Stock market today: World stocks are mixed as Chinese shares get a boost from strong factory orders

BANGKOK (AP) — Global stock markets were mixed Monday, with China leading the gains, as monthly surveys showed improving manufacturing conditions, driven in part by a surge in orders ahead of President-elect Donald Trump’s inauguration next month.

Oil prices rose and US futures fell slightly.

Both official and private surveys of factory managers showed strong new and export orders, which may be partly related to efforts by importers in the U.S. to head off possible tariff increases by Trump after he takes office.

On Saturday, Trump threatened 100 percent tariffs against the so-called BRIC bloc of nine countries if they undermined the US dollar. The BRIC countries include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Trump said he wanted the bloc to promise not to create a new currency or otherwise try to undercut the U.S. dollar.

“Asian markets are riding a wave of optimism, getting a significant tailwind from Wall Street’s record day on Friday and getting a further boost from emerging signs that China’s economic slowdown may be easing,” Stephen Innes of SPI Asset Management said in a commentary.

FILE – People walk past the New York Stock Exchange on Tuesday, November 26, 2024. (AP Photo/Peter Morgan, File)

Photo: ASSOCIATED PRESS/Peter Morgan

In early European trading, Germany’s DAX lost 0.2% to 19,585.83 and the CAC 40 in Paris fell 0.9% to 7,168.39. Britain’s FTSE 100 fell 0.1% to 8,277.14.

Futures for the S&P 500 and the Dow Jones Industrial Average fell 0.2%.

Innes noted that investors are also expecting further measures from Chinese authorities to stimulate the economy ahead of Trump’s inauguration next month. China’s leaders typically convene an economic planning meeting in December to set policy for the coming year.

Hong Kong’s Hang Seng rose 0.6% to 19,532.19, while the Shanghai Composite Index rose 1.1% to 3,363.98. Taiwan’s Taiex rose 2.1%.

In Tokyo, the Nikkei 225 index rose 0.8% to 38,513.02 as the U.S. dollar regained some strength against the Japanese yen, boosting exporters. Toyota Motor Corp. increased by 2.3%.

Shares of automaker Nissan Motor Co. initially fell but erased those gains to close 0.4% higher as the company did not confirm reports that its CFO Stephen Ma plans to resign as the company faces weakening sales and production cuts in China and other markets.

In South Korea, the Kospi slipped less than 0.1% to 2,454.48, while Australia’s S&P/ASX 200 rose 0.1% to 8,447.90.

In Bangkok, the SET rose 0.6%.

Friday’s half-day post-Thanksgiving session ended with the S&P 500 rising 0.6% to 6,032.38, while the Dow gained 0.4% to 44,910.65. The Nasdaq gained 0.8% to 19,218.17.

Some retailers made headway as Black Friday unofficially kicked off the holiday shopping season, even though retailers had been offering early deals for weeks. Macy’s and Best Buy each rose about 2%.

Tesla shares rose 3.7% on Friday, marking a monthly increase of more than 38%. The electric vehicle maker is expected to benefit from CEO Elon Musk’s support of Trump.

Musk also gave Hasbro shares a boost after sparking takeover speculation when he asked in a post on X how much the toy and gaming company was worth. Hasbro, owner of the role-playing game Dungeon & Dragons, rose 2%.

Apple rose 1.1%. The tech giant hopes the recently added artificial intelligence features will be enough to entice consumers to treat themselves or their relatives to a new iPhone for the holidays.

Bitcoin, which is heading toward $100,000, was trading at 96,016.15 early Monday, according to Coin Desk.

In other business early Monday, U.S. benchmark crude oil rose 37 cents to $68.37 a barrel. Brent crude, the international standard, rose 40 cents to $72.24 a barrel.

The US dollar rose to 150.20 Japanese yen from 149.70 yen. The euro slipped from $1.0589 to $1.0510.

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