Global Stocks Slide Monday

Global Stocks Slide Monday

BEIJING (AP) -- Global stock prices slid Monday as investors looked ahead to a possible U.S. Senate vote on proposed tax changes and data announcements from major economies.

KEEPING SCORE: In early trading, France's CAC 40 lost 0.4 percent to 5,369.20 and Germany's DAX declined 0.3 percent to 13,016.58. London's FTSE 100 shed 0.1 percent to 7,398.74. On Friday, the CAC 40 rose 0.2 percent and the DAX gained 0.4 percent while the FTSE 100 slipped 0.1 percent. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor's 500 index were off just under 0.1 percent.

ASIA'S DAY: The Shanghai Composite Index fell 0.9 percent to 3,322.23 and Tokyo's Nikkei 225 lost 0.2 percent to 22,495.99. Seoul's Kospi plunged 1.4 percent to 2,507.81 and Hong Kong's Hang Seng shed 0.6 percent to 29,691.01. India's Sensex lost 0.2 percent to 33,604.68 and Sydney's S&P-ASX 200 edged up 0.1 percent to 5,988.80. New Zealand gained while benchmarks in Taiwan and Southeast Asia retreated.

WALL STREET: U.S. stocks set more records following the Thanksgiving Day break as technology companies did much of the heavy lifting. Energy companies rose with the price of oil. Macy's and other retailers rose after the department store's CEO said Black Friday sales were going well. The Standard & Poor's 500 index rose 0.2 percent to 2,602.42, its first close above 2,600. The Dow Jones industrial average added 0.1 percent to 23,557.99. The Nasdaq composite gained 0.3 percent to 6,889.16.

U.S. TAXES: The House has passed a 10-year, $1.4 trillion tax cut that blends a sharp reduction in business tax rates with more modest relief for individuals. The Senate expects to vote on its version this week. Republicans can pass the measure without Democratic votes.

GERMAN POLITICS: Chancellor Angela Merkel faces pressure from her conservative bloc to aim for a quick coalition deal with center-left rivals without conceding too much ground on core issues such as immigration. Financial markets have been on edge about Europe's biggest economy since talks between Merkel's conservative bloc and two smaller parties collapsed a week ago. Merkel's partners in the outgoing government, the center-left Social Democrats, initially refused to consider a repeat but said Friday they are open to holding talks. If Merkel can't put together a coalition, the only options would be a minority government or a new election. Merkel's conservatives have pushed to curb migrant flows and are keen to ensure that Germany sticks to a balanced budget.

ANALYST'S TAKE: "There was little Thanksgiving calm last week, as markets were swayed by both political worries over difficulties in forming a German government, and a set of FOMC minutes that betrayed increased caution over U.S. inflation profiles," said Mizuho Bank in a report. "Besides German politics, the dominant focus for markets will be on U.S. tax reforms."

WEEK AHEAD: China releases a gauge of November manufacturing that investors are watching for an update on slowing economic activity. Japan is due to report factory output, inflation and housing data, while India reports economic growth and South Korea's central bank will hold a policy meeting. In the United States, data are due out on manufacturing. Outgoing Federal Reserve chair Janet Yellen and her successor, Jerome Powell, are due to appear before the Senate Banking Committee.

KOREAN PLUNGE: Korean stocks fell after Morgan Stanley downgraded its view of Samsung Electronics, the country's biggest company, and the semiconductor industry. Samsung, the biggest-cap South Korean stock, plunged 5.1 percent.

ENERGY: Benchmark U.S. crude fell 49 cents to $58.46 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 93 cents on Friday to close at $58.95. Brent crude, used to price international oils, lost 22 cents to $63.25 in London. It gained 23 cents on Friday.

CURERNCY: The dollar was little-changed at 111.23 yen. The euro advanced to $1.1945 from $1.1854.