Global markets higher ahead of Trump-Kim meeting

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 11, 2018. Asian markets were mixed Monday before President Donald Trump planned to meet North Korean leader Kim Jong Un and after his outburst at Canada's prime minister over trade. (AP Photo/Ahn Young-joon)
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 11, 2018. Asian markets were mixed Monday before President Donald Trump planned to meet North Korean leader Kim Jong Un and after his outburst at Canada's prime minister over trade. (AP Photo/Ahn Young-joon)
A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 11, 2018. Asian markets were mixed Monday before President Donald Trump planned to meet North Korean leader Kim Jong Un and after his outburst at Canada's prime minister over trade. (AP Photo/Ahn Young-joon)

BEIJING — Global markets mostly rose Monday as Donald Trump prepared to meet North Korean leader Kim Jong Un following the American president's outburst at Canada's prime minister over trade. European markets were boosted by an Italian official's declaration that the country has no intention of leaving the euro.

KEEPING SCORE: Germany's DAX was up 0.4 percent to 12,818 and Britain's FTSE 100 gained 0.8 percent to 7,743. Paris's CAC 40 added 0.3 percent to 5,464, while Italy's FTSE MIB jumped 2.2 percent to 21,820. On Wall Street, the future for the Dow Jones industrial average was up 0.1 percent and that for the Standard & Poor's 500 index was flat.

NORTH KOREA TALKS: U.S. and North Korean officials were preparing for a meeting Tuesday between Trump and Kim aimed at settling the standoff over the North's nuclear arsenal. North Korea has reportedly said it is willing to deal away its entire nuclear arsenal if the United States provides it with reliable security assurances and other benefits. But many say Kim's government is unlikely to give up weapons that help guarantee its survival.

TRADE TENSIONS: Trump took more swipes at Canadian Prime Minister Justin Trudeau, contending that "Fair Trade is now to be called Fool Trade if it is not Reciprocal." Trump roiled the meeting of leaders of the Group of Seven major industrial economies by first agreeing to a group statement only to withdraw from it while complaining about Trudeau's criticism of his tariff threats. After leaving Canada, Trump called Trudeau "dishonest" and "weak" on Twitter. German Chancellor Angela Merkel said she found Trump's tweet disavowing the G-7 statement "a little depressing."

ANALYST'S TAKE: "The far from harmonious Quebec summit confirmed deep-seated G-6+1's expanding policy fissures on a plethora of significant concerns including climate change, the Iran nuclear deal and of course trade," Stephen Innes of currency trader Oanda said in a report. "The Trump-Kim summit is the massive event that has a far-reaching regional implication. While the markets had low expectations going into G-7, assumptions are running high, so if the talks somehow go sideways, there could be a reasonably aggressive regional risk-off move."

EURO WATCH: Italy's markets jumped higher after the economy minister said the country's new populist government isn't considering leaving the eurozone or adding to the high public debt load. The statement was the strongest yet on the topic from an official in the new government. Markets had fallen sharply last month on concern that the new administration might consider pulling Italy out of the euro eventually or weakening its role in the currency.

CENTRAL BANKS: Looking ahead, investors will be keeping an eye on key central bank meetings this week. The U.S. Federal Reserve is expected to announce an interest rate Wednesday. On Thursday, the European Central Bank is expected to give more indications about whether it might bring forward a rate hike now expected in mid-2019. On Friday, the Bank of Japan is due to give its latest policy update.

ASIA'S DAY: Tokyo's Nikkei 225 rose 0.5 percent to 22,804.04 while the Shanghai Composite Index lost 0.5 percent to 3,052.78. Hong Kong's Hang Seng added 0.3 percent to 31,063.70 and Seoul's Kospi advanced 0.8 percent to 2,470.15. India's Sensex added 0.7 percent to 35,689.79 while benchmarks in New Zealand and Southeast Asia also gained. Australian markets were closed for a holiday.

ENERGY: Benchmark U.S. crude shed 74 cents to $65006 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 21 cents the previous session to close at $65.74. Brent crude, used to price international oils, lost 69 cents to $75.77 per barrel in London. It lost 86 cents the previous session to $76.46.

CURRENCY: The dollar rose to 110.00 yen from Friday's 109.54 yen. The euro gained to $1.1786 from $1.1770.

People also read these

Asian markets lower as investors look to Trump...

Feb 27, 2017

Asian markets are lower as investors look ahead to U.S. President Donald Trump's speech to Congress...

Asian markets mixed as US health bill delay...

Mar 24, 2017

Asian shares mixed after U.S. vote on a health care bill delayed, raising doubts over Trump's...

Asian stocks higher after Wall Street gains

Mar 31, 2017

Asian stock markets are mostly higher after Wall Street gained and Chinese manufacturing improved

Asian stocks slip, yen and gold rise as global...

Apr 12, 2017

Most Asia stock markets are retreating as rising geopolitical risks keep investors on edge

Global stocks higher after Wall Street spurt

May 16, 2017

Global stock markets have mostly risen despite weaker Chinese economic data after Wall Street's...

About Us

Biz Daily Online gives a complete understanding of the world of business to you. Get today’s business news and learn about the trends that are affecting every business here.

Contact us: sales[at]bizdailyonline.com

Subscribe Now!