Stock markets mixed with all eyes on Trump, Putin meet

The dollar was up versus the yen but down against the euro and pound, with all eyes on US President Donald Trump's summit with Russian counterpart Vladimir Putin in Helsinki. 

Stock markets mixed with all eyes on Trump, Putin meet

World Bulletin / News Desk

Stock markets were mixed Monday, with traders reacting to weaker Chinese economic data and upbeat earnings at Deutsche Bank.

Oil prices slid more than one dollar.

"It's been a slow start to the trading week in Europe after a rather mixed Asia session saw Chinese" growth slow, noted Michael Hewson, chief market analyst at CMC Markets UK.

US markets opened slightly higher with a rise in retail spending in June helping sentiment.

After a positive end to last week's roller-coaster ride for equities, investors shifted back into defensive mode, with concerns about the impact of tit-for-tat tariffs on the world's top two economies, China and the United States.

Beijing said Chinese economic growth in April-June came in at 6.7 percent, in line with forecasts in an AFP survey and better than the government's annual target -- but a shade down from the previous three months's 6.8 percent.

While the reading refers to the three months before US levies on billions of dollars of Chinese goods were imposed, observers had already said the country was likely to struggle with a trade face-off as leaders battle a debt mountain.

News Friday that China's trade surplus with the United States, a major cause of Trump's anger, hit a record in June has further fuelled tensions.

Mao Shengyong, a spokesman for the national statistics bureau, warned that the trade row "will have an impact on the economies of both China and the United States, and now that the world economy is deeply integrated, and the industrial chain is globalised, many related countries will also be affected".

Shanghai's main stocks index closed down 0.6 percent on Monday and Sydney eased 0.4 percent -- but Hong Kong ended slightly up after a late rally. 

Singapore, Seoul, Wellington and Taipei were lower while Tokyo was closed for a public holiday.

In Europe, London and Paris dropped while Frankfurt rose.

Shares in Deutsche Bank jumped 6.20 percent to 10.21 euros after Germany's biggest lender far outstripped analysts' estimates of its earnings in the second quarter.

Deutsche is looking to project a refreshed, confident image to investors under new chief executive Christian Sewing, who replaced crisis firefighter John Cryan as head of the bank in April.

On currency markets meanwhile, the pound held its own against the dollar after fluctuating on Friday in reaction to an interview in which Trump hit out at Prime Minister Theresa May's handling of Brexit and appeared to dampen hopes of a future UK-US trade deal.

Last Mod: 16 Temmuz 2018, 16:56
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