Global shares fall ahead of G7 summit, central bank meetings

By YURI KAGEYAMAMarketsAssociated Press

Global shares were lower Friday, as investors awaited the Group of Seven summit, continuing into the weekend, and European Central Bank and Federal Reserve meetings next week.

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KEEPING SCORE: France's CAC 40 slipped nearly 0.6 percent in early trading to 5,418.19, while Germany's DAX dipped 1.4 percent to 12,634.01. Britain's FTSE 100 fell 0.6 percent to 7,658.81. U.S. shares were set to drift lower with Dow futures down 0.5 percent at 25,150. S&P 500 futures were down 0.4 percent at 2,765.50.

ASIA'S DAY: Japan's benchmark Nikkei 225 shed 0.6 percent to finish at 22,694.50. Australia's S&P/ASX 200 edged down 0.2 percent to 6,045.20. South Korea's Kospi lost 0.8 percent to 2,451.58. Hong Kong's Hang Seng slipped 1.9 percent at 30,910.89, while the Shanghai Composite index shed 1.4 percent to 3,067.15.

GROUP OF SEVEN: Leaders from the Group of Seven wealthy industrialized nations are meeting in Canada, where President Donald Trump's new tariffs are expected to be a major focus. The White House is expecting a chilly reception from Canada and western European countries.

RATE WATCH: The Federal Reserve is expected to raise interest rates. That would be the second increase in rates this year, and the Fed has said it expects to raise rates three times in 2018.

THE QUOTE: "There's a high level of circumspection associated with this weekend's G7 meeting as President Trump prepares to enter the G7 lion's den," says Stephen Innes, head of trading at Oanda. "Then there's that small matter of the European Central Bank and Federal Reserve Board meetings, which could be very crucial for the markets next tack."

ENERGY: Benchmark U.S. crude dipped 40 cents $65.55 a barrel. It rose 1.9 percent to $65.95 per barrel in New York Thursday. Brent crude, used to price international oils, fell 48 cents to $76.84 per barrel in London.

CURRENCIES: The dollar fell to 109.48 yen from 109.97 yen late Thursday in Asia. The euro slipped to $1.1776 from $1.1817.

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