TOKYO (AP) — Global shares were trading mixed Wednesday although a strong report on U.S. consumer confidence and hopes the Federal Reserve is finished with its aggressive interest rate hikes sent shares higher on Wall Street.
France's CAC 40 edged up 0.1% in early trading to 7,260.05, while Germany's DAX added nearly 0.4% at 16,051.04. Britain's FTSE 100 lost 0.3% to 7,432.30. U.S. shares were set to drift higher with Dow futures up 0.3% at 35,539.00. S&P 500 futures rose 0.3% to 4,574.75.
Japan's benchmark Nikkei 225 declined 0.3% to finish at 33,321.22. Australia's S&P/ASX 200 gained 0.3% to 7,035.30. South Korea's Kospi shed nearly 0.1% to 2,519.81. Hong Kong's Hang Seng dropped 2.1% to 16,993.44, while the Shanghai Composite fell 0.6% to 3,021.69.
Heavy selling of Chinese technology and property shares pulled benchmarks lower. Food delivery company Meituan's Hong Kong-traded shares dropped 11% after it forecast its revenue will fall in the current quarter. Troubled property developer China Evergrande sank 10% following reports that its property services group was suing the parent company to recover deposit guarantees.
Oil prices were little changed ahead of a meeting of OPEC members set for Thursday.
“OPEC+ is struggling to reach an agreement to extend production cuts, leaving the oil market in flux, Matthew Weller of Forex.com said in a report. ”While not the most likely scenario, a collapse in talks could take oil prices to multi-month lows."
Benchmark U.S. crude edged up 7 cents to $76.48 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.55 to $76.41 a barrel on Tuesday.
Brent crude added 8 cents to $81.76 a barrel.
Investors are closely watching economic updates this week for more clues about how consumers feel and whether the rate of inflation is still easing.
The Federal Reserve will meet again in December to update its interest rate policy. The central bank had been raising rates to push inflation back down to 2% and has been closing in on that goal. The central bank has been working to lower rates while trying to avoid a recession in what is referred to as a “soft landing" for the economy. The latest economic data adds to hopes for that outcome.
In currency trading, the U.S. dollar fell to 147.17 Japanese yen from 147.50 yen. The euro cost $1.0999, inching up from $1.0992.
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Associated Press Business Writers Damian J. Troise and Alex Veiga contributed to this report.
