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15 June 2017
 |
Global stocks (The Total Investment & Insurance
Solutions)
Global stocks fell Thursday after the U.S. Federal Reserve raised its
key interest rate and the Bank of England revealed it was unexpectedly close to
hiking its own benchmark rate at its policy meeting.
KEEPING SCORE: Germany's DAX fell 0.9 percent
to 12,690 while the CAC40 of France sank 1.1 percent to 5,188. The FTSE 100 of
Britain dropped 1.1 percent to 7,393. U.S. shares looked set to open lower,
with Dow futures down 0.4 percent and S&P futures off 0.6 percent.
INTEREST RATES: The Federal Reserve raised
interest rates for the third time since December, something investors had
widely expected based on the Fed's recent statements. Fed leaders, including
Chair Janet Yellen, suggested they still expect to raise rates again later in
the year. In Britain, the Bank of England saw three of its eight rate-setters
vote for a rate increase, a fact that suggests a hike is much closer than many
investors had expected. The Total
Investment & Insurance Solutions
GREECE DEBT: Attention in Europe will also
turn to talks to get Greece the next batch of its rescue loans in time for it
to avoid default in July. Greece also hopes to get a broad deal on debt relief
at a meeting Thursday of finance ministers from the 19-country eurozone. The
main obstacle to an agreement is a difference of opinion between the eurozone and
the International Monetary Fund over Greece's long-term debt outlook. The Total Investment & Insurance
Solutions
ASIA'S DAY: Japan's Nikkei 225 stock index
fell 0.3 percent to 19,831.82 and South Korea's Kospi sank 0.5 percent to
2,361.65. The Hang Seng in Hong Kong dropped 1.2 percent to 25,565.34, but
Shanghai's Composite index rose 0.1 percent lower to 3,132.49. The S&P ASX
200 in Australia tumbled 1.2 percent to 5,763.20. Shares in Southeast Asia were
mostly lower.
ENERGY: Oil futures had plunged overnight
after the U.S. government said oil supplies shrank only slightly last week
while gasoline stockpiles grew. Benchmark U.S. crude fell another 22 cents to
$44.51 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, used to price international oils, fell 16 cents to $46.84 a
barrel. The Total Investment &
Insurance Solutions
CURRENCIES: The pound rose almost a cent,
from $1.2695 to $1.2781, after the Bank of England's statement — currencies
tend to rise when rates increase. The dollar rose to 110.09 from 109.57 yen.
The euro dropped to $1.1158 from $1.1217.The Total Investment & Insurance Solutions
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