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6 July 2017
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| Global stock markets (The Total Investment & Insurance Solutions) |
Tensions over recent North Korea's missile launch and unease ahead of
the upcoming meeting of the Group of 20 leading industrial and developing
countries weighed on global stock markets Thursday. Meanwhile, oil prices
recouped some of their previous day's hefty losses.
KEEPING SCORE: In Europe, the FTSE 100 index
of leading British shares was down 0.8 percent at 7,310 while Germany's DAX
fell 1 percent to 12,328. The CAC 40 in France was 1.3 percent lower at 5,115.
Wall Street was poised for a lower opening, with Dow futures and the broader
S&P 500 futures down 0.5 percent. The
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GEOPOLITICS: With global leaders, including
U.S. President Donald Trump and Russian President Vladimir Putin, set to arrive
for a G-20 summit in Hamburg, Germany, traders are cautious, not least because
the meeting takes place in the wake of Pyongyang's recent missile test. On
Thursday, South Korean jets and navy ships fired missiles into the ocean during
drills, a display of military power two days after North Korea test-launched
its first intercontinental ballistic missile. The North's ICBM launch, its most
successful missile test to date, has stoked security worries in Washington,
Seoul and Tokyo as it showed the country could eventually perfect a reliable
nuclear missile capable of reaching the United States.
G-20: Meanwhile, competing visions of world trade
are set to collide at the G-20 summit. Trump's "America First"
approach will face off against the European Union, which on Thursday agreed on
a broad free trade deal with Japan. The
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ANALYST TAKE: "The world seems to be at
loggerheads, and this flow of negativity means that bullish sentiment is being
held firmly in check," said Chris Beauchamp, chief market analyst at IG.
FED MINUTES: Minutes from the Federal
Reserve's June meeting showed policymakers are weighing when to start letting
its $4.5 trillion bond portfolio shrink, a major turning point for the U.S.
economy. Some Fed officials want to announce the start of that process within a
few months, while others want to wait longer. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's Nikkei 225 fell 0.4
percent to 19,994.06 while South Korea's Kospi edged down less than 0.1 percent
to 2,387.81. Hong Kong's Hang Seng index shed 0.2 percent to 25,465.22. China's
Shanghai Composite Index added 0.2 percent to 3,212.44. Australia's S&P/ASX
200 gave up 0.1 percent to 5,758.80. The
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OIL: Another reason why stocks have been
choppy is related to the volatility in oil markets. On Thursday, benchmark U.S.
crude added 68 cents to $45.81 per barrel in electronic trading on the New York
Mercantile Exchange, a day after it slumped $1.94, or 4.1 percent. Brent crude,
used to price international oils, rose 72 cents to $48.51 per barrel in London.
In the previous session, it sank $1.82, or 3.7 percent, to $47.79 a barrel. The Total Investment & Insurance
Solutions
CURRENCIES: The euro was up 0.3 percent at
$1.1383 while the dollar rose 0.1 percent to 113.41 yen.The Total Investment & Insurance Solutions
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