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23 June 2017
 |
| European stock markets (The Total Investment & Insurance Solutions) |
European stock markets edged lower Friday amid ongoing unease over the
outlook for oil prices as well as a slightly disappointing economic survey. The Total Investment & Insurance
Solutions
KEEPING SCORE: In Europe, France's CAC 40
shed 0.6 percent to 5,250 while Germany's DAX fell 0.7 percent to 12,701.
Britain's FTSE 100 slipped 0.4 percent to 7,413. Wall Street was poised for a
flat opening with Dow futures unchanged and the broader S&P 500 futures up
0.1 percent. "
EBBING ENERGY: Crude oil's extended decline
this week and the effect it is having on broader financial markets weighed on
investor sentiment and dragged down energy shares. Crude prices rose on
Thursday for the first time in four days but they are still near their lowest
levels since August. On Friday, they were up a little more, with benchmark New
York crude rose 18 cents to $42.92 a barrel in electronic trading on the New
York Mercantile Exchange. The Total
Investment & Insurance Solutions
ANALYST TAKE: "There's little reason to
believe this is anything more than a dead cat bounce and that next week may be
another painful one," said Craig Erlam, senior market analyst at OANDA.
Traders are clearly unconvinced by the cuts that are intended to bring
inventories down to their five year average, particularly against the backdrop
of rising output from the U.S., Libya and Nigeria."
CHINA CLAMPDOWN: Mainland shares fluctuated
as officials tightened up on some companies. Authorities ordered three popular
internet services, including Sina Weibo, to stop streaming video after they
violated censorship rules on sensitive issues. Adding to the pessimism, reports
in the South China Morning Post newspaper and financial magazine Caixin on
Thursday said the banking regulator is tightening up scrutiny of companies
behind a wave of recent overseas acquisitions by ordering banks to check
credit-risk exposure to Wanda, Fosun, Anbang and HNA.
EUROPEAN GROWTH: A monthly survey revealed
that economic activity in the 19-country Eurozone slipped to a five-month low
in June and below market expectations. However, the IHS Markit composite
purchasing managers' index remained well into positive territory, with job
creation and business confidence still strong. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225 index
finished 0.1 percent higher at 20,132.67 and South Korea's Kospi added 0.4
percent to 2,378.60. Hong Kong's Hang Seng was practically unchanged at
25,670.05 while the Shanghai Composite in mainland China swung between gains
and losses before ending 0.3 percent higher at 3,157.87. Australia's
S&P/ASX 200 crept up 0.2 percent to 5,715.90.
CURRENCIES: The euro was up 0.2 percent at
$1.1172 while the dollar fell 0.1 percent at 111.23 yen.The Total Investment & Insurance Solutions
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