European shares mixed in muted trading, Asian shares mostly rise
TOKYO – Asian stocks mostly rose but European shares were mixed in muted trading Tuesday in the absence of major market-driving news about trade negotiations during President Donald Trump’s visit to Japan.
France’s CAC 40 lost 0.4% in early trading to 5,316.90, while Germany’s DAX slipped 0.3% to 12,038.53.
Britain’s FTSE 100 inched up nearly 0.1% to 7,282.23.
Japan’s benchmark Nikkei 225 added 0.4% to finish at 21,260.14, while Australia’s S&P/ASX 200 gained 0.5% to 6,484.80.
South Korea’s Kospi edged up 0.2% to 2,048.83. Hong Kong’s Hang Seng added 0.4% to 27,390.81, while the Shanghai Composite rose 0.6% to 27,390.81.
Trump ended his state visit to Japan, which began Saturday. Market reaction to his comments was muted.
Article continues after this advertisementTrump pointed to the United States’ continuing “unbelievably large” trade imbalance with Japan, but also said a trade deal was coming later this year.
Article continues after this advertisementU.S. markets were closed Monday for the Memorial Day holiday.
“Against the backdrop of a lack of reaction towards President Donald Trump’s words and the vacuum of leads, Asia markets look to trade to its own tune from a mixed but muted start to Tuesday,” said Jingyi Pan, market strategist at IG in Singapore.
Stocks rose in Europe on Monday, as pro-EU forces retained a majority in the 28-nation bloc’s Parliament despite the rise of nationalist parties in a region-wide vote. Britain’s exchange remained closed for a bank holiday.
In the European election, far right and populist parties were among the biggest winners, as voters voiced concerns over immigration and security.
Worries about trade friction between the U.S. and China, as well as the friction between the U.S. and Japan, continue to linger.
The 11th round of U.S.-China trade talks ended with no agreement. Instead, the U.S. moved to increase tariffs on Chinese goods, prompting China to reciprocate.
ENERGY: Benchmark U.S. crude rose 57 cents to $59.20 a barrel. Brent crude, the international standard, added 2 cents to $68.79 per barrel.
CURRENCIES: The dollar weakened to 109.35 yen from 109.53 yen Monday. The euro slipped to $1.1191 from $1.1193. /gg
