Global Shares Bounce Back 05/24 06:15

Global Shares Bounce Back              05/24 06:15

   Global shares have bounced back following an overnight sell-off on Wall 
Street.




   TOKYO (AP) -- Global shares have bounced back following an overnight 
sell-off on Wall Street.

   Britain's FTSE 100 jumped 0.6% to 7,270.62 early Friday as Prime Minister 
Theresa May announced plans to resign as of June 7.

   France's CAC 40 added 0.8% to 5,324.03, while Germany's DAX rose nearly 0.9% 
to 12,057.02.

   U.S. shares also were set to drift higher, with Dow futures rising 0.6% to 
25,611.00. S&P 500 futures added 0.6% to 2,837.20.

   May plans to step down as U.K. Conservative Party leader but stay on as 
caretaker prime minister until a new leader is chosen, a process likely to take 
several weeks. She bowed to relentless pressure from her party to quit over her 
failure to take Britain out of the European Union on schedule.

   That diverted attention only briefly from the main preoccupation for the 
markets, trade friction between China and the U.S.

   A suggestion by President Donald Trump that he expects to meet with his 
Chinese counterpart Xi Jinping at a summit next month in Japan raised hopes for 
progress in talks on the festering trade dispute between Beijing and Washington.

   But in Asia, the mood was less upbeat.

   Japan's benchmark Nikkei 225 fell 0.2% to finish at 21,117.22. Australia's 
S&P/ASX 200 lost 0.6% at 6,456.00. South Korea's Kospi dropped 0.7% to 2,045.31.

   Hong Kong's Hang Seng edged 0.3% higher to 27,353.93, while the Shanghai 
Composite was little changed at 2,852.99.

   "Finally, markets appear to be starting to price in the effect of an 
extended U.S.-China trade war on global growth," Jeffrey Halley, senior market 
analyst at Oanda, said in a commentary.

   Stocks ended sharply lower on Wall Street on Thursday in a broad sell-off 
that left the benchmark S&P 500 index on track for its third straight weekly 
loss and had the Dow Jones Industrial Average down more than 400 points until 
late afternoon.

   Traders sought safety in the bond market, driving bond prices higher, which 
pulled the yield on the 10-year Treasury to 2.31%, the lowest level in more 
than a year. It was at 2.33% late Friday in Asia.

   The stock market has been gyrating since Washington and Beijing escalated 
their dispute over trade earlier this month. Now, the two sides have broken off 
negotiations and appear set for a long standoff. Investors are concerned that a 
prolonged trade war could stunt economic growth and hurt corporate profits.

   ENERGY: Benchmark U.S. crude rose 69 cents to $58.60 a barrel in electronic 
trading on the New York Mercantile Exchange. It plunged 5.7% to settle at 
$57.91 a barrel on Thursday. Brent crude, the international standard, added 80 
cents to $68.56 per barrel.

   CURRENCIES: The dollar fell to 109.59 Japanese yen from 109.60 yen on 
Thursday. The euro strengthened to $1.1183 from $1.1182.


(BAS)

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