Global shares rise as traders shrug off new China-US tariffs

TOKYO – Global shares were mostly higher Wednesday despite jitters over the escalating trade dispute between the U.S. and China.

KEEPING SCORE: France’s CAC 40 edged up 0.2 per cent in early trading to 5,375.52, while Germany’s DAX gained 0.3 per cent to 12,192.02. Britain’s FTSE 100 added 0.3 per cent to 7,324.36. U.S. shares were set to drift higher with Dow futures up 0.1 per cent at 26,325. S&P 500 futures were also higher but less than 0.1 per cent at 2,913.

ASIA’S DAY: Japan’s benchmark Nikkei 225 added 1.1 per cent to finish at 23,672.52. Australia’s S&P/ASX 200 was up 0.5 per cent at 6,190.00. South Korea’s Kospi was virtually unchanged at 2,308.46. Hong Kong’s Hang Seng rose 1.3 per cent to 27,435.31, while the Shanghai Composite was also higher at 2,730.85, up 1.1 per cent. Shares were higher in Taiwan and Southeast Asia.

TRADE TENSIONS: The administration of President Donald Trump has decided to impose tariffs on an additional $200 billion of Chinese goods and China responded by saying it will increase tariffs on $60 billion worth of U.S. goods.

THE QUOTE: “As it is, the U.S. and China still sit on the brink of further ratcheting of trade tension, particularly with the latest Chinese tariffs targeting agricultural products and President Trump having vowed to bring out the next $267 billion of Chinese imports for tariffs implementation if so,” Jingyi Pan of IG said in a commentary.

ENERGY: Benchmark U.S. crude rose 31 cents to $70.16 in electronic trading on the New York Mercantile Exchange. It rose 1.4 per cent to settle at $69.85 a barrel in New York Tuesday. Brent crude, used to price international oils, gained 25 cents to $79.28 a barrel.

CURRENCIES: The dollar edged lower, to 112.30 yen from 112.36. The euro rose to $1.1693 from $1.1665.

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