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23 May 2017
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European markets (The Total Investment & Insurance
Solutions)
European markets were buoyed Tuesday by some further good economic news
that helped offset the concerns and anguish stoked by the blast in Manchester,
England which killed at least 22 people.
KEEPING SCORE: In Europe, Germany's DAX was up 0.6 percent at 12,698
while the CAC 40 in France rose 0.8 percent to 5,365. The FTSE 100 index of
leading British shares was 0.2 percent higher at 7,509. U.S. stocks were poised
for solid gains with Dow futures and the broader S&P 500 futures up 0.2
percent.
MANCHESTER BLAST: A suicide bomber blew himself up as young
concert-goers left a show by the American singer Ariana Grande in Manchester,
killing at least 22 people and injuring dozens. The singer was not injured.
Britain's terrorist threat level has been set at "severe" in recent
years, indicating an attack is highly likely. Greater Manchester Police
announced Tuesday that they had arrested a 23-year-old man in the south of the city
in connection with the attack.
EUROPE
DATA: Europe's economic recovery is showing surprising strength, as key surveys
of business activity and optimism hit their highest levels in years. Monthly
surveys from Germany's Ifo Institute and IHS Markit's eurozone purchasing
managers' index were both at multi-year highs. The data hold out hope that the
region is set to see a sustained and marked decline in its unemployment rate
from the current 9.5 percent. And the good economic news could well add
pressure on the European Central Bank to signal a withdrawal of its
extraordinary stimulus measures. The
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ANALYST
TAKE: "What has been remarkable has been the speed with which indices like
the FTSE, S&P 500 and Dow have rebounded to close to their all-time
highs," said Chris Beauchamp, chief market analyst at IG. "There is,
it seems, no shortage of investors across the globe willing to jump in on the
slightest sign of weakness." The
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ASIA'S
DAY: Japan's Nikkei 225 lost 0.3 percent to 19,613.28 as the yen gained against
the U.S. dollar, potentially hurting exporters' earnings. The Shanghai
Composite Index fell 0.5 percent to 3,061.95, while Hong Kong's Hang Seng index
rose 0.1 percent to 25,412.73. The S&P ASX 200 of Australia slipped 0.2
percent to 5,760.20. South Korea's Kospi gained 0.7 percent to 2,321.14 as
impeached former President Park Geun-hye went on trial. The Total Investment & Insurance Solutions
SOUTH
KOREA TRIAL: Park, the former president, denied that she engaged in bribery and
leaking government secrets at Tuesday's start of the criminal trial that could
send South Korea's first female leader to prison for life if she is convicted.
Park was removed from office after the Constitutional Court upheld her December
impeachment after massive street protests over corruption allegations that
emerged last October. The Total
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ENERGY: Benchmark U.S. crude oil fell 10 cents to $51.03 a barrel in
electronic trading on the New York Mercantile Exchange as did Brent crude, used
to price international oils, to $53.77 a barrel.
CURRENCIES: The euro fell 0.2 percent to $1.1215 while the dollar was
down 0.2 percent at 111.12 yen.The
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