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Stock market today: World shares mixed after China economic data weaker than expected

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European shares were trading mostly higher after a mixed session in Asia following the release of data showing China's economy is weaker than expected, with domestic demand failing to bounce back as much as hoped for after the pandemic.

Benchmarks rose in Paris, London and Tokyo but fell in Shanghai and Sydney. U.S. futures edged lower and oil prices logged moderate gains.On Tuesday, the government will report how much sales at retailers across the U.S. grew last month.

"Today's activity data suggest China is mired in an extended soft patch," said Stephen Innes of SPI Asset Management in a report. The Hang Seng in Hong Kong edged less than 0.1% higher, to 19,978.25, while the Shanghai Composite index lost 0.6% to 3,290.99. So far, a resilient job market has helped U.S. households keep up their spending despite all the pressures. That in turn has offered a powerful pillar to prop up the economy.

Looming ahead is the risk of the federal government's first-ever default if Congress doesn't raise the credit limit set for federal borrowing.

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