Mixed trading in global stocks

Bangkok: European shares were lower after a mixed session in Asia as Chinese markets reopened Monday from a long Lunar New Year holiday. US futures rose slightly, while oil prices declined. Markets will be closed Monday in the United States for President’s Day. Germany’s DAX shed 0.4 per cent to 17,056.23 and the CAC 40 in Paris lost 0.5 per cent to 7,729.47.

In London, the FTSE 100 edged 0.1 per cent lower, to 7,705.28. In Asian trading, Hong Kong’s Hang Seng fell 1.1 per cent to 16,155.61 on heavy selling of technology and property shares despite a flurry of announcements by Chinese state banks of plans for billions of dollars’ worth of loans for property projects. Major developer Country Garden dropped 4.2 per cent and Sino-Ocean Group Holding plunged 3.9 per cent. China Vanke lost 3.8 per cent. The Shanghai Composite index gained 1.6 per cent to 2,910.54.

Stephen Innes of SPI Asset Management said in a report: “The reopening of China’s markets after the Lunar New Year holiday typically garners attention, given China’s significant influence on global trade and economic activity. However, the market reaction has been muted, possibly influenced by the US public holiday and the overall quiet week for US data.” Tokyo’s Nikkei 225 fell less than 0.1 per cent to 38,470.38. Major video games maker Nintendo’s shares sank 5.8 per cent following unconfirmed reports that the successor to the Switch console would not be delivered within 2024.