Global shares mixed amid cautious mood, eyes on trade talks

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 10, 2019. Asian financial markets advanced on Monday after China released better-than-expected trade data for May. Gains were reined in by worries over where the world’s two largest economies stood on trade negotiations. (AP Photo/Ahn Young-joon)

TOKYO (AP) — Global shares were mixed Monday in cautious trading after Wall Street closed the week with new milestones as the Dow Jones Industrial Average crossed 28,000 for the first time and the S&P 500 and Nasdaq hit record highs.

France’s CAC 40 slipped less than 0.1% in early trading to 5,938.87, while Germany’s DAX rose almost 0.1% to 13,252.40. Britain’s FTSE 100 was little changed, inching up to 7,303.90 in early trading.

U.S. shares were set to drift higher with Dow futures gaining 0.3% to 28,023. S&P 500 futures were up 0.2% at 3,124.50.

Japan’s benchmark Nikkei 225 edged up 0.5% to finish at 23,416.76. Australia’s S&P/ASX 200 fell 0.4% to 6,766.80. South Korea’s Kospi was little changed, slipping less than 0.1% to 2,160.69. Hong Kong’s Hang Seng added 1.3% to 26,665.26, while the Shanghai Composite was up 0.6% at 2,909.20.

“Market focus this week will still lies on the U.S.-China trade talk, and updates in Hong Kong. Hong Kong’s domestic economy is on the verge of a recession as the recent riot has adversely hurt its retail, service, tourism, aviation, education sectors and has caused severe reputational damage to the city as one of Asia’s most important financial hubs,” said Margaret Yang Yan, analyst at CMC Markets in Singapore.

On Wall Street, health care and technology stocks powered most of the broad rally, which helped drive the S&P 500 to its sixth straight weekly gain. The Dow extended its streak of weekly gains to four.

Investors have been encouraged by surprisingly good corporate earnings, three interest rate cuts by the Federal Reserve and data showing the economy is still growing solidly.

Hopes that the U.S. and China can make progress in their latest push for a trade deal have also helped keep investors in a buying mood.

Traders hope the world’s two biggest economies can make a deal before new and more damaging tariffs take effect next month. Beijing is pressing Washington to roll back tariffs as part of a potential deal that the nations are trying to hammer out.

ENERGY:

Benchmark crude oil added 18 cents to $57.90 a barrel. It rose 95 cents to $57.72 a barrel on Friday. Brent crude, the international standard, rose 9 cents to $63.39 a barrel.

CURRENCIES:

The dollar rose to 108.91 yen from 108.70 yen Friday. The euro strengthened to $1.1063 from $1.1033.