Global stocks mixed after Wall St drop as virus cases rise

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January 05, 2021 6:26 PM

Global shares were mixed Tuesday after a retreat on Wall Street on the first trading day of the year. France's CAC 40 rose 0.1per cent in early trading to 5,595.25, while Germany's DAX inched down nearly 0.1per cent to 13,719.03.

Japan's benchmark Nikkei 225 shed 0.4per cent to finish at 27,158.63 as the government was preparing to declare a state of emergency in Tokyo and several surrounding areas.

Global shares were mixed Tuesday after a retreat on Wall Street on the first trading day of the year. France’s CAC 40 rose 0.1per cent in early trading to 5,595.25, while Germany’s DAX inched down nearly 0.1per cent to 13,719.03. Britain’s FTSE 100 gained 0.7per cent to 6,618.42. U.S. shares were set to drift higher with both Dow and S&P 500 futures up 0.1per cent.

Shares are trading in a narrow range ahead of a run-off election for senatorial seats in the state of Georgia that will determine whether Republicans retain control of the Senate.  The vote is expected to have a critical impact on the potential effectiveness of President-elect Joseph Biden. With coronavirus cases climbing at frightening rates around the world, more lockdown orders to fight the pandemic threaten to undermine a global economic recovery, countering progress thanks to the rollout of COVID-19 vaccines.

Japan’s benchmark Nikkei 225 shed 0.4per cent to finish at 27,158.63 as the government was preparing to declare a state of emergency in Tokyo and several surrounding areas. Australia’s S&P/ASX 200 inched down less than 0.1per cent to 6,681.90. South Korea’s Kospi jumped 1.6per cent to 2,990.57, while Hong Kong’s Hang Seng added 0.6per cent to 27,649.86. The Shanghai Composite climbed 0.7per cent to 3,528.68.

On Monday, U.S. stocks pulled back from their recent record highs, as big swings returned to Wall Street at the onset of a year where the dominant expectation has been for a powerful economic rebound to sweep the world.  Investors have been hoping that vaccines will allow daily life around the world to slowly return to normal. That’s helped spark a recent recovery for stocks of travel-related businesses, smaller companies and other industries left behind for much of the pandemic.

In energy trading, benchmark U.S. crude lost 5 cents to USD47.57 a barrel in electronic trading on the New York Mercantile Exchange. It shed 92 cents to USD47.62 on Monday. Brent crude, the international standard, fell 9 cents to USD51.00 a barrel. In currency trading, the U.S. dollar slipped to 102.92 Japanese yen from 103.13 yen late Monday. The euro cost USD1.2269, up from USD1.2249.

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