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24 March 2017
World stock markets were mixed Friday after a U.S. vote on a health care
bill was delayed, raising doubts over whether President Donald Trump can push
through his business friendly agenda.
KEEPING
SCORE: European shares were lower, with France's CAC 40 down 0.5 percent to
5,007 and Britain's FTSE 100 slipped 0.2 percent to 7,326. Germany's DAX shed
0.2 percent to 12,020. U.S. benchmarks were poised to open slightly higher,
with Dow futures adding 0.2 percent and S&P 500 futures up 0.1 percent. The Total Investment & Insurance
Solutions
HEALTH
BILL HOLDUP: The decision by House Republicans to put off the vote was weighing
on markets. Party leaders postponed the vote on the American Health Care Act
because of a lack of support, leading investors to wonder whether gaining
passage of more complicated and divisive initiatives like Trump's tax cuts will
be even harder. The vote will happen later Friday.
ANALYST
VIEW: "Markets are likely to remain on hold today as traders wait on the
U.S. Congress to resolve its impasse on revision of the 'Obamacare'
legislation," Ric Spooner of CMC Markets, said in a commentary.
"Optimism may be tempered by the fact that the Senate remains a
significant obstacle to Trump's health-care legislation even it is passed by
Congress."
DAIRY
PLUNGE: Shares of Chinese milk producer Huishan Dairy Holdings plunged 85
percent in just minutes on the Hong Kong exchange, erasing billions of dollars
in market value, before the company requested a trading halt. The reason for
the sell-off was unclear. In December the company was the subject of a report
by U.S.-based short-seller Muddy Waters accusing it of reporting fraudulent
profits, but the company said then that those accusations were false.
ASIAN
SCORECARD: Japan's benchmark Nikkei 225 index rose 0.9 percent to close at
19,262.53 as buying picked up following recent losses. South Korea's Kospi
dipped 0.2 percent to 2,168.95 while Hong Kong's Hang Seng reversed earlier
losses to finish 0.1 percent higher at 24,358.27. The Shanghai Composite index
in mainland China rose 0.6 percent to 3,269.45. Australia's S&P/ASX 200
climbed 0.8 percent to 5,753.50. Taiwan's index fell and Southeast Asian
benchmarks were uneven.
ENERGY:
U.S. crude oil futures rose 31 cents to $48.01 a barrel in electronic trading
on the New York Mercantile Exchange. The contract lost 34 cents the day before.
Brent crude, used to price international oils, added 28 cents to $50.84 a
barrel in London. The Total Investment
& Insurance Solutions
CURRENCIES:
The dollar rose to 111.05 yen from 110.93 yen in late trading Thursday. The
euro rose to $1.0802 from $1.0783.The
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