Global Stocks Trade Mostly Lower Monday
TOKYO (AP) -- Global shares were mostly lower on Monday as investors awaited a slew of economic data set for release later in the week.
France's CAC 40 shed 0.4% to 7,318.01, while Germany's DAX was flat at 16,307.11. Britain's FTSE 100 declined 0.6% to 7,486.18. U.S. shares were set to drift lower, with the future for the Dow Jones Industrial Average down 0.2%. The future for the S&P 500 lost 0.3%.
China Evergrande's Hong Kong traded shares gained 9.2% after a Hong Kong court postponed until Jan. 29 a hearing on its plan to restructure its massive debts. The property developer faces possible liquidation if creditors reject its restructuring plan.
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Hong Kong's Hang Seng lost 1.1% to 16,646.05, while the Shanghai Composite edged 0.3% lower to 3,022.91.
Japan's benchmark Nikkei 225 shed 0.6% to finish at 33,231.27. Australia's S&P/ASX 200 added 0.7% to 7,124.70. South Korea's Kospi rose 0.4% to 2,514.95.
On Friday, Wall Street finished the week with a fifth straight gain, as the S&P 500 reached its highest level in more than a year, gaining 0.6%.
The Dow Jones Industrial Average closed 0.8% higher, while the Nasdaq composite added 0.6%. Gainers outnumbered decliners by roughly 6-to-1 on the New York Stock Exchange.
The view that the U.S. Federal Reserve is finally done raising interest rates to curtail inflation has been a plus for markets. Data appear to show inflation easing since last year.
"The current market sentiment suggests a potential shift in the monetary policy landscape, with growing perceptions among market participants that the era of significant rate hikes from central banks may be coming to an end," Stephen Innes of SPI Asset Management said in a commentary.
Among the economic updates due this week are data on the job market, including the U.S. government's closely watched monthly employment report for November.
Inflation data are also expected this week for several nations in Asia, including Japan, Thailand and the Philippines.
In energy trading, benchmark U.S. crude lost 76 cents to $73.31 a barrel in electronic trading on the New York Mercantile Exchange. Overall, oil prices have been easing for several months. Brent crude, the international standard, fell 89 cents to $77.99 a barrel.
In currency trading, the U.S. dollar inched up to 146.67 Japanese yen from 146.76 yen. The euro cost $1.0879, down from $1.0885.