European Shares Climb, Asia Retreats   06/04 05:27

   World shares were mixed Thursday after declines on Wall Street that snapped 
a nine-day winning streak for the S&P 500.

   (AP) -- World shares were mixed Thursday after declines on Wall Street that 
snapped a nine-day winning streak for the S&P 500.

   Oil prices fell back after Israel and Lebanon said they had agreed to renew 
their fragile ceasefire and create a number of "pilot" security zones inside 
Lebanon from which Hezbollah militants would be banned.

   Crude had surged Wednesday when both the United States and Iran said they 
launched retaliations for earlier attacks or attempted ones.

   Early Thursday in Asia, Brent crude was trading 65 cents lower at $97.16 per 
barrel, while benchmark U.S. crude oil shed 58 cents to $95.44 per barrel.

   In early European trading, Germany's DAX gained 0.6% to 24,933.09 and the 
CAC 40 in Paris also climbed 0.6%, to 8,201.85. Britain's FTSE 100 edged 0.1% 
higher to 10,344.32.

   The future for the S&P 500 shed 0.2% while that for the Dow Jones Industrial 
Average added 0.2%.

   Japan's Nikkei 225 shed 1.4% to 67,470.69 on selling of technology stocks. 
Energy and technology giant SoftBank Group slumped 11.2%, while Shin-Etsu 
Chemical dropped 3.8%.

   Hong Kong's Hang Seng lost 1.4% to 25,274.98, and the Shanghai Composite 
index fell 0.8% to 4,057.78.

   In South Korea, the Kospi sank 1.8% to 8,639.41, while Australia's S&P/ASX 
200 declined 1.1% to 8,686.10.

   On Wednesday, the S&P 500 fell 0.7% from its all-time high for its first 
drop in 10 days. The Dow industrials dropped 1.2% and the Nasdaq composite sank 
0.9%.

   Stocks felt pressure from higher yields in the bond market, which climbed 
with the price of oil. The yield on the 10-year Treasury was steady at 4.49%, 
up from 4.46% late Tuesday and from just 3.97% before the war began.

   High yields worldwide are threatening to slow economies and undercut prices 
for stocks and all kinds of other investments. They have already forced the 
average long-term U.S. mortgage rate to its most expensive level in nine 
months, and they could curtail companies' borrowing to build the 
artificial-intelligence data centers that have supported the U.S. economy's 
growth recently.

   More expensive loans can hurt smaller companies in particular because many 
need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks fell 
1.3%, more than the rest of the market.

   Still, stocks remain near their records, even with all the pressure on the 
global economy created by higher inflation.

   Oil prices remain below their peaks from earlier in the war with Iran, and 
hope seems to be remaining on Wall Street that the United States and Iran will 
ultimately agree to reopen the Strait of Hormuz to oil tankers. That would 
improve the global flow of crude and hopefully lower its price.

   Lawmakers in the U.S. House for the first time Wednesday approved a war 
powers resolution that would halt the U.S. military action against Iran, 
defying President Donald Trump as a handful of Republicans joined with 
Democrats to try to end the three-month-long conflict that has reordered 
politics at home and abroad and roiled world markets.

   Reports on the U.S. economy were mixed. One from the Institute for Supply 
Management said growth accelerated more last month for U.S. construction, 
agricultural and other services businesses than economists expected.

   The survey also showed businesses are feeling the pinch of higher prices 
caused by tariffs and more expensive oil.

   Thursday will bring U.S. employment data.

   In other dealings early Thursday, the U.S. dollar fell to 159.89 Japanese 
yen from 160.08 yen late Wednesday. The euro rose to $1.1603 from $1.1600.