Stock market today: World shares mostly lower as US markets reopen after Labor Day holiday

Shares opened lower in Europe on Tuesday after a day of declines in most Asian markets.

Germany’s DAX fell 0.4% to 15,765.55 and the CAC 40 in Paris dropped 0.8% to 7,224.88. Britain’s FTSE 100 edged 0.1% lower to 7,442.85. The future for the S&P 500 was down 0.3%, while that for the Dow Jones Industrial Average lost 0.2%.

In Asian trading, Hong Kong’s benchmark fell 2.1%, to 18,456.91, as investors sold real estate shares to lock in gains fueled by recent government efforts to support the ailing property industry.

China Vanke lost 1.1%, while Country Garden Holdings gave up 1%. Hong Kong-based Sun Hung Kai Properties shed 2%.

Chinese services data came in weaker than expected, dulling hopes for a rebound in China’s lackluster growth. Meanwhile, a survey showed business activity in China’s services sector increased at the slowest pace in eight months.

The Shanghai Composite index fell 0.7% to 3,154.37.

Tokyo’s Nikkei 225 gained 0.3% to 33,036.76 and India’s Sensex rose 0.1% to 65,707.99.

In Seoul, the Kospi lost 0.1% to 2,580.79.

Australia’s S&P/ASX 200 slipped 0.1% to 7,314.30 after the central bank, as expected, kept its key interest rate at 4.1%. It was the third straight monthly meeting where rates were unchanged in recognition that inflation has abated somewhat.

Taiwan’s benchmark was little changed and shares in Southeast Asia declined.

On Friday, the S&P 500 rose 0.2%, coming off its first monthly loss since February, as U.S. employment figures suggested the jobs market may be cooling. That fueled hopes that the Federal Reserve might moderate interest rate increases to tamp down inflation.

The Labor Department reported Friday that employers added a solid 187,000 jobs in August, an increase from July’s revised gain of 157,000. Hiring moderated: From June through August, the economy added 449,000 jobs, the lowest three-month total in three years.

The report also showed the unemployment rate rose to 3.8% from 3.5%. That’s the highest level since February 2022, though still low by historical standards.

Strong hiring and consumer spending have helped stave off a recession that analysts expected at some point in 2023. But they also make the central bank’s task of taming inflation more difficult by fueling wage and price increases.

Market fears that the Fed might have to keep interest rates higher for longer — following reports showing the U.S. economy remains remarkably resilient — led the market to pull back in August.

In other trading Tuesday, U.S. benchmark crude lost 32 cents to $85.23 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.92 to $85.55 a barrel on Monday.

Brent crude, the pricing basis for international trading, sank 74 cents to $88.26 a barrel.

In currency trading, the U.S dollar rose to 147.00 Japanese yen from 146.48 yen late Monday. The euro slipped to $1.0752 from $1.0796.

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