Global stocks mixed after Biden-Xi talks eased tensions

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A forex trader looks at screens near screens showing the Korea Composite Stock Price Index (KOSPI) and the exchange rate between the US dollar and the South Korean won, right in the headquarters exchange room from KEB Hana Bank in Seoul, South Korea, Wednesday November 17, 2021. Asian stocks fell Wednesday despite a rally on Wall Street. (AP Photo / Ahn Young-joon)

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Global stocks were mixed on Wednesday after virtual talks between President Joe Biden and China’s Xi Jinping.

The French CAC 40 rose nearly 0.1% to 7,157.55 at the start of the session, while the German DAX rose 0.2% to 16,276.37. The UK FTSE 100 fell 0.1% to 7,319.95. US stocks were forecast for gains, with Dow Industrials Futures rising nearly 0.1% to 36,085.00. The S&P 500 futures added 0.1% to 4,699.25.

The online talks between Biden and Xi on Monday night US time seemed to signal a step in the right direction, but they did not result in any major progress towards resolving long-standing disputes over trade and other issues. .

“Any concrete development of the meeting is still waiting to be seen, but the kind approach so far in solving the problems of both sides reduces the risk of political tension in the markets,” said Yeap Jun Rong, strategist of market at IG in Singapore.

In Asian trading, the Japanese benchmark Nikkei 225 fell 0.4% to end at 29,688.33. South Korea’s Kospi fell 1.2% to 2,962.42. The Australian S & P / ASX 200 lost 0.7% to 7,369.90 and the Hong Kong Hang Seng lost 0.3% to 25,650.08.

The Shanghai Composite gained 0.4% to 3,537.37.

Stocks closed higher on Wall Street on Tuesday as investors looked at strong earnings reports from large retailers and a surprisingly strong report on consumer spending. The government reported that Americans largely ignored the higher prices last month and increased their spending in retail stores and online.

Several major US retailers will release their latest financial results this week. Target reports its results Wednesday and Macy’s reports its results Thursday.

Investors also received another encouraging economic update from the Federal Reserve, which said industrial production rebounded in October with a gain of 1.6%. The gain follows a 1.3% drop in September.

Wall Street is closely watching the latest economic reports for more clues as to how businesses and consumers are dealing with rising inflation. Companies have raised their prices as they face higher raw material costs and supply chain issues. Consumers are willing to pay higher prices for many products, although analysts fear consumers may eventually cut back on spending due to inflation.

Heightened concerns about inflation stumbled the entire market last week after a strong advance that lasted for several weeks, with companies reporting mostly solid earnings.

In energy trading, benchmark US crude fell 54 cents to $ 80.22 a barrel in electronic trading on the New York Mercantile Exchange. It lost 12 cents on Tuesday to $ 80.76 a barrel. Brent crude, the international standard, fell 50 cents to $ 81.93 a barrel.

In currency trading, the US dollar strengthened to 114.83 Japanese yen from 114.80 yen. It is up from the 110 yen level since September. The euro slipped to $ 1.1317 from $ 1.1322.

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