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World follows Wall St lower as Chinese leader meets top US diplomat – ABC4 Utah
BEIJING (AP) Global stock markets followed Wall Street’s decline on Monday after the top U.S. diplomat met with the Chinese leader, but the two sides gave no sign of progress on a series of disputes.
London and Paris opened lower. Shanghai, Tokyo and Hong Kong fell. US markets are closed on Monday for a public holiday. Oil prices have fallen.
Wall Street’s benchmark S&P 500 index fell 0.4% on Friday after the Federal Reserve kept its key rate stable, but warned it could be raised later if needed to calm inflation.
Xi Jinping met with Secretary of State Antony Blinken after what the Chinese government said were frank and in-depth discussions with foreign affairs officials at a time when relations are at their lowest in decades. They have indicated their willingness to cooperate on major issues.
Whether it will lead to any actual positive results remains to be seen, IG’s Yeap Jun Rong said in a report. Any inaction on this front could yet see any optimism crumble eventually.
In early trading, the FTSE 100 in London fell 0.4% to 7,608.25. The DAX in Frankfurt fell 0.6% to 16,268.19 and the CAC 40 in Paris fell 0.5% to 7,345.33.
On Wall Street, futures on the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%.
On Friday, the Dow Jones slid 0.3% and the Nasdaq composite fell 0.7%.
The S&P 500 is near a 14-month high, after rising 15% this year.
In Asia, the Shanghai Composite fell 0.5% to 3,255.80 after Xi and Blinken met.
Xi said in a statement that the two sides agreed to follow common understandings he and President Joe Biden agreed to at a December meeting in Indonesia.
He gave no indication of progress on disputes over Taiwan, human rights, technology and security that have chilled relations and disrupted trade in semiconductors and some other goods.
The Nikkei 225 in Tokyo fell 1% to 33,370.42 and the Hang Seng in Hong Kong fell 0.6% to 19,912.89.
Seoul’s Kospi fell 0.6% to 2,609.50 while Sydney’s S&P-ASX 200 gained 0.6% to 7,294.90.
India’s Sensex fell 0.3% to 63,224.32. Markets in New Zealand and Southeast Asia declined.
Last week, the Fed held its benchmark lending rate steady, the first time in 10 consecutive monthly meetings that it did not announce an increase.
The Fed, however, has warned that it could raise rates up to twice this year. Wall Street is betting on a rate hike at its next meeting on July 25-26.
A survey conducted on Friday suggested that US consumers were lowering their expectations for future inflation. Preliminary reading of the University of Michigan survey also suggested that consumer sentiment is strengthening more than expected.
In energy markets, benchmark U.S. crude fell 16 cents to $71.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.16 on Friday to $71.78. Brent crude, the price basis for international oil trade, fell 17 cents to $76.44 a barrel in London. It gained 94 cents in the previous session at $76.61.
The dollar rose to 141.89 yen from 141.80 yen on Friday. The euro fell to $1.0921 from $1.0943.
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