Global stocks mixed as traders mull Trump inquiry

1010 WINS Newsroom
September 27, 2019 - 5:23 am

A currency trader stretches at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Sept. 27, 2019. Asian stocks were mixed Friday as traders weighed data showing slower U.S. economic growth and the possible impact of an impeachment inquiry of President Donald Trump. (AP Photo/Ahn Young-joon)

BEIJING (AP) — European stock markets opened higher Friday and Asia was mixed as traders weighed slower U.S. economic growth and the possible impact of an impeachment inquiry of President Donald Trump.

In early trading, London's FTSE 100 gained 0.9% to 7,417.80 and Germany's DAX rose 0.5% to 12,351.22. France's CAC 40 added 0.2% to 5,634.80.

On Wall Street, futures for the benchmark Standard & Poor's 500 index and the Dow Jones Industrial Average rose 0.2%.

The congressional probe of Trump is adding volatility to markets already jittery over U.S.-Chinese trade tensions.

"The impeachment of Trump will now become a drawn-out saga that feels like annoying supermarket music," Jeffrey Halley of Oanda said in a report.

In Asia, the Shanghai Composite Index gained 0.1% to 2,932.17 on the final day of trading before a weeklong Chinese holiday.

Tokyo's Nikkei 225 lost 1.4% to 21,744.87 ahead of an Oct. 1 hike in Japan's sales tax to 10% from 8%. The Hang Seng in Hong Kong shed 0.3% to 25,963.28.

Traders were encouraged by a Chinese Commerce Ministry announcement that importers had agreed to buy U.S. soybeans as the two sides make conciliatory gestures ahead of trade talks. That followed an earlier decision to list punitive tariffs on soybeans, the biggest Chinese import from the United States.

Plans to go ahead with negotiations next month have helped to ease market jitters, but there has been no sign of progress toward resolving the bruising tariff war over trade and technology.

Seoul's Kospi dropped 1.2% to 2,049.93 and Sydney's S&P-ASX 200 gained 0.4% to 6,704.80. India's Sensex gave up 0.1% to 38,929.70.

New Zealand advanced while Taiwan and Singapore retreated.

On Thursday, the Commerce Department reported the U.S. economy grew at a modest 2% in the second quarter, sharply lower than the past year's 3%-plus growth rates. The S&P 500 fell 0.2% and the Dow slid 0.3%. The Nasdaq dropped 0.6%.

While many analysts say the Trump probe isn't likely to affect the market significantly, it does add a degree of uncertainty and could complicate the White House's efforts to resolve trade disputes with China and other nations.

ENERGY: Benchmark U.S. crude gained 6 cents to $56.47 per barrel in electronic trading on the New York Mercantile Exchange. The contract gave up 8 cents to $56.41 on Thursday. Brent crude, used to price international oils, fell19 cents to $61.56 per barrel in London. It retreated 31 cents the previous session to $61.74.

CURRENCY: The dollar gained to 107.89 yen from Thursday's 107.83 yen. The euro rose to $1.0924 from $1.0920.

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