BANGKOK — (AP) — European shares opened mostly lower on Monday while Asian markets advanced, with stocks in China rising more than 2% after the finance minister said over the weekend that more stimulus is needed for the slowing economy.
Oil prices retreated as China reported still more signs of weakness in its economy. U.S. benchmark crude fell $1.93 to $73.63 per barrel while Brent, the international standard, lost $1.91 to $77.13 per barrel.
In share trading, the CAC 40 in Paris lost 0.4% to 7,550.34 while Britain's FTSE 100 edged 0.1% lower to 8,245.71. Germany's DAX gained 0.2% to 19,409.64.
The future for the S&P 500 gained 0.2% while that for the Dow Jones Industrial Average was 0.1% lower.
In Asia, Tokyo's markets were closed for a holiday.
Shares in mainland China jumped after China's finance minister, Lan Foan, said Saturday that the government was considering additional ways to boost the economy. Lan didn't give details of a major new stimulus plan.
Stock investors and analysts have been hoping for a plan of up to 2 trillion yuan, or about $280 billion. But any expressions of support by officials tend to push share prices higher, and the “national team” of big state-run companies and financial institutions tend to weigh in with stock purchases to help stabilize markets, analysts say.
“The devil, as they say, is always in the details — or in this case, the glaring lack of them. When it comes to Chinese policy briefings, it’s usually all sizzle and no steak,” Stephen Innes of SPI Asset Management said in a commentary. “By mid-week, we’ll see if the market bid has legs, and by month’s end, we’ll know for sure if Beijing is delivering the goods or if it’s just more smoke and mirrors.”
The Shanghai Composite index rose 2.1% to 3,284.32 and the smaller market in Shenzhen gained 3%. Hong Kong’s Hang Seng index lost 0.8% to 21,092.87.
Trade data released Monday showed China's exports rose just 2.4% in September from a year earlier, down from 8.7% growth in August. Imports were up only 0.3%, while the trade surplus narrowed. With higher tariffs on Chinese exports of electric vehicles and other products looming, trade is likely to slow further in coming months, analysts said.
China also reported that consumer inflation weakened in September and that wholesale prices fell further, reflecting continued weakness in domestic demand that has spurred the government into a flurry of measures meant to revive falling housing sales and other spending.
Large-scale Chinese military exercises surrounding Taiwan and its outlying islands on Monday appeared to have scant impact on regional markets.
Taiwan's Taiex was up 0.3%. In South Korea, the Kospi added 1% to 2,623.29, while Australia's S&P/ASX 200 picked up 0.5% to 8,252.80.
The advance in Asia followed a strong close on Friday on Wall Street as U.S. stocks rose to records, lifted by strong profits at big banks.
The S&P 500 climbed 0.6% to 5,815.03, topping its all-time high set earlier in the week and closing out its fifth straight winning week. The Dow Jones Industrial Average jumped 1% to set its own record, at 42,863.86. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check. It closed at 18,342.94.
Also early Monday, the dollar rose to 149.48 Japanese yen from 149.08 late Friday. The euro fell to $1.0928 from $1.0935.