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17 July 2017
Global stock markets were mixed Monday as a dearth of market-moving news
kept many investors on the sidelines following recent strong gains, which saw
major Wall Street indexes hit new highs. Earnings statements out of the U.S.
will likely be the main driver this week.
KEEPING SCORE: In Europe, London's FTSE 100
index rose 0.5 percent to 7,420, while France's CAC 40 was up 0.1 percent at
5,242. Germany's DAX was 0.1 percent lower at 12,621. Wall Street was poised
for a pretty uninspiring open, with Dow futures and the broader S&P 500
futures up 0.1 percent.
WALL STREET: Both the Dow and the S&P indexes
closed out last week at record highs as traders cheered suggestions from U.S.
Federal Reserve Chair Janet Yellen that the central bank may not raise interest
rates as fast as markets had been pricing in. Softer than anticipated inflation
data reinforced that view. The focus this week could well be more on the U.S.
second-quarter earnings report. It's a slow start this week, the main ones due
Monday from Netflix and BlackRock.
ANALYST TAKE: "Looking to the U.S. open
and Monday's inertia seems set to continue, with the Dow Jones futures
promising a slight 30 point increase after the bell," said Connor
Campbell, financial analyst at Spreadex. "That would still, however, help
the Dow hit a fresh record peak, the index benefiting greatly from the Federal
Reserve's new-found rate hike reticence."
CHINESE GROWTH: The main economic news Monday
was China's economic growth holding steady at 6.9 percent in the second
quarter. That was higher than most forecasts. Growth was boosted by
unexpectedly strong retail sales and trade, which offset softer investment.
Forecasters warned that strength was unlikely to last because tighter controls
on bank lending aimed at cooling a surge in debt will weigh on investment, a
major component in growth. The Total
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ASIA'S DAY: Hong Kong's Hang Seng gained 0.3
percent to 26,470.58 and Seoul's Kospi added 0.4 percent to 2,425.10. The
Shanghai Composite Index was off 1.4 percent at 3,176.46, while Japanese
markets were closed for a holiday. India's Sensex advanced 0.3 percent to
32,104.77 and Australia's S&P ASX 200 shed 0.2 percent to 5,755.50.
Benchmarks in Singapore and Manila rose while Bangkok and Jakarta declined. The Total Investment & Insurance Solutions
ENERGY: Oil prices were subdued, with
benchmark U.S. crude down 9 cents at $46.46 per barrel in electronic trading on
the New York Mercantile Exchange. Brent crude, used to price international
oils, was a cent lower at $48.90 a barrel. The Total Investment & Insurance Solutions
CURRENCIES: Foreign exchange markets were
similarly subdued, with euro down 0.1 percent to $1.1464 and the dollar 0.1
percent lower at 112.45 yen.The Total
Investment & Insurance Solutions
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