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World Stocks Mixed Friday              05/25 05:40

   World stock markets were mixed Friday after North Korea issued a 
surprisingly restrained response to U.S. President Donald Trump's abrupt 
decision to cancel a planned summit.

   HONG KONG (AP) -- World stock markets were mixed Friday after North Korea 
issued a surprisingly restrained response to U.S. President Donald Trump's 
abrupt decision to cancel a planned summit.

   KEEPING SCORE: European shares rose in early trading. Germany's DAX rose 0.9 
percent to 12,973.47 and France's CAC 40 added 0.5 percent to 5,577.16. 
Britain's FTSE 100 climbed 0.4 percent to 7,745.00. Wall Street was poised to 
open higher. Dow futures added 0.3 percent to 24,865.00 and broader S&P 500 
futures were up 0.2 percent to 2,732.90.

   ASIAN SCORECARD: Japan's benchmark Nikkei 225 index rose 0.1 percent to 
close at 22,450.79 but South Korea's Kospi lost 0.2 percent to 2,460.80. Hong 
Kong's Hang Seng shed 0.6 percent to 30,588.04 and the Shanghai Composite in 
mainland China slipped 0.4 percent to 3,141.30. Australia's S&P/ASX 200 dipped 
0.1 percent to 6,032.80. Taiwan's benchmark rose and Southeast Asian indexes 
were mostly lower.

   SUMMIT SCRUBBED: Trump cancelled a June meeting with North Korean leader Kim 
Jong Un, blaming it on "tremendous anger and open hostility" that was expressed 
in a statement by a North Korean official. Trump later said the meeting could 
still happen. North Korea said it's still willing to sit down for talks with 
the U.S. "at any time, at any format," a remarkably restrained and diplomatic 
response that contrasts with Pyongyang's traditional belligerence.

   QUOTEWORTHY: "The reality of the situation is starting to dawn on markets 
that this is political theater engineered for domestic consumption. The reality 
is it doesn't change the economic outlook at all," said Michael McCarthy, chief 
strategist at CMC Markets in Sydney. He added that the more likely explanation 
is that investors are using it as an excuse to pull back after a strong run in 
the markets.

   CHINA-US TRADE: U.S. Commerce Secretary Wilbur Ross is due to arrive in 
Beijing on Saturday for more talks on the dispute between China and the U.S. 
over trade and technology policy. China's official Xinhua News Agency said the 
two sides will "continue negotiations on Chinese-U.S. economic and trade 
issues" until Monday. Last week China promised to buy more U.S. goods but the 
two sides made scant progress on a final settlement.

   WEEK AHEAD: Investors are anticipating the latest batch of economic data for 
the U.S. and China due out next week, including a private payroll report and 
GDP numbers for the U.S. on Wednesday and China's official monthly 
manufacturing index for Thursday. The numbers will give fresh insight into the 
state of the world's two largest economies.

   SAMSONITE SLUMP: The luggage maker's shares tumbled for a second day in Hong 
Kong trading after short-seller Blue Orca Capital issued a report questioning 
its accounting and its CEO's credentials. Samsonite said in a statement that 
the conclusions were incorrect. Its shares fell 12 percent after sliding 9 
percent on Thursday. Short-sellers profit when a company's shares fall.

   ENERGY: Oil futures extended losses. Benchmark U.S. crude fell 54 cents to 
$70.17 a barrel in electronic trading on the New York Mercantile Exchange. The 
contract lost 1.6 percent to settle at $70.71 per barrel on Thursday. Brent 
crude, used to price international oils, fell 89 cents to $77.90 in London.

   CURRENCIES: The dollar rose to 109.54 yen from 109.25 yen in late trading 
Thursday. The euro rose to $1.1723 from $1.1720. 


(BE)

 
 
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