By Canadian Press

Global shares drift as euphoria over Dow’s 20k breach fades

Jan 26, 2017 | 11:15 AM

LONDON — European shares traded in narrow ranges Friday as the momentum generated by the Dow Jones’ breach of the 20,000 mark for the first time faded and following news the U.S. economy lost momentum in the final three months of 2016.

KEEPING SCORE: In Europe, France’s CAC 40 dropped 0.4 per cent to 4,846 while Germany’s DAX fell 0.2 per cent to 11,825. Britain’s FTSE 100 was 0.1 per cent higher at 7,171. Wall Street was poised for a flat opening with Dow futures and the broader S&P 500 unchanged.

TRUMP: Investors remain focused on the latest moves by U.S. President Donald Trump. His spokesman said the administration was considering slapping a 20 per cent tax on imports from Mexico to help pay for his promised border wall, in an announcement that left markets uncertain about what it means for trade. Trump’s joint press conference with visiting British Prime Minister Theresa May scheduled for later Friday could also provide trading catalysts, especially for the pound.

QUOTEWORTHY: “Despite the divisive nature of Trumps policies, markets have come to the realization that money talks, and with many of his other policies coming to fruition, it seems a fiscal spending package is just around the corner,” said Joshua Mahony, market analyst at IG.

U.S. DATA: The Commerce Department said the U.S. economy grew at an annual rate of just 1.9 per cent in the October-December period, a slowdown from 3.5 per cent growth in the third quarter. For 2016, the economy grew 1.6 per cent. It was the worst showing since 2011 and down from 2.6 per cent growth in 2015. Trump has set a goal of doubling growth through an ambitious stimulus program featuring tax cuts, deregulation and higher infrastructure spending.

We don't issue fire bans 'willy-nilly'

RM of Duck Lake reeve frustrated over delay on provincial fire ban as Lobstick fire burns in Nisbet Forest

40m ago

WALK FOR MENTAL WELLNESS

St. Walburg walk aims to raise awareness for mental health and addictions

1h ago

CRIME

Triple-murder trial set in deaths of Lloydminster father and two sons

2h ago

ASIA’S DAY: Japan’s benchmark Nikkei 225 index climbed 0.3 per cent to close at 19,467.40, helped by the dollar’s surge against the Japanese yen, while Hong Kong’s Hang Seng slipped 0.1 per cent to 23,360.78. The S&P/ASX 200 in Australia rose 0.8 per cent to 5,714.00. India’s Sensex gained 0.7 per cent to 27,902.55.

LUNAR NEW YEAR: Markets in China, South Korea and Taiwan were closed while Malaysia was open only for the morning session. Many Asian countries have begun holidays of varying lengths, curtailing trading across much of the region. Mainland China will take the longest break, shutting down for an entire week.

CURRENCIES: The euro was up 0.1 per cent at $1.0695 while the dollar rose 0.6 per cent to 115.15 yen.

ENERGY: Benchmark U.S. crude oil slipped 29 cents to $53.49 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 41 cents to $56.08 a barrel in London.

The Associated Press

by Canadian Press

Global shares drift as euphoria over Dow’s 20k breach fades

What's Trending