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Asian stocks mixed as investors mull French election outcome

Associated Press logo Associated Press 24/04/2017 By YURI KAGEYAMA, AP Business Writer
In this evening Friday, Feb. 17, 2017, photo, an American flag hangs on the front of the New York Stock Exchange. European stocks declined while most Asian markets rose Friday, April 21, 2017, ahead of the first round of voting in France's closely watched presidential election. (AP Photo/Peter Morgan) © The Associated Press In this evening Friday, Feb. 17, 2017, photo, an American flag hangs on the front of the New York Stock Exchange. European stocks declined while most Asian markets rose Friday, April 21, 2017, ahead of the first round of voting in France's closely watched presidential election. (AP Photo/Peter Morgan)

TOKYO — Asian stocks were mixed Monday as investors weighed the results of the first round of the French presidential election.

KEEPING SCORE: Japan's benchmark Nikkei 225 rose 1.2 percent to 18,843.98. Australia's S&P/ASX 200 gained 0.1 percent to 5,857.00. South Korea's Kospi added 0.2 percent to 2,169.96. Hong Kong's Hang Seng lost 0.1 percent to 24,016.23, while the Shanghai Composite fell 1.6 percent to 3,123.80.

FRENCH ELECTION: After the weekend vote, centrist Emmanuel Macron and far-right populist Marine Le Pen are advancing to a runoff in France's presidential election. The outcome could lead to a reshaping of the country's political landscape and set up a showdown over France's participation in the European Union.

WALL STREET: The Standard & Poor's 500 index lost 0.3 percent to end the week at 2,348.69. The Dow Jones industrial average dipped 0.2 percent to 20,547.76. The Nasdaq composite fell 0.1 percent to 5,910.52.

THE QUOTE: "It seems like a 'relief rebound' following the result of the French election just a few hours ago, which shows that Macron and Le Pen will go head-to-head in the final round. The first round election result was very much in line with earlier poll results," Margaret Yang Yan, market analyst at CMC Markets Singapore, said in a commentary.

ENERGY: Benchmark U.S. crude rose 25 cents to $49.87 a barrel in New York. It shed $1.09, or 2.1 percent, to $49.62 a barrel Friday. Brent crude, used to price international oils, rose 28 cents to $52.24 a barrel in London.

CURRENCIES: The dollar recovered to 110.04 yen from 109.09 yen late last week in Asia. The euro rose to $1.0847 from $1.0701.

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Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at http://bigstory.ap.org/content/yuri-kageyama

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