Contact Your Financial Adviser Money Making MC
24 May 2017
 |
Global stock markets (The Total Investment & Insurance
Solutions)
Global stock markets traded in narrow ranges Wednesday, with investors
brushing aside Moody's decision to cut China's debt rating. The Total Investment & Insurance
Solutions
KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares
was up 0.3 percent at 7,506 while Germany's DAX fell 0.2 percent to 12,635. The
CAC 40 in France was 0.1 percent lower at 5,341. U.S. shares were poised for a
flat opening with both Dow futures and the broader S&P 500 futures
unchanged. The Total Investment &
Insurance Solutions
CHINESE DEBT: Moody's cut the Chinese government's rating to a
still-relatively robust A1 from Aa3 and changed its outlook to stable from
negative. The move, it said, reflects an expectation "China's financial
strength will erode somewhat" and economy-wide debt will rise. The Chinese
finance ministry criticized the move and said Moody's overestimated the
difficulties facing the economy while failing to give adequate weight to
economic reforms underway.
ANALYST TAKE: "Today's ratings downgrade reveals little that
investors didn't already know about credit growth in China and the risk that it
requires the government to accept a big increase in its debt load in
future," said Mark Williams, chief China economist at Capital Economics.
"The greater concern though, we believe, should be that this debt build-up
is contributing to a slowdown in China's sustainable growth rate." The Total Investment & Insurance
Solutions
ASIA'S DAY: Following an early retreat, the Shanghai Composite Index
ended up barely changed at 3,064.08. Hong Kong's Hang Seng ended little-changed
at 25,428.50. Tokyo's Nikkei 225 rose 0.7 percent to 19,742.98 and Seoul's
Kospi gained 0.2 percent to 2,317.34. Sydney's S&P-ASX 200 advanced 0.2
percent to 5,769.00. The Total
Investment & Insurance Solutions
OPEC FOCUS: The OPEC oil cartel and other producers, notably Russia, are
this week expected to extend last year's production cut in a concerted attempt
to prevent oil prices from falling. With prices likely to fall because of an
oversupply in the market if they don't, both Russia, and OPEC oil giant Saudi
Arabia have spoken out in favor of an extension ahead of Thursday's meeting.
ENERGY: Benchmark U.S. crude rose 13 cents to $51.60 per barrel in
electronic trading on the New York Mercantile Exchange while Brent crude, used
to price international oils, advanced 20 cents to $54.35 in London. The Total Investment & Insurance
Solutions
CURRENCY: The euro was unchanged at $1.1186 while the dollar rose 0.1
percent to 111.82 yen.The Total
Investment & Insurance Solutions
No comments:
Post a Comment