Stock markets: Global stocks mixed after Biden, Xi hold video summits


Global stocks were mixed on Tuesday after US President Joe Biden and China’s Xi Jinping held a video-linked summit.

Tokyo, Hong Kong and Frankfurt rose, while Shanghai fell. London and Wall Street futures were little changed.

Biden and Xi declared no deal after the meeting but said their governments needed to be cautious amid tensions over trade, Taiwan and other irritants.

Biden told Xi their goal should be to ensure competition “does not turn into conflict.” Xi said he was willing to “build consensus” and said the two sides needed to improve communication.

In early trading, London’s FTSE 100 lost less than 0.1% to 7,350.82 while Frankfurt’s DAX gained 0.2% to 16,174.84. CAC 40 in Paris increased by 0.3% to 7,149.45.

Futures for Wall Street’s benchmark S&P 500 were unchanged and the Dow Jones Industrial Average fell 0.1%.

On Monday, the S&P 500 and Dow lost less than 0.1%. The Nasdaq composite also fell below 0.1%.

In Asia, the Shanghai Composite Index fell 0.3% to 3,521.79 while Tokyo’s Nikkei 225 gained 0.1% to 29,808.12. below 0.1% to 29,783.18. Hang Seng in Hong Kong rose 1.3% to 25,713.78.

Kospi in Seoul lost less than 0.1% to 2,997.21 and Sydney’s S&P-ASX 200 dropped 0.7% to 7,420.40.

India’s Sensex fell 0.6% to 60,378.89. New Zealand fell while the Southeast Asian market rose.

Also on Tuesday, the Commerce Department will report US retail sales.

US investors are shifting focus from the latest corporate profits to economic issues that will determine growth in 2022. That includes supply chain issues and rising inflation.

Investors will be watching for any signs that inflation is affecting business activity or consumer spending. Businesses have raised prices to pass on higher raw material costs. Consumers have gotten there in the effort, but analysts fear they could start to reduce spending.

Investors are also waiting to see if Biden decides to nominate Federal Reserve Chairman Jerome Powell for a new term to lead the US central bank.

China data reported on Monday showed retail sales growth in October weakened from the previous month, weakened by anti-coronavirus restrictions and consumer uncertainty over the wave of the outbreak.

In the energy market, the price of U.S. benchmark crude rose 55 cents to $81.43 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents Monday to $80.88. Brent crude, used as the price base for international grades, rose 73 cents to $82.77 a barrel in London. It fell 12 cents in the previous session to $82.05 a barrel.

The dollar rose to 114.18 yen from Monday’s 114.09 yen. The euro fell to $1.1370 from $1.1386.

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