World stocks mixed as G-20 puts trade tensions in focus
World markets were mixed on Monday as trade tensions hogged the headlines following a weekend meeting of financial leaders of the Group of 20 industrial nations.
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KEEPING SCORE: Germany's DAX fell 0.1 percent to 12,545.73 and France's CAC 40 was down 0.3 percent at 5,381.18 on Monday. Britain's FTSE 100 dropped 0.4 percent to 7,649.10, after Brexit Secretary Dominic Raab suggested that the country might not pay its 39 billion pound ($51 billion) divorce bill if it fails to ready a trade agreement with the European Union. U.S. indexes were set for a flat opening. S&P 500 futures fell 0.1 percent to 2,799.30. Dow futures also fell 0.1 percent, to 25,015.00.
ASIA'S DAY: Japan's Nikkei 225 tumbled 1.3 percent to 22,396.99 and South Korea's Kospi dropped 0.9 percent to 2,269.31. Hong Kong's Hang Seng added 0.1 percent to 28,256.12. The Shanghai Composite Index gained 1.1 percent to 2,859.54, recouping Friday's sharp losses. Australia's S&P-ASX 200 fell 0.9 percent to 6,227.60.
G-20 CONCERNS: G-20 finance ministers and central bankers called Sunday for more dialogue on trade disputes that threaten global economic growth. Their communique said that although the global economy remains strong, growth is becoming "less synchronized" and risks such as financial vulnerabilities, heightened trade and geopolitical tensions and global imbalances have grown. The Group of 20 nations is composed of traditional economic powers such as the United States, Japan and Germany and emerging nations such as China, Brazil, India and Argentina.
ANALYST'S TAKE: "Currency war tensions ratcheted up and tampered down over the weekend, with the greenback being the clear victim in the scuffle," Jingyi Pan of IG said in a commentary.
CURRENCIES: The U.S. dollar fell sharply after Trump claimed countries were manipulating their currencies. It extended its losses on Monday, easing to 111.11 yen from 111.42 yen. The euro fell to $1.1704 from $1.1724.
OIL: Benchmark U.S. crude added 28 cents to $68.54 per barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract settled at $68.26 a barrel. Brent crude, used to price international oils, rose 45 cents to $73.52.
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