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7 June 2017
 |
| Global Stocks (The Total Investment & Insurance Solutions) |
Global stocks were mixed Wednesday following Wall Street's decline as
traders looked ahead to British elections. The Total Investment & Insurance Solutions
KEEPING SCORE: France's CAC 40 gained 0.3
percent to 5,284.92 and London's FTSE 100 added 0.1 percent to 7,536.38 in
early trading. Germany's DAX was unchanged at 12,685.47. On Tuesday, the DAX
lost 1 percent and the CAC 40 was off 0.7 percent while the FTSE 100 was flat.
ASIA'S DAY: The Shanghai Composite Index rose
1.2 percent to 3,140.32 and Tokyo's Nikkei 225 was unchanged at 19,984.62. Hong
Kong's Hang Seng fell 0.2 percent to 25,941.89 and Seoul's Kospi shed 0.4
percent to 2,360.14. Sydney's S&P-ASX 200 was unchanged at 5,667.20 and
India's Sensex was flat at 31,186.97. Benchmarks in Taiwan and Southeast Asia
gained while New Zealand fell.
WALL STREET: U.S. stocks declined for a
second day after bad news for retailers and banks. Macy's sank more than 8
percent after warning profit margins might be weaker. Banks fell as the yield
on the 10-year Treasury slipped, which would mean lower rates on loans and
smaller profits. The Standard & Poor's 500 index fell 0.3 percent to
2,429.33. The Dow Jones industrial average slid 0.2 percent to 21,136.23. The
Nasdaq composite index lost 0.3 percent to 6,275.06.
ANALYST'S TAKE: "The U.K. election
result will give direction to sterling and the future Brexit talks,"
Margaret Yang of CMC Markets said in a report. "'Risk-off' sentiment is
likely to prevail as any surprises from the U.K. election, the ECB's policy
outlook or changes in the White House could significantly impact the market.
This has led to a hunt for safety, with gold, silver and the Japanese yen
advancing to their highest levels in a month." The Total Investment & Insurance Solutions
BRITISH ELECTION: Prime Minister Theresa May
called a snap vote in hopes of increasing her Conservatives' majority ahead of
Brexit talks. But after two deadly attacks, the focus shifted to security,
raising questions about May's record as a former minister in charge of security
services. Opinion polls show various results from a Conservative lead to a dead
heat with the opposition Labour party.
TRUMP TROUBLES: The White House and its
allies are scrambling to offset potential damage from fired FBI Director James
Comey's congressional testimony about his discussions with President Donald
Trump about the investigation into Russia's possible election meddling. Comey's
testimony Thursday will be his first public comments since he was abruptly ousted
by Trump on May 9. The former director's associates say Trump asked Comey if he
could back off an investigation into Michael Flynn, who was fired as national
security adviser because he misled the White House about his ties to Russia. To
undermine Comey's credibility, White House officials and an outside group plan
to hammer him for misstatements he made about Democrat Hillary Clinton's emails
during his last appearance on Capitol Hill.
ECB WATCH: Investors looked ahead to
Thursday's policy meeting of the European Central Bank. Following a recent
decline in inflation, the bank is not expected to signal it is ready to ease up
on monetary stimulus, even though growth across the region has picked up
momentum.
QATAR TENSIONS: Kuwait tried to mediate an
end to a diplomatic rift between Qatar and its neighbors that has roiled energy
markets. Saudi Arabia and other Arab powers cut land, sea and air routes into
the peninsula nation on Monday over accusations it supports extremist groups
and Iran. Qatar is one of the largest suppliers of natural gas and is a base
for some 10,000 American troops. Qatar denies funding extremists. The Total Investment & Insurance
Solutions
ENERGY: Benchmark U.S. crude retreated 32
cents to $47.87 per barrel in electronic trading on the New York Mercantile
Exchange. The contract jumped 79 cents on Tuesday to close at $48.19. Brent
crude, used to price international oils, shed 42 cents to $49.70 in London. It
rose 65 cents in the previous session to $50.12. The Total Investment & Insurance Solutions
CURRENCY: The dollar declined to 109.28 yen
from Tuesday's 109.39 yen. The euro retreated to $1.1262 from $1.1278.The Total Investment & Insurance
Solutions
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