Global Shares Pause Ahead of Economic Data
23 Juni 2017 - 10:07AM
Dow Jones News
By Riva Gold and Kenan Machado
Global stocks were little moved Friday ahead of fresh readings
on the eurozone and U.S. economies, while the British pound inched
higher on the first anniversary of the U.K.'s vote to leave the
European Union.
The Stoxx Europe 600 swung between small gains and losses
shortly after markets opened, following a muted session in Asia.
Futures pointed to a 0.2% opening gain for the S&P 500.
London's FTSE 100 edged down 0.4%, leading declines in Europe,
as the pound climbed 0.5% to $1.2743, recovering from losses
earlier this week.
The WSJ Dollar Index, which tracks the dollar against a basket
of 16 currencies, was down 0.2%, while yields on 10-year Treasury
notes were little changed.
Later Friday, business surveys are expected to indicate that
eurozone economic growth picked up again in the second quarter but
slowed in June. The U.S. Commerce Department also will release new
home sales data for May and flash readings on the health of
services and manufacturing.
Earlier, Shanghai stocks recovered to trade up 0.3% after
increased regulatory scrutiny over the borrowings of China's most
prolific overseas deal makers sent markets lower.
Japan's Nikkei Stock Average rose 0.1% despite a preliminary
survey showing that the nation's manufacturing activity slowed in
June.
"Though the [purchasing managers index] fell rather sharply in
June, it still points to a robust expansion in industrial output,"
said Marcel Thieliant, a senior Japan economist at Capital
Economics.
Air-bag maker Takata surged Friday, after dropping 50% Thursday,
as reports circulated that the company will seek bankruptcy
protection on Monday to minimize payments to creditors.
In South Korea, shares climbed 0.4% after the country's
president, Moon Jae-in, said he would lobby China to lift
restrictions it imposed on his country's businesses following the
installation in Korea of a U.S. missile-defense system that Beijing
opposes. The installation prompted Beijing to target South Korean
companies and stop tours of high-spending Chinese visitors.
In Australia, the benchmark index's gains from mining and energy
stocks were mostly offset by selling in banking stocks, after one
of the country's states proposed a tax on liabilities that would
piggyback a recently launched federal levy on the biggest lenders.
The S&P ASX 200 was up 0.2%.
"I get a sense that global investors are moving on from
Australia, and this bank tax might just accelerate that trend,"
said Greg McKenna, chief market strategist at AxiTrader.
Shen Hong contributed to this article.
Write to Riva Gold at riva.gold@wsj.com and Kenan Machado at
kenan.machado@wsj.com
(END) Dow Jones Newswires
June 23, 2017 03:52 ET (07:52 GMT)
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