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4 July 2017
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| Hong Cong stock markets (The Total Investment & Insurance Solutions) |
Australian shares were the standout performers Tuesday as the central
bank kept rates unchanged and signaled they wouldn't be raised soon. Elsewhere,
trading was subdued not least because Wall Street is off for U.S. Independence
Day and unease over North Korea's latest missile launch.
KEEPING SCORE: In Europe, France's CAC 40 was
down 0.2 percent at 5,198 while Germany's DAX fell 0.1 percent to 12,459.
Britain's FTSE 100 was steady at 7,377.
DECISION DOWN UNDER: Officials at the Reserve
Bank of Australia kept interest rates unchanged at 1.5 percent following a
monthly policy board meeting, saying it was the right level for sustainable
economic growth and to hit inflation targets. More importantly, they indicated
they wouldn't follow counterparts in the U.S., Britain, Europe and Canada who
have started raising rates, or are considering doing so. The surprisingly
neutral stance of the RBA was felt across markets. The Australian dollar fell
0.7 percent to $0.7607 as traders priced in a lower rate profile going out, but
that helped stocks, and the country's main S&P/ASX index surged 1.8 percent
to close at 5,783.80.
ANALYST TAKE: "Expectations that the RBA
would adopt a more hawkish rhetoric were misplaced," said Lee Hardman,
currency analyst at Bank of Tokyo-Mitsubishi UFJ.
ASIAN SCORECARD: Elsewhere in Asia, Japan's
benchmark Nikkei 225 index shed 0.1 percent to 20,032.35. South Korea's Kospi
declined 0.6 percent to 2,380.52 and Hong Kong's Hang Seng slumped 1.5 percent
to 25,389.01. The Shanghai Composite Index lost 0.4 percent to 3,182.80.
Benchmarks in Taiwan and Southeast Asia also lost ground. The Total Investment & Insurance
Solutions
ROCKET LAUNCH: Shares in Seoul wobbled
briefly after first reports that Pyongyang fired yet another ballistic missile
toward Japan. Stocks resumed sliding as more details came in. North Korean
state media said it was the country's first successful test of an
intercontinental ballistic missile, flying 933 kilometers (580 miles) for 39
minutes before falling into the sea.
ENERGY: Oil's rally fizzled. Benchmark U.S.
crude lost 10 cents to $46.97 a barrel in electronic trading on the New York
Mercantile Exchange. Brent crude, used to price international oils, fell 21
cents to $49.47 a barrel in London. The
Total Investment & Insurance Solutions
CURRENCIES: The euro was down 0.1 percent at
$1.1351 while the dollar fell 0.2 percent to 113.25 yen.The Total Investment & Insurance Solutions
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