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9 June 2017
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| Global stock markets (The Total Investment & Insurance Solutions) |
The pound slumped in Friday's trading as soon as signs emerged that
Britain's ruling Conservatives will have a weaker-than-expected showing in the
country's election. Global stock markets were mostly higher as investors
shrugged off uncertainties. The Total
Investment & Insurance Solutions
KEEPING SCORE: France's CAC 40 added 0.5
percent in early trading to 5,292.66, while Germany's DAX rose 0.5 percent to
12,770.25. Britain's FTSE 100 gained 0.8 percent to 7,509.52. U.S. shares were
also set to drift higher, with Dow futures up 0.2 percent at 21,172. S&P
500 futures were also up 0.2 percent at 2,433.90. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225
added 0.5 percent to finish at 20,013.26, while South Korea's Kospi rose 0.8
percent to 2,381.69. Australia's S&P/ASX 200 was little changed, inching up
less than 0.1 percent at 5,677.80. Hong Kong's Hang Seng slipped 0.1 percent to
26,030.29. The Shanghai Composite added 0.3 percent to 3,158.40. The Total Investment & Insurance
Solutions
BRITISH POLLS: The Conservative Party lost
its majority in Parliament and pressure is mounting on British Prime Minister
Theresa May to resign. The results could send Britain's negotiations to leave
the European Union — due to start June 19 — into disarray.
CURRENCIES: The pound lost more than 2 cents
versus the dollar seconds after the exit poll results were released, plunging
from $1.2955 to $1.2752. It continued to bounce around that level and was
recently trading at $1.2721. The dollar fell to 110.36 yen from 109.90 yen late
Thursday in Asia. The euro weakened to $1.1182 from $1.255.
THE QUOTE: "The possibility of a reduced
Conservative majority or even a minority government is unlikely to have a
significant impact on broader global markets," says Ric Spooner, chief
market analyst at CMC Markets. "At this stage it is unclear what, if any,
impact this will have on Brexit negotiations."
TESTIMONY WATCH: Markets have also been
closely watching former FBI Director James Comey testify before U.S. Congress
as part of the investigation into Russian meddling into the presidential
election. Comey told Congress that President Donald Trump's administration
spread "lies" about him and the FBI after his abrupt firing in May. The Total Investment & Insurance
Solutions
ROBOT WATCH: SoftBank stock surged 7 percent
after it announced it was acquiring Boston Dynamics from Alphabet, Google's
parent. Terms of the deal weren't disclosed, but the Japanese internet,
technology and solar company, which offers the Pepper companion robot, said
that the purchase shows robotics is a key part of its business. The Total Investment & Insurance
Solutions
ENERGY: Benchmark U.S. crude added 20 cents
to $45.84 a barrel. It wavered for much of the day before sliding 8 cents to
settle at $45.64 a barrel in New York. Brent crude, used to price international
oils, rose 15 cents to $48.01 per barrel in London.The Total Investment & Insurance Solutions
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