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Stock markets showed mixed reactions on Friday since G7 summit has laid bare the trade frictions between the US and its allies, Iran nuclear issues and other tricky problems.
The G7 meeting or "G6 plus one" called by French Finance Minister Bruno Le Maire, turns to be a counterattack platform following a series of aggressive trade actions by US President Donald Trump. French, Canadian and Germany leaders on the first day all voiced their dissatisfactions and threatened to fight back as expected. Nervous investors are caught in a dilemma as arduous discussions get underway.
"Investors are either worried that nothing will get resolved, or Trump will become more entrenched in his aggressive approach to trade," said Connor Campbell, financial analyst at Spreadex traders, adding that the meeting would probably be "feisty."
A group photo of G7 summit leaders, June 8, 2018. /VCG Photo
Traditional allies such as the European Union and Canada are also frustrated at Trump's withdrawal from hard-fought international agreements on climate change and on containing Iran's nuclear program.
Trump threw an additional curveball at the group early Friday when he called for Russia to be readmitted into the group.
European stocks closed mostly lower following a slump in Asia– and after a week of largely strong gains in the wake of robust US jobs data and easing political headwinds in Italy and Spain.
Frankfurt's DAX 30 was also pressured by data showing industrial production in Germany unexpectedly fell in April, adding to fears of a slowdown in Europe's powerhouse economy.
US stocks spent much of the morning in negative territory but shifted into the black around midday. The S&P 500 finished up 0.3 percent and the Nasdaq edged up 0.1 percent.
The Nasdaq in particular was pressured by a report in Nikkei Asian Review that Apple had told suppliers to expect lower smartphone shipments in the second half of 2018 compared with last year's orders. Shares of the tech giant ended down 0.9 percent.
(AFP)
