Asian stocks were mixed Monday and Wall Street futures rose after the U.S. and Canada said they had reached a compromise on revising their trade pact
KEEPING SCORE: Japan‘s benchmark Nikkei 225 gained 0.5 percent to 24,245.76. Australia‘s S&P/ASX 200 lost nearly 0.6 percent to 6,172.30. South Korea’s Kospi gave up 0.2 percent lower to 2,338.88. Markets in Hong Kong and the Chinese mainland were closed for National Day holidays.
NAFTA REVISED: Canada agreed to a revamped free trade deal with the United States and Mexico late Sunday after weeks of bitter, high-pressure negotiations. The deal reached just before a U.S.-imposed midnight deadline will be called the United States-Mexico-Canada Agreement, or USMCA. It replaces the 24-year-old North American Free Trade Agreement. The agreement gives U.S. farmers greater access to the Canadian dairy market, but keeps a NAFTA dispute-resolution process the U.S. opposed. It also offers Canada protection if Trump imposes tariffs on cars, trucks and auto parts imported into the United States.
JAPAN TANKAN: A key quarterly economic survey by the Bank of Japan showed that sentiment among large manufacturers dipped two points to 19, as worries grow about global trade tensions. The “tankan” survey, released Monday, marked the third straight quarter of decline.
CHINA DATA: Recent data from China show its exports shrank in September as a tariff battle with Washington over technology escalated, adding to downward pressure on the world’s No. 2 economy. Signs are emerging that Chinese trade, which had held up despite U.S. President Donald Trump’s tariff hikes, might be weakening.
THE QUOTE: “The shockwaves from the U.S.-China tariff exchange are now starting to appear in the data,” said Chan Wed Liang at Mizuho Bank in Singapore, adding the damage would likely worsen in October.
WALL STREET: The S&P 500 index was flat at 2,913.98. The Dow Jones Industrial Average rose 0.1 percent to 26,458.31. The Nasdaq composite added less than 0.1 percent, to 8,046.35. The Russell 2000 index of smaller-company stocks gained 0.4 percent to 1,696.57.
ENERGY: Benchmark U.S. crude picked up 10 cents to $73.35. It rose 1.6 percent to $73.25 per barrel in New York on Friday. Brent crude, used to price international oils, added 18 cents to $82.91 per barrel in London.
CURRENCIES: The dollar rose to 113.98 yen from 113.69 yen on Friday. The euro fell to $1.1580 from $1.1605.
Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama
Her work can be found at https://www.apnews.com/search/yuri%20kageyama