[ad_1]
FRANKFURT, Germany (AP) – European stock markets rose on Monday as Asia was mixed after the US and China stepped up their war on trade and technology with further rate hikes.
US markets were closed for Labor Day holidays, draining some of the world's energy trade. Benchmarks in London, Paris and Shanghai have progressed. Tokyo and Hong Kong declined.
Markets have been less responsive to multi-billion dollar price increases at weekends than at previous increases. Investors hope the talks will progress this month, but analysts warn that the fight for trade and technology is unlikely to be resolved quickly.
"The short break will probably provide only limited relief," Zhu Huani of Mizuho Bank said in a report. "Companies are increasingly uncertain about future prospects, as evidenced by the decline in their investments in the face of growing investment growth."
Europe wide STOXX 600 rose by 0.3% to 380.55%, the London FTSE 100 from 7.186.86 to 1.12% and the French CAC 40 from 5 487.66 points by 0.2%. The German DAX was up 0.1% at 11,949.22.
In Asia, the Shanghai Composite Index rose 1.3% to 2,924.11, while the Tokyo Nikkei 225 lost 0.4% to 20,620.19. Hang Seng of Hong Kong lost 0.4% to 25,626.55. The Seoul Kospi ended up 1 point higher at 1,969.19 and Sydney's S & P-ASX 200 fell 0.4% to 6,579.40. New Zealand and Taiwan gained while the markets of Southeast Asia fell back.
Sunday, the United States began to apply a 15% tax on about $ 112 billion of Chinese imports. China reacted by charging taxes of 10% and 5% on a list of US products. Negotiators are scheduled to meet this month in Washington, but neither side has given the impression of making concessions.
The United States is urging China to reduce its trade surplus and cancel plans to create government-run businesses that can compete globally in robotics and other industries. China's trading partners claim that they are violating its free trade obligations and stealing or putting pressure on companies to transfer technology.
On Wall Street, equities changed little on Friday after a day of overnight trading before the holiday weekend. The market closed in August with a second monthly decline this year, after May. The S & P 500 index rose 0.1% to 2,926.46. The Dow Jones Industrial Average rose 0.2% to 26,403.28. The Nasdaq slipped 0.1% to 7,962.88.
Two surveys of the activity of Chinese factories showed that demand was low in the middle of the trade war. The economic magazine Caixin said its monthly PMI showed a slight increase in activity, but the level of new orders fell to its lowest level this year. A separate survey by an industry group, the China Federation of Logistics and Purchasing, revealed a decline in activity. He said the demand was "relatively low".
EUROPE INDUSTRY: In the euro area, the Purchasing Managers Index for the August manufacturing sector was 47.0, indicating a continued contraction. The IHS data compiler Markit said that production and new orders continue to fall, with confidence reaching its lowest level since November 2012. The European industrial crisis, a by-product of the slowdown in global trade and the US-China conflict is one of the reasons why the European Central Bank should announce new stimulus measures at its meeting on 12 September.
ENERGY: The benchmark US crude lost $ 54.89 per barrel of 31 cents on the New York Mercantile Exchange. Brent, used for the price of international oil, fell 67 cents to 57.79 dollars a barrel in London.
CURRENCY: The dollar fell 0.03% to 106.26 yen. The euro fell to 1.0967 USD.
___
McDonald reported from Beijing.
[ad_2]
Source link