World shares push higher as US stocks inch toward their records
WASHINGTON, June 4, (AP): Shares advanced Wednesday in Europe and Asia after U.S. stocks drifted closer to their records. Germany's DAX climbed 0.8% to 24,284.99, while the CAC 40 in Paris picked up 0.4% to 7,794.86. Britain's FTSE 100 inched up less than 0.1%, to 8,790.23. The futures for the S&P 500 and the Dow Jones Industrial Average were nearly unchanged.
South Korea's Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States.
"Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump's tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,' Min Joo Kang of ING Economics said in a report. Tokyo's Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies.
Toyota Motor Corp.'s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.5% to 23,618.72, while the Shanghai Composite index gained 0.4% to 3,376.20.
Taiwan's Taiex climbed 2.3%. Investors were watching for updates on President Donald Trump's tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year. The Dow industrials added 0.5% and the Nasdaq composite rose 0.8%.
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