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Global shares were mostly lower on Friday in muted trading, as investors kept an eye on inflation and awaited the outcome of a Communist Party congress in China.
France’s CAC dipped 1.6 per cent in early trading to 5,988.78. Germany’s DAX lost 1.4 per cent to 12,584.52.
Britain’s FTSE 100 shed 1 per cent to 6,871.64 as the Conservative Party was preparing to replace Liz Truss as prime minister within a week after she resigned on Thursday after a turbulent 45-day term, conceding that she could not deliver on her tax-cutting economic plans.
Former Prime Minister Boris Johnson is among several candidates expected to vie to take her place. Former Treasury chief Rishi Sunak and House of Commons leader Penny Mordaunt are others.
On Wall Street, the future for the Dow industrials lost 0.5 per cent while the S and P 500 future was down 0.7 per cent.
China’s ruling party congress is expected to wrap up on Saturday with an endorsement of leader Xi Jinping remaining in office indefinitely.
The meeting, held every five years, sets the national agenda for the next five and can signal possible changes in policy direction. One change that looks unlikely is an end to severe zero COVID» rules that appear set to continue disrupting life and business activity for months to come.
