Global stock markets traded in fairly narrow ranges Monday with most investors monitoring whether the Dow Jones industrial average will finally breach the 20,000 mark for the first time after several near-misses.
KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was up 0.1 per cent at 7,020 while Germany's DAX was flat at 11,405. The CAC-40 in France was 0.2 per cent lower at 4,825. U.S. stocks were poised for a similarly uninspiring open with Dow futures and the broader S&P 500 futures up 0.1 per cent.
20,000 MARK: The Dow Jones index, which closed last week at 19,843.41, has made several attempts to break through the 20,000 mark but each time it's fallen just short. The index has rallied strongly since the election of Donald Trump as the next U.S. president amid hopes that the incoming administration will be kind to business and back more spending on such things as infrastructure.
ANALYST TAKE: "I would be surprised if we're not trading above 20,000 before the end of the year," said Craig Erlam, senior market analyst at OANDA. "The Trump rally has stalled a little in recent sessions but so far, I'm seeing few signs that we're going to see the year out on a negative note."
DRONE DISPUTE: One issue that's proved a bit of a dampener on stock markets heading into year-end has been China's seizure of a U.S. Navy unmanned underwater glider. China says it will return the device but President-elect Trump, who takes office in a month, tweeted China can keep it. The incident is making investors nervous as markets enter a week of holiday-thinned trading.
ANALYST INSIGHT: "It remains to be seen whether Trump will soften his tone when he moves to the White House," said Piotr Mays, a strategist at Rabobank. "Based on his previous remarks it is reasonable to assume that the relationship between the U.S. and China will be completely different under Trump's presidency, which may have serious implications for the markets due to potentially significant changes in global trade policies and geopolitical risk."
JAPAN POLICY: Investors are sitting tight as they watch for the outcome of the Bank of Japan's final monetary policy meeting of the year, which wraps up on Tuesday. Central bankers may revise their outlook for Asia's second biggest economy based on recent data, including import and export figures released Monday that showed a surplus for the third month in a row.
ASIAN SCORECARD: Japan's benchmark Nikkei 225 index slipped 0.1 per cent to end at 19,391.60 while South Korea's Kospi edged 0.2 per cent lower to 2,038.39. Hong Kong's Hang Seng shed 0.9 per cent to 21,832.68 and the Shanghai Composite index dipped 0.2 per cent to 3,118.08. Australia's S&P/ASX 200 rose 0.5 per cent to 5,562.10.
CURRENCIES: The euro was down 0.2 per cent at $1.0425 while the dollar dropped 0.5 per cent to 117.36 yen.
ENERGY: Crude oil rose 18 cents to $52.08 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 17 cents to $55.38 a barrel in London.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.