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Global Shares Trade Mixed Tuesday 05/19 04:48
Global shares were mixed Tuesday as uncertainty about what will happen with
the Iran war roiled global markets.
TOKYO (AP) -- Global shares were mixed Tuesday as uncertainty about what
will happen with the Iran war roiled global markets.
France's CAC 40 edged up 0.6% in early trading to 8,034.62, while the German
DAX gained 1.1% to 24,574.98. Britain's FTSE 100 rose 0.6% to 10,384.15. The
future for the S&P 500 fell 0.2% while that for the Dow Jones Industrial
Average lost less than 0.1%.
In Asian trading, Japan's benchmark Nikkei 225 lost 0.4% to finish at
60,550.59, erasing initial gains after the government reported that the economy
grew for the second straight quarter in January-March, mainly due to better
than expected consumer spending.
South Korea's Kospi sank more than 4% in early trading and closed 3.3% lower
at 7,271.66. Shares in Hyundai Motor Co. sank 8.9%, LG Electronics dropped
11.7%, Samsung Electronics slipped 2.0% and SK Hynix fell 5.2%, tracking losses
in tech shares overnight on Wall Street.
Australia's S&P/ASX 200 added 1.2% to 8,604.70. Hong Kong's Hang Seng
climbed 0.5% to 25,797.85, while the Shanghai Composite gained 0.9% to 4,169.54.
In energy trading, benchmark U.S. crude lost 63 cents to $108.03 a barrel.
Brent crude, the international standard, dipped $1.59 to $110.51 a barrel.
Oil prices have been gyrating lately because of uncertainty over how long
the Iran war will keep the Strait of Hormuz effectively closed, preventing oil
tankers from delivering crude. Japan, for instance, imports just about all its
oil, much of it previously through the strait.
The price for a barrel of Brent crude oil, the international standard was
trading at about $70 before the war. It fell after President Donald Trump said
in a social media post that he was holding off on a military strike on Iran
planned for Tuesday because "serious negotiations" are underway to end the war.
On Monday, the S&P 500 finished with a loss of 0.1%, the Dow industrials
added 0.3% and the Nasdaq fell 0.5%.
Investors are watching for Nvidia's latest quarterly results, due Wednesday.
The chip company has routinely blown past analysts' expectations each quarter
while forecasting more growth. Target, Home Depot and Walmart also report
results this week.
In currency trading, the U.S. dollar rose to 159.08 Japanese yen from 158.84
yen. The euro cost $1.1632, down from $1.1657.
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