World shares mixed as markets shrug at latest China-US trade deal

World shares were trading mixed early Thursday after Wall Streets rally stalled as investors appeared not to react much to the results of the latest round of ChinaUS trade talksGermanys DAX lost 07 per cent to 2378777 and the CAC 40 in Paris slipped 04 per cent to 774441Britains FTSE 100 was nearly unchanged at 886307The futures for the SampP 500 and the Dow Jones Industrial Average were down 03 per centIn Asian trading Japans Nikkei 225 lost 05 per cent to 3821606Hong Kongs Hang Seng sank 05 per cent to 2423480 while the Shanghai Composite index edged 01 per cent lower to 340466In South Korea the Kospi gained 09 per cent to 293344 while Australias SampPASX 200 edged 01 per cent higher to 860450Taiwans Taiex lost 08 per centOn Wednesday the SampP 500 fell 03 per cent to 602224 for its first loss in four days The Dow Jones Industrial Average was virtually unchanged at 4286577 after edging down by 1 point The Nasdaq composite slipped 05 per cent to 340030Several Big Tech stocks led the way lower and a 19 per cent drop for Apple was the heaviest weight on the market Its been listless this week after unveiling several modest upcoming changes to the software that runs its devicesThe action was stronger in the bond market where Treasury yields eased after a report suggested President Donald Trumps tariffs are not pushing inflation much higher at least not yetUS consumers had to pay prices for food gasoline and other costs of living that were 24 per cent higher overall in May than a year earlier That was up from Aprils 23 per cent inflation rate but it wasnt as bad as the 25 per cent that Wall Street was expectingA fear has been that Trumps wideranging tariffs could ignite an acceleration in inflation just when it had seemed to get nearly all the way back to the Federal Reserves 2 per cent target from more than 9 per cent three summers ago It hasnt happened though economists warn it may take months more to feel the full effect of Trumps tariffsTrump said on Wednesday that China will supply rareearth minerals and magnets to the United States while his government will allow Chinese students into US universities in a deal that still needs an agreement by him and by Chinas leaderTrump also said that President XI and I are going to work closely together to open up China to American Trade This would be a great WIN for both countriesInvestors are still hoping for a more sweeping trade deal that would ease tensions between the worlds two largest economiesHopes for such deals between the United States and countries around the world have been one of the main reasons the SampP 500 has charged nearly all the way back to its alltime high after dropping roughly 20 per cent below a couple months ago Without them the fear is that Trumps high tariffs could drive the economy into a recession while pushing inflation higher The SampP 500 is now sitting 2 per cent below its recordTesla swung between gains and losses before finishing with a rise of 01 per cent to continue its shaky run Its been recovering much of its big losses taken last week after Elon Musks relationship with Trump imploded which in turn raised fears about a loss of business for the electricvehicle company Musk on Wednesday backed away from some of his earlier comments and said they went too farIn the bond market the yield on the 10year Treasury eased to 441 per cent from 447 per cent late Tuesday Shorterterm yields which more closely track expectations for what the Federal Reserve will do with overnight interest rates fell moreWednesdays betterthanexpected reading on inflation raised expectations along Wall Street that the Fed could cut its main interest rate at least twice by the end of the yearIn other dealings early Thursday US benchmark crude oil lost 46 cents to USD 6769 per barrel Brent crude the international standard shed 53 cents to USD 6924 per barrelThe US dollar slipped to 14390 Japanese yen from 14460 yen The euro rose to USD 11518 from USD 11487This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever