2 per cent and the DAX gained 0.4 per cent while the FTSE 100 slipped 0.1 per cent. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor’s 500 index were off just under 0.1 per cent. The Shanghai Composite Index fell 0.9 per cent to 3,322.23 and Tokyo’s Nikkei 225 lost 0.2 per cent to 22,495.99.

1.4% drop in Seoul’s Kospi to 2,507.81

Seoul’s Kospi plunged 1.4 per cent to 2,507.81 and Hong Kong’s Hang Seng shed 0.6 per cent to 29,691.01. India’s Sensex lost 0.2 per cent to 33,604.68 and Sydney’s S&P-ASX 200 edged up 0.1 per cent to 5,988.80. New Zealand gained while benchmarks in Taiwan and Southeast Asia retreated.

US stocks set more records following the Thanksgiving Day break as technology companies did much of the heavy lifting. Energy companies rose with the price of oil. Macy’s and other retailers rose after the department store’s CEO said Black Friday sales were going well. The Standard & Poor’s 500 index rose 0.2 per cent to 2,602.42, its first close above 2,600. The Dow Jones industrial average added 0.1 per cent to 23,557.99. The Nasdaq composite gained 0.3 per cent to 6,889.16.

Chancellor Angela Merkel faces pressure from her conservative bloc to aim for a quick coalition deal with center-left rivals without conceding too much ground on core issues such as immigration. Financial markets have been on edge about Europe’s biggest economy since talks between Merkel’s conservative bloc and two smaller parties collapsed a week ago.