World Shares Mixed on Wall St. Retreat 12/02 05:22

   World shares were mixed on Tuesday after U.S. stocks gave back some of last 
week's rally, pressured by rising global bond yields.

   BANGKOK (AP) -- World shares were mixed on Tuesday after U.S. stocks gave 
back some of last week's rally, pressured by rising global bond yields.

   The future for the S&P 500 rose 0.2% while that for the Dow Jones Industrial 
Average was up 0.1%.

   In Germany, the DAX advanced 0.7% to 23,748.88, while the CAC 40 in Paris 
added 0.4% to 8,126.11. Britain's FTSE 100 was also up 0.4%, at 9,737.80.

   In Asian trading, Tokyo's Nikkei 225 ended flat at 49,303.45, with financial 
shares the biggest gainers after the governor of the central bank hinted at a 
possible hike to interest rates this month.

   In Hong Kong, the Hang Seng added 0.2% to 26,095.05, while the Shanghai 
Composite index slipped 0.7% to 3,897.71.

   Australia's S&P/ASX 200 added 0.2% to 8,579.70.

   The Kospi in South Korea jumped 1.9% to 3,994.93, led by buying of 
technology shares like Samsung Electronics, which surged 2.6%. Chip maker SK 
Hynix leaped 3.7%.

   Taiwan's benchmark Taiex climbed 0.8%, while the Sensex in India lost 0.6%.

   On Monday, the S&P 500 slipped 0.5% and broke a five-day winning streak. The 
Dow industrials dropped 0.9% and the the Nasdaq composite dipped 0.4%.

   Last week's rally was largely due to rising hopes that the Federal Reserve 
will cut its main interest rate next week to help shore up the slowing job 
market.

   Jobs are under pressure at U.S. manufacturers, and the majority in a survey 
by the Institute for Supply Management said they're still focused more on 
managing headcount than on hiring. Several manufacturers also said tariffs are 
continuing to make things complicated.

   "Conditions are more trying than during the coronavirus pandemic in terms of 
supply chain uncertainty," one manufacturer told the ISM.

   Yields for longer-term Treasurys rose in the bond market, part of a 
worldwide climb for yields after Bank of Japan Gov. Kazuo Ueda indicated the 
central bank may raise its benchmark rate at its meeting later this month.

   Japan's benchmark interest rate has remained near zero for years in hopes of 
reviving sluggish growth. Now inflation is holding above the Bank of Japan's 
target of about 2%.

   "The prospect of the Bank of Japan resuming its hiking cycle a bit sooner 
than previously thought has sent tremors through global bond and equity markets 
this week, but we suspect they could nonetheless weather further tightening," 
Thomas Mathews of Capital Markets said in a commentary.

   When bonds are paying higher yields, they can attract investors who would 
otherwise buy stocks or cryptocurrencies. Higher yields undercut prices for all 
kinds of investments, particularly those seen as the most expensive.

   Bitcoin, which was soaring around $125,000 in October, dropped toward 
$85,500. That's down roughly 6% from a day earlier. It was trading around 
$87,500 early Tuesday.

   Crypto industry stocks fell, with Coinbase Global down 4.8% and Robinhood 
Markets losing 4.1%.

   On the winning side of Wall Street was Synposys, which rose 4.9%. It said 
Nvidia is investing $2 billion in its stock as part of an expanded partnership. 
Nvidia, which has become Wall Street's most influential stock, swung from an 
early loss to a gain of 1.6%.

   The markets had a mixed reaction to what seems like a strong start for the 
holiday shopping season. Consumer spending during the Black Friday and Cyber 
Monday retailing bonanza was expected to exceed expectations, despite 
uncertainty over the outlook for the U.S. economy.

   In other dealings early Tuesday, U.S. benchmark crude oil gave up 6 cents to 
$59.26 per barrel. Brent crude, the international standard, shed 13 cents to 
$63.04 per barrel.

   The dollar rose to 156.05 Japanese yen from 155.48 yen. The euro slipped to 
$1.1604 from $1.1611.