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World Stocks Mostly Gain 05/09 05:18
Shares advanced Friday in Europe after a mixed day in Asia as investors
pinned their hopes on weekend trade talks between China and the U.S. Germany's
DAX gained 0.6% to 23,483.39, while the CAC 40 in Paris was up 0.5% at
7,735.29. Britain's FTSE 100 added 0.4% to 8,563.65.
HONG KONG (AP) -- Shares advanced Friday in Europe after a mixed day in Asia
as investors pinned their hopes on weekend trade talks between China and the
U.S.
Germany's DAX gained 0.6% to 23,483.39, while the CAC 40 in Paris was up
0.5% at 7,735.29. Britain's FTSE 100 added 0.4% to 8,563.65.
The future for the S&P 500 was nearly unchanged while that for the Dow Jones
Industrial Average slipped 0.1%.
China reported that its exports rose at a faster-than-expected 8.1% annual
pace in April, down from 12.4% the month before. Exports to the United States
dropped more than 20%, however, as President Donald Trump's steep tariff
increases took effect.
Hong Kong's Hang Seng gained 0.3% to 22,844.33, while the Shanghai Composite
Index lost 0.3% to 3,342.00.
Top U.S. and Chinese trade officials are due to meet Saturday in Geneva,
Switzerland.
Asked on Thursday whether he would consider lowering tariffs on Chinese
imports if this weekend's talks go well, Trump said, "It could be. We're going
to see. Right now, you can't get any higher. It's at 145%. So we know it's
coming down." He also said he expects the talks in Switzerland to be
"substantive."
Tokyo's Nikkei 225 jumped 1.6% to 37,503.33, while the Kospi in Seoul dipped
0.1% to 2,577.27.
Australia's S&P/ASX 200 added 0.5% to 8,231.20.
Taiwan's Taiex surged 1.8% and India's Sensex fell 1%.
U.S. stocks rose Thursday after the United States and United Kingdom
announced a deal on trade that would lower some tariffs between the two
countries, the first of what Wall Street hopes will be enough agreements to
keep a recession from hitting the economy.
The S&P 500 climbed 0.6% for its 11th gain in the last 13 days. The Dow
added 0.6% and the Nasdaq composite rose 1.1%.
Trump lauded what he called a "maxed-out trade deal" with the United
Kingdom, which will keep 10% tariffs on U.K. products but lower taxes on U.K.
automobiles in exchange for greater access in the U.K. market for U.S. beef,
ethanol and other products.
Besides hopes for deals on trade, strong profit reports from U.S. companies
also have helped to drive the S&P 500 to within 7.8% of its all-time high set
in February after it dropped nearly 20% below the mark a month ago.
The U.S. economy has kept steady so far, with the Federal Reserve saying
Wednesday that it still looks to be running at a solid rate underneath the
surface. But pessimism has soured sharply among U.S. households because of
tariffs, and the fear is that all the uncertainty created by them could be
enough to force the economy into a recession.
A couple reports on the economy Thursday came in mixed. One said slightly
fewer U.S. workers applied for unemployment benefits last week. But another
said productivity for U.S. workers slowed by more than economists expected at
the start of the year.
In other dealings early Friday, U.S. benchmark crude oil gained 53 cents to
$60.44 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, added 53 cents to $63.37 per barrel.
The U.S. dollar fell to 145.28 Japanese yen from 145.91 yen. The euro rose
to $1.1246 from $1.1220.
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