Asian shares are mixed and US futures little changed after Wall St rally
TOKYO AP Asian shares were trading mixed on Tuesday after a rally on Wall Street spurred by U S President Donald Trump s reassurances over relations with China Japan s benchmark Nikkei slipped to as trading resumed following a national holiday Monday In Hong Kong the Hang Seng lost to while the Shanghai Composite edged up to Don t worry about China Trump explained on his social media platform Sunday He also reported that China s leader Xi Jinping doesn t want Depression for his country and neither do I The U S A wants to help China not hurt it On Friday the S P tumbled to its worst drop since April after he accused China of a moral disgrace in dealing with other Nations He also threatened much higher tariffs on Chinese goods Still the status of business talks between the two biggest economies remains unclear Despite harsh rhetoric and fresh retaliatory moves on tariffs and export controls Trump reported he still may meet with Chinese leader Xi Jinping later this month on the sidelines of a regional summit Australia s S P ASX edged lower to South Korea s Kospi gained to The S P jumped in its best day since May closing at It recovered just over half its drop from Friday The Dow Jones Industrial Average climbed to and the Nasdaq composite leaped to The down-and-up moves for the industry echoed its manic swings during April when Trump shocked investors with his Liberation Day announcement of worldwide tariffs He eventually relented on countless to give time to negotiate deal deals After the sharp lurch in U S equities on Friday the worst since the Liberation Day tariff shock markets have delivered a relief rebound arguably regaining confidence even Mizuho Bank disclosed in a commentary Trump s wavering on tariffs has helped stocks soar since April So have expectations for several cuts to interest rates by the Federal Reserve to help the business sector Critics say the region now looks too expensive now after prices rose much faster than corporate profits Worries are particularly high about companies in the artificial-intelligence industry where pessimists hear echoes of the dot-com bubble that imploded Broadcom jumped for one of Monday s biggest gains in the S P after announcing a collaboration with OpenAI Broadcom will help develop and deploy custom AI accelerators that the maker of ChatGPT will design For stocks to look less expensive either prices need to fall or companies profits need to rise That s raising the stakes for the upcoming earnings reporting season with big U S companies lined up to say how much profit they made during the summer JPMorgan Chase Johnson Johnson and United Airlines are specific of the big names on the calendar this coming week Fastenal tumbled for the largest loss in the S P after the maker of fasteners and safety supplies stated a profit for the latest quarter that was slightly weaker than analysts expected In other dealings early Tuesday benchmark U S crude added cents to a barrel Brent crude the international standard gained cents to a barrel In currency trading the U S dollar fell to Japanese yen from yen The euro cost up from AP Business Writers Matt Ott and Stan Choe contributed Source
