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18 July 2017
 |
| Japan financial market (The Total Investment & Insurance Solutions) |
Global shares and the dollar stuttered Tuesday as a planned health care
overhaul in the U.S. imploded and raised questions over the prospects for
President Donald Trump's reform agenda.
KEEPING SCORE: In Europe, France's CAC 40
fell 0.7 percent to 5,191 while Germany's DAX dropped 1.1 percent to 12,445.
The FTSE 100 index of leading British shares bucked the trend after softer than
anticipated inflation figures reined in expectations of an imminent interest
rate hike from the Bank of England. The index was up a tad at 7,406. U.S.
stocks were poised for a subdued open, with Dow futures and the broader S&P
500 futures down 0.1 percent. The Total
Investment & Insurance Solutions
HEALTHCARE REFORM: The Senate Republican
health care bill suffered a potentially fatal setback Monday when two more GOP
senators announced they would vote no in an initial, critical vote expected as
soon as next week. The implosion leaves the divided GOP with its flagship
legislative priority in tatters.
DOLLAR DIVES: The dollar has been
particularly hit by Trump's failure to repeal and replace his predecessor's
flagship health care reforms. The euro was up 0.7 percent at $1.1554 while the
dollar fell 0.5 percent to 112.04 yen. The
Total Investment & Insurance Solutions
ANALYST TAKE: "The dollar doesn't
actually care about the health care bill specifically, but rather what it means
for Trump's ability to get anything done, something that could come to affect
his infrastructure and tax plans down the road," said Connor Campbell,
financial analyst at Spreadex.
UK RATE RELIEF: Inflation in Britain
unexpectedly fell in the year to June, in a development that's likely to ease
market expectations that the Bank of England will raise interest rates soon.
The Office for National Statistics said consumer prices were 2.6 percent higher
in the year to June, down from 2.9 percent the previous month. The pound fell
sharply after the inflation data as traders priced in a lower interest rate
profile. It was down 0.3 percent at $1.3016. Earlier it had hit a 2017 high above
$1.31 as traders bet that the inflation data would be higher than anticipated
and potentially force the hand of the bank to raise interest rates soon. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225 lost
0.6 percent to finish at 19,999.91 as the yen gained against the dollar.
Australia's S&P/ASX 200 dipped 1.2 percent to 5,687.40. South Korea's Kospi
was flat at 2,426.04. Hong Kong's Hang Seng climbed 0.2 percent to 26,524.94,
while the Shanghai Composite added 0.4 percent to 3,187.57. Shares in Southeast
Asia were mixed, and India's Sensex dropped 0.9 percent to 31,798.54. The Total Investment & Insurance Solutions
ENERGY: Benchmark U.S. crude was up 77 cents
at $46.79 a barrel while Brent, the international standard, rose 87 cents to
$49.29 a barrel. The Total Investment
& Insurance Solutions
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