SINGAPORE (AP) -- World markets were subdued Friday and the price of oil dropped as investors look ahead to a meeting between U.S. President Donald Trump and Chinese President Xi Jinping, who will attempt to ease a vicious trade dispute.
Trading was thinned as U.S. markets were set to open for only a half day after Thanksgiving.
KEEPING SCORE: In Europe, Germany's DAX index was 0.2 percent higher at 11,156 and France's CAC 40 rose 0.1 percent to 4,944. The FTSE 100 index of leading British shares was flat at 6,958. U.S. stocks were poised for a downbeat open after the Thanksgiving holiday. Futures for the broad S&P 500 index were down 0.4 percent while Dow futures shed 0.5 percent.
ASIA'S DAY: South Korea's Kospi shed 0.6 percent to 2,057.48. Hong Kong's Hang Seng index dropped 0.4 percent to 25,927.68 and the Shanghai Composite gave up 2.5 percent to 2,579.48. Australia's S&P/ASX 200 bucked the trend, adding 0.4 percent to 5,716.20. Shares fell in Taiwan but rose in Singapore, Thailand and Indonesia. Japanese markets were closed for a holiday.
U.S-CHINA TRADE: Trump and Xi will meet at the Group of 20 summit in Argentina next week. The leaders are hoping to unwind a spiraling dispute over Beijing's technology policy and trade practices. The countries have placed additional tariffs on billions of dollars of each other's goods, fueling worries over softening global growth. It may take more than a meeting to work out deep-seated issues. According to the Wall Street Journal, the U.S. has asked its allies to stop using telecommunications equipment from Huawei, which is Chinese-owned. The report cited people familiar with the matter.
ANALYST'S TAKE: "The highlight for the week ahead is with little doubt the meeting between the head of states of the U.S. and China at the sidelines of the G-20 meeting," Jingyi Pan of IG said in a market commentary. "The result of the meeting into the end of next week is anybody's guess and certainly a reason to drive markets regardless of the outcome," she added.
BLACK FRIDAY: The traditional day of retail discounts gets under way in the U.S., though the sales are now often stretched over several days. Many major stores, including Walmart, Best Buy and Macy's, start their blockbuster deals on Thanksgiving evening, which has thinned out the crowds. Still, the sales figures are watched as a barometer of economic health, with initial data due Saturday.
BREXIT WATCH: Traders will be looking out for more progress on Brexit. The European Union and Britain have agreed in principle to terms for the latter's exit from the bloc and a political declaration on post-Brexit relations. The leaders are due to approve the deal Sunday, though it is unclear if it will be passed by the British parliament.
ENERGY: Benchmark U.S. crude lost $2.27 to $52.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.20 to close at $54.63 in New York on Wednesday. Brent crude, the international standard, lost $1.52 to $61.08. It lost 88 cents to $62.60 in London.
CURRENCIES: The dollar fell to 112.83 yen from 112.95 yen late Thursday. The euro weakened to $1.1383 from $1.1403. The pound eased to $1.2852 from $1.2879.