European shares up; Asian markets fall on US policy worries

TOKYO — Global shares were mixed Tuesday, with gains in early European trading after a second day of losses in Asia partly in response to jitters over U.S. President Donald Trump’s travel ban.

KEEPING SCORE: France’s CAC 40 rose 0.2 per cent to 4,794.49 and Germany’s DAX also added 0.2 per cent to 11,703.36. Britain’s FTSE 100 added 0.2 per cent to 7,131.02. U.S. shares were set to drift lower with Dow futures losing 0.1 per cent to 19,871 and S&P 500 futures also 0.1 per cent lower at 2,274.10.

TRUMP FACTOR: Trump’s travel ban on seven Muslim-majority countries rattled investors, hitting energy companies and airlines. Technology companies also sagged on concerns that future administration moves will make it harder for them to hire skilled, foreign-born workers. Trump also suspended the U.S. refugee program for 120 days and stopped all entry by Syrians into the U.S.

THE QUOTE: “A tale of two weeks and how quickly investor sentiment can turn. Last week’s Trumpenomics’ rally has given way to a vote of no confidence from investors who are growing leery of President Trump’s agenda and are restless about the lack of focus on the fiscal front,” said Stephen Innes, a senior trader at OANDA. He added, “the market meltdown overnight was investors voting with their feet in a direct challenge to the Trump-inflation trade.”