Title : Global stocks mixed after Wall Street slide
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Global stocks mixed after Wall Street slide
Global stock markets were mixed Thursday after U.S. tech stocks fell and China reported stronger manufacturing as investors looked ahead to a key OPEC meeting.
KEEPING SCORE: In early trading, Germany's DAX rose 0.7 percent to 13,154.00 while London's FTSE 100 fell 1.6 percent to 7,381.43. France's CAC 40 advanced 0.4 percent to 5,418.22. On Wednesday, the DAX gained 0.3 percent and the CAC 40 rose 0.6 percent while the FTSE 100 slid 0.7 percent. On Wall Street, the future for the Dow Jones industrial average rose 0.3 percent while that for the Standard & Poor's 500 index gained 0.1 percent.
ASIA'S DAY: The Shanghai Composite Exchange lost 0.6 percent to 3,317.18 while Tokyo's Nikkei 225 gained 0.6 percent to 22,724.96. Hong Kong's Hang Seng index gave up 1.5 percent to 29,177.35 and Seoul's Kospi fell 1.4 percent to 2,476.37. Sydney's S&P-ASX 200 declined 0.7 percent to 5,969.90 and India's Sensex lost 1.4 percent to 33,135.48. Benchmarks in New Zealand and Malaysia rose while markets in Taiwan and elsewhere in Southeast Asia declined.
CHINA MANUFACTURING: A monthly survey showed Chinese manufacturing activity improved in November, adding to signs of a pickup in global and domestic demand. The China Federation of Logistics and Purchasing said its purchasing managers' index rose to 52.4 from October's 51.6 on a 100-point scale on which numbers above 50 show activity accelerating. Components of the survey that measure imports, exports and new orders all improved, while the indicator for employment weakened. "The breakdown shows a broad-based pickup in demand," said Julian Evans-Pritchard of Capital Economics in a report.
OPEC: With crude prices at two-year highs, OPEC and allied oil producing-nations appear ready to agree to extend output cuts at a meeting Thursday after Iraq's energy minister said there was broad agreement for such a move. Prices are up almost 20 percent over a year ago. And the bets have been that the Organization of the Petroleum Exporting Countries and their non-OPEC partners will try to keep supply tight by prolonging the daily 1.8 million barrel output reductions agreed to a year ago. Some market watchers say quotas agreed in November 2016 will be stretched into 2018, and the comments by Iraq's Jabbar Ali Hussein Al-Luiebi strengthened such expectations.
ANALYST'S TAKE: "The better than expected Chinese November PMI figures were seen providing little to support prices given a market that largely anticipates steady expansionary manufacturing figures," said Jingyi Pan of IG. "Oil will take center stage with today's OPEC meeting. While the realization of the technical committee's recommendation may ensue, reactions could still be a wild card."
ENERGY: Benchmark U.S. crude rose 8 cents to $57.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 69 cents on Wednesday to $57.30. Brent crude, used to price international oils, gained 21 cents to $62.74 in London. It lost 71 cents the previous session to $62.53.
CURRENCY: The dollar strengthened to 112.34 yen from 111.90 yen. The euro declined to $1.1833 from $1.1847.
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