Global shares up, China trading closed for national holiday

Global shares up, China trading closed for national holiday

TOKYO — Global shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China.

European shares edged up in early trading, with France’s CAC 40 gaining 0.3% to 6,517.73. Germany’s DAX added 0.3% to 14,528. 45, while trading was closed in Britain for a national holiday.

Trading was also closed in China during the Dragon Boat Festival, which is a national holiday. The benchmarks in Asia edged higher after a Wall Street rally overnight.

The future for the Dow industrials was down 0.2% at 33,161.00. The S&P 500 future fell 0.3% to 4,164.75.

Market participants are closely monitoring for U.S. nonfarm employment data later in day and a host of economic data on Japan next Week. The OPEC meeting on Thursday, where oil-producing countries agreed to increase some output, failed to stabilize energy prices.

” To say that the OPEC meeting outcome disappointed our expectations would be an understatement,” Stephen Innes, managing partner of SPI Asset Management.

Japan, the U.S., and a revision to the “beef safety” mechanism under the U.S. – Japan Trade Agreement were signed. This will allow American beef producers to meet Japan’s growing demand. Both sides stated that the deal will reduce Japan’s threat of imposing safeguard duties on U.S beef. This was done in early 2021.

“Together, the United States and Japan are demonstrating our commitment to working together on shared priorities to achieve concrete, economically meaningful results for our people,” said U.S. Trade Representative Katherine Tai.

Japan’s benchmark Nikkei 225 jumped 1.3% to finish at 27,761.57. Australia’s S&P/ASX 200 added 0.9% to 7,238. 80, while South Korea’s Kospi gained 0.4% to 2,670.65.

Trading is sluggish as investors remain concerned about inflation and the interest rates the U.S. Federal Reserve uses to combat it. Wall Street is worried that the Fed could slow down economic growth and possibly send the economy into recession.

Meanwhile high inflation is eating into corporate profits, while the war in Ukraine and COVID-19 restrictions in China have also weighed on markets. The

Bond yields remained relatively stable. The yield on the 10-year Treasury, which helps set interest rates on mortgages and other loans, fell to 2. 91% from 2. 93% from late Wednesday.

In energy trading, benchmark U.S. crude dipped 59 cents to $116. 28 a barrel. Brent crude, the international standard, fell 53 cents to $117. 08 a barrel.

In currency trading, the U.S. dollar edged up to 129. 97 Japanese yen from 129. 87 yen. The euro cost $1. 0763, starting at $1 .0752.

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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

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