TOKYO, (AP): European shares were mostly lower despite gains in Asian benchmarks on Monday after President Donald Trump moved to scale back regulation of the U.S. financial industry last week.
KEEPING SCORE: France’s CAC 40 slipped 0.2 percent in early trading to 4,817.20. Germany’s DAX fell 0.6 percent to 11,580.82. Britain’s FTSE 100 was up 0.1 percent at 7,196.90. U.S. shares were set for a tepid start, with Dow futures up nearly 0.01 percent and S&P 500 futures down 0.03 percent.
TRUMP WATCH: On Friday, Trump directed the treasury secretary to look for potential changes to the Dodd-Frank law, which reshaped financial regulations after the 2008-09 financial crisis. Investors applauded that move but remain uncertain about the future impact of other policies. Over the weekend, the U.S. immigration ban on refugees and travelers from seven Muslim-majority countries was blocked by a federal judge and an appeals court turned down a Justice Department request to set that judgment aside. The White House said it expects the courts to restore executive order, which was founded on a claim of national security.
THE QUOTE: “Wall Street is probably cheering Donald Trump’s move to revise the Dodd-Frank Act, which are regulatory rules to inhibit banks and brokers after the 2008 subprime crisis. … If the Dodd-Frank Act is revised or removed, it will mark a great step toward financial deregulation. A deregulated Wall Street will create a new wave of bullish sentiment in the short term,” Margaret Yang Yan of CMC Markets said in a commentary.
ASIA’S DAY: Japan’s benchmark Nikkei 225 added 0.3 percent to 18,976.71. Australia’s S&P/ASX 200 lost earlier gains and inched down 0.1 percent to 5,615.60. South Korea’s Kospi gained 0.2 percent to 2,077.66. Hong Kong’s Hang Seng was up 1.0 percent at 23,348.24, while the Shanghai Composite gained 0.5 percent to 3,156.98. Benchmarks were also higher in Taiwan and Singapore.
ENERGY: Benchmark U.S. crude added 13 cents to $53.96 a barrel in New York. It added 29 cents to $53.83 a barrel Friday. Brent crude, used to price international oils, added 10 cents to $56.91 a barrel in London.
CURRENCIES: The dollar slipped to 112.54 yen from 112.89 yen Friday. The euro rose to $1.0754 from $ $1.0749.