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World Shares Mostly Gain on Wall St.   06/18 04:53

   Shares were mostly higher in Europe and Asia on Tuesday after U.S. stocks 
rallied to more records, with gains for technology companies pushing the 
benchmarks higher.

   BANGKOK (AP) -- Shares were mostly higher in Europe and Asia on Tuesday 
after U.S. stocks rallied to more records, with gains for technology companies 
pushing the benchmarks higher.

   Germany's DAX was nearly flat, gaining less than 0.1% to 18,075.06, while 
the CAC 40 in Paris lost 0.1% to 7,566.52. In London, the FTSE 100 gained 0.3% 
to 8,168.27.

   The future for the Dow Jones Industrial Average was nearly unchanged while 
that for the S&P 500 was 0.1% lower.

   This week has few top-tier economic reports apart from an update Tuesday on 
how much American shoppers are spending at U.S. retailers and a preliminary 
look Friday at the state of U.S. business activity. U.S. markets will be closed 
Wednesday for the Juneteenth holiday.

   In Asian trading, Tokyo's Nikkei 225 index gained 1% to 38,482.11. Toyota 
Motor Corp., a market heavyweight, gained 0.5% after its shareholders rejected 
a proposal to force Akio Toyoda, grandson of the automaker's founder, to leave 
his post as chairman of the board.

   Hong Kong's Hang Seng shed 0.1% to 17,915.55 and the Shanghai Composite 
index gained 0.4% to 3,028.34.

   In South Korea, the Kospi advanced 0.7% to 2,763.92.

   In Sydney, the S&P/ASX 200 jumped 1% to 7,778.10 after the Reserve Bank of 
Australia kept its key interest rate unchanged.

   "While the Bank at its May meeting noted that inflation had fallen more 
gradually than expected, it today described it as 'persistent,' emphasizing 
that headline inflation as well as inflation excluding volatile items and 
travel had not fallen any further between April and December," Capital 
Economics said in a commentary.

   The central "bank noted that 'momentum in economic activity is weak,' with 
the statement citing slow GDP growth, a rise in the unemployment rate and 
slower-than-expected wages growth,'' it said.

   India's Sensex rose 0.3% to 77,257.63.

   On Monday, U.S. stocks rose to records as gains for technology companies 
keep pushing the market higher.

   The S&P 500 rose 0.8%, beating an all-time high it set on Thursday. It 
closed at 5,473.23. The Dow gained 0.5% to 38,778.10, and the Nasdaq composite 
jumped 1% to 17,857.02.

   Gains for tech shares helped offset pressure on the stock market caused by 
rising Treasury yields in the bond market. The climb in yields erased some of 
the slack created last week when better-than-expected reports on inflation 
raised hopes that the Federal Reserve will cut interest rates later this year.

   The Fed is trying to hold rates high for long enough to slow the economy and 
snuff out high inflation, but it wants to cut rates and reverse the momentum 
before the slowdown evolves into a painful recession.

   High interest rates hurt all kinds of investments, and they tend to hit some 
areas particularly hard. Utilities in the S&P 500 fell 1.1% for Monday's 
largest loss among the 11 sectors that make up the index.

   In other dealings, U.S. benchmark crude oil lost 14 cents to $80.19 per 
barrel in electronic trading on the New York Mercantile Exchange.

   Brent crude gave up 31 cents to $84.10 per barrel.

   The dollar rose to 158.18 Japanese yen from 157.70 yen. The euro was trading 
at $1.0720, up from $1.0702.

 
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