Global shares mixed after Biden-Xi talks ease tensions

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Global shares are mostly lower despite a rally on Wall Street after virtual talks between President Joe Biden and China’s Xi Jinping. Shares fell in most major markets although Shanghai’s benchmark rose. The talks between Biden and Xi appeared to signal a step in the right direction after relations dipped to their worst level in decades. But they did not yield any major steps toward resolving longstanding disputes over trade and other issues. Stocks closed higher on Wall Street on Tuesday as investors reviewed solid earnings reports from big retailers and a surprisingly strong report on consumer spending. Americans largely shrugged off higher prices last month, stepping up their spending at retail stores and online.