European shares gain, Nikkei gets boost from weak yen

EnergyAssociated Press

European shares opened higher Monday after a mixed day in Asia, where Japan's benchmark got a boost from a weaker yen. Other Asian bourses were mostly lower although markets have gradually steadied after a bout of turmoil following the U.S. presidential election.

KEEPING SCORE: France's CAC 40 gained 1.3 percent to 4,545.64, while Germany's DAX added 1 percent to 10,782.58. Britain's FTSE 100 added nearly 1.1 percent to 6,806.52. U.S. shares were also set for gains, with Dow futures adding 0.6 percent and S&P 500 futures up 0.5 percent.

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TRUMP FACTOR: Donald Trump's victory over Hillary Clinton has set off a rally on Wall Street, as investors wagered that Trump and a Republican-controlled Congress will boost infrastructure spending, cut taxes and relax regulations that affect energy, finance and other businesses. The view from elsewhere in the world is less sanguine.

THE QUOTE: "Global risk assets unexpectedly rebounded on Donald Trump's victory in the US presidential election last week, along with a fast sell off in safe-haven assets including gold and the Japanese yen," says Margaret Yang Yan, a market analyst at CMC Markets in Singapore. "No more surprises before Christmas, please."

JAPAN HOPES: Data for Japan's gross domestic product showed the economy had grown faster than expected in the July-September quarter, rising 2.2 percent in annualized terms, on the back of healthy exports. The dollar is being sought as a safe haven after the U.S. election, which is good news for Japan Inc.'s giant exporters.

ASIA'S DAY: Japan's benchmark Nikkei 225 added 1.7 percent to finish at 17,672.62 and the Shanghai Composite rose 0.5 percent to 3,210.37, but most other Asian markets fell. Australia's S&P/ASX 200 slipped 0.5 percent to 5,345.70 and South Korea's Kospi lost 0.5 percent to 1,974.40. Hong Kong's Hang Seng slipped 1.4 percent to 22,212.25. Markets in Southeast Asia fell, with Indonesia's benchmark down 2.2 percent.

ENERGY: Benchmark U.S. crude fell 16 cents to $43.25 a barrel in electronic trading on the New York Mercantile Exchange. It fell $1.25 on Friday to $43.41 a barrel. Brent crude, used to price international oils, lost 12 cents to $44.63 a barrel in London.

CURRENCIES: The dollar rose to 107.94 yen from 106.67 yen late Friday in Asia. The euro slid to $1.0748 from $1.0886.


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