Global stocks drift lower

seoul — Global stock markets drifted lower Thursday as investors awaited further moves in global trade disputes with the US mulling whether to impose new tariffs on autos and auto parts. Its trading partners in Europe and Asia could retaliate in kind, denting one of the key drivers of global growth.

European markets traded mostly lower early on Thursday with France’s CAC 40 down 0.4 per cent at 5,426.28 points. Germany’s DAX fell 0.3 per cent to 12,726.68 points. But Britain’s FTSE 100 added 0.2 per cent to 7,689.51 points. Futures augured a lukewarm start on Wall Street with S&P futures down 0.2 per cent and Dow futures down 0.1 per cent.

The next big event on the global trade front may be the US Commerce Department’s decision whether to label imported vehicles and auto parts a threat to America’s national security and whether to recommend tariffs to the president.

Asian stock markets finished mostly lower with Japan’s Nikkei 225 losing 0.1 per cent to 22,764.68 points while South Korea’s Kospi shed 0.3 per cent to 2,282.29 points. Hong Kong’s Hang Seng fell 0.4 per cent to 28,010.86 points while the Shanghai Composite Index slipped 0.5 per cent to 2,772.55 points. But Australia’s S&P-ASX 200 gained 0.3 per cent to 6,262.70 points.

In currencies, the dollar rose to 113.04 yen from ¥112.85. The euro weakened to $1.1601 from $1.1638. —