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14 July 2017
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Global shares traded in fairly narrow ranges Friday as the quarterly
U.S. corporate earnings results season began in earnest and as investors
awaited some key U.S. economic data.
KEEPING SCORE: In Europe, the FTSE 100 index
of leading British shares was down 0.3 percent at 7,394 while Germany's DAX was
flat at 12,645. The CAC 40 in France was 0.1 percent higher at 5,240. U.S.
stocks were poised for a tepid open with Dow futures and the broader S&P
500 futures down 0.1 percent. The Total
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EARNINGS WATCH: Companies in the U.S. are
beginning to report quarterly financial results, with banks taking center stage
on Friday. The largest U.S. bank by assets, JPMorgan Chase & Co., reported
a second quarter profit of $1.82 per share, above expectations for $1.59 a
share.
US DATA: Competing with earnings for investor
attention are monthly U.S. inflation and retail sales figures. Both, but
particularly the inflation data, could impinge on expectations on how many more
interest rate hikes the Federal Reserve will make this year. In a congressional
testimony this week, Fed Chair Janet Yellen suggested that interest rates may
rise more gradually than previously thought, and that helped stocks while
weighing on the dollar. The Total
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ANALYST TAKE: "After Yellen highlighted
worries about inflation weakness earlier in the week, today's reading will be
key for dollar direction into the rest of the month," said Chris
Beauchamp, chief market analyst at IG. "Meanwhile, bank earnings will let
us see whether trading revenue has suffered from the lack of volatility in
recent months." The Total
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ASIA SCORECARD: Japan's Nikkei 225 added 0.1
percent to 20,118.86 and South Korea's Kospi rose 0.2 percent to 2,414.63. Hong
Kong's Hang Seng index inched up 0.2 percent to 26,389.23 and the Shanghai
Composite Index rose 0.1 percent to 3,222.42. Australia's S&P/ASX 200
gained 0.5 percent to 5,765.10. The
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OIL: Benchmark U.S. crude rose 28 cents to
$46.37 per barrel in electronic trading on New York Mercantile Exchange. Brent
crude, used to price international oils, was up 29 cents to $48.71 per barrel
in London. The Total Investment & Insurance
Solutions
CURRENCIES: The euro was up 0.2 percent at $1.1417 while the dollar fell
0.2 percent to 113.07 yen.The Total
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