Arizona Tribune - Stocks mixed, oil up on rising trade tensions, geopolitical risks

The dollar was under renewed pressure as traders digested US President Donald Trump's recent threats to double steel and aluminum tariffs, while Wall Street's main stock indices closed higher as traders looked through the trade turbulence to the strong earnings from US tech titans including Nvidia.

"I think we are seeing a bit of continuation of the positive interpretation of the market from Nvidia's earnings," Angelo Kourkafas from Edward Jones told AFP, referring to the chip firm's recent strong results.

"Artificial intelligence remains a powerful driver for earnings," he continued, adding that the financial markets had become "a little insensitive" to the constant tariff threats from the White House.

European stock markets finished mostly in the red, though London ended the day up less than 0.1 percent.

- Fresh US-China tensions -

Trump reignited tensions with China last week when he accused the world's second-largest economy of violating a deal that had led both countries to temporarily reduce huge tit-for-tat tariffs.

Beijing rejected the "bogus" US claims on Monday and accused Washington of introducing "a number of discriminatory restrictive measures" against China in the weeks since the two sides brokered a trade truce in Geneva last month.

Trump also ramped up tensions with other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50 percent from Wednesday.

"Trump's pledge to double steel and aluminium import tariffs have caused fresh uncertainty, especially with the European Union vowing to retaliate against the measures," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

"Negotiations between the US and China also appear to be in disarray," she added.

The two sides are set for talks on the sidelines of an Organisation for Economic Co-Operation and Development (OECD) ministerial meeting in Paris on Wednesday.

The Hong Kong and Tokyo stock markets both ended with sizeable losses Monday. Shanghai was shut for a Chinese public holiday.

- Oil rises -

Oil prices surged Monday, with the main US contract, the West Texas Intermediate (WTI), briefly jumping five percent before settling up 2.9 percent on the news that the OPEC+ producers' grouping -- Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman -- agreed on a smaller-than-expected increase in crude production.

"Prices were also lifted by the increased military activity between Ukraine and Russia reported over the weekend," said David Morrison, senior market analyst at financial services firm Trade Nation.

"In addition, there were reports that the US may impose stricter sanctions on Moscow, and this helped boost prices," he added.

Ukraine said Sunday that it hit dozens of strategic Russian bombers parked at airbases far behind the front line.

Traders were also monitoring tensions over Iran's nuclear program after Tehran said it would not accept an agreement that deprives it of what it calls "peaceful activities."

- Key figures at around 2030 GMT -

New York - Dow: UP 0.1 percent at 42,305.48 points (close)

New York - S&P 500: UP 0.4 percent at 5,935.94 (close)

New York - Nasdaq Composite: UP 0.7 percent at 19,242.61 (close)

Paris - CAC 40: DOWN 0.2 percent at 7,737.20 (close)

Frankfurt - DAX: DOWN 0.3 percent at 23,930.67 (close)

London - FTSE 100: UP less than 0.1 percent at 8,774.26 (close)

Tokyo - Nikkei 225: DOWN 1.3 percent at 37,470.67 (close)

Hong Kong - Hang Seng Index: DOWN 0.6 percent at 23,157.97 (close)

Shanghai - Composite: Closed for a holiday

Euro/dollar: UP at $1.1443 from $1.1349 on Friday

Pound/dollar: UP at $1.3548 from $1.3463

Dollar/yen: DOWN at 142.71 yen from 143.97 yen

Euro/pound: UP at 84.46 pence from 84.30 pence

Brent North Sea Crude: UP 3.0 percent at $64.63 per barrel

West Texas Intermediate: UP 2.9 percent at $62.52 per barrel

burs-da/sla

A.Moore--AT