The Albany Gazette - Stock markets suffer post-Thanksgiving sluggishness

Eurozone equities experienced tentative gains but London drooped in the face of the stronger pound and profit-taking.

"The usual adage is when the United States sneezes the world catches a cold –- in the latest case, it appears when the US is on holiday, global markets hit the snooze button," said AJ Bell investment director Russ Mould.

"The FTSE 100 drifted lower on Friday as it lacked the usual direction provided by Wall Street. A sprinkle of profit taking and some weakness in the resources sector helped to put the index on the back foot."

Wall Street was shut Thursday for the Thanksgiving holiday and will close early on Friday.

The Dow added 0.1 percent at the opening bell. The broader S&P 500 edged lower and tech-heavy Nasdaq shed 0.2 percent.

While trading is traditionally light, "the Friday after Thanksgiving also means it is Black Friday, which is why the business media are going to be paying a lot of attention to the retail industry," said Briefing.com analyst Patrick O'Hare.

American shoppers flock to stores for bargains during the annual pre-Christmas "Black Friday" sales event, followed by the newer "Cyber Monday".

Asian traders hoped for fresh Chinese moves to help the country's troubled property sector after officials called on banks to provide support.

Equities have rallied in recent weeks on optimism the Federal Reserve will not hike interest rates again in this cycle as inflation slows and the economy shows signs of easing without causing recession worries.

And while minutes from the bank's most recent policy meeting echoed warnings from decision-makers that borrowing costs will likely stay elevated for some time, there is hope that they will cut in 2024.

In Asia deals, Hong Kong led the losses having risen over the week, while Shanghai, Seoul, Singapore, Taipei, Jakarta and Bangkok were also down.

Tokyo jumped as dealers caught up with Thursday's Asian advance, while the yen rose against the dollar as Japanese inflation jumped again, adding to bets the central bank will shift from its ultra-loose monetary policy.

Oil prices slid further after a two-day fall that came in the wake of OPEC's decision to put back a crucial meeting by four days owing to a row over output quotas.

Saudi Arabia and Russia earlier this year announced cuts of a million barrels a day through to 2024 to support prices, and there had been expectations Riyadh was planning to extend that or even cut further.

However, African countries are said to be pushing back, causing the standoff.

The reductions have come as prices continue to drop -- down about 16 percent from a September high -- owing to increased non-OPEC supplies, a pick-up in US inventories and easing worries about the Israel-Hamas war.

- Key figures around 1330 GMT -

New York - DOW: UP 0.1 percent at 35,319.29 points

London - FTSE 100: DOWN 0.2 percent at 7,468.17

Paris - CAC 40: UP 0.1 percent at 7,288.47

Frankfurt - DAX: UP 0.1 percent at 16,017.59

EURO STOXX 50: UP 0.2 percent at 4,368.50

Tokyo - Nikkei 225: UP 0.5 percent at 33,625.53 (close)

Hong Kong - Hang Seng Index: DOWN 2.0 percent at 17,559.42 (close)

Shanghai - Composite: DOWN 0.7 percent at 3,040.97 (close)

Euro/dollar: UP at $1.0922 from $1.0905 on Thursday

Dollar/yen: UNCHANGED at 149.56 yen

Pound/dollar: UP at $1.2585 from $1.2534

Euro/pound: DOWN at 86.79 pence from 87.00 pence

Brent North Sea crude: DOWN less than 0.1 percent at $81.39 per barrel

West Texas Intermediate: DOWN 1.0 percent at $76.32 per barrel

(Y.Harris--TAG)