Contact Your Financial Adviser Money Making MC
28 August 2017
 |
| Japan financial markets (The Total Investment & Insurance Solutions) |
European stock markets fell modestly Monday as the euro's ascent
following a meeting of global bankers in Jackson Hole, Wyoming stoked concerns
over the economic recovery across the 19-country eurozone while investors on
Wall Street awaited damage assessments from Tropical Storm Harvey, which
battered Texas' refinery-rich Gulf Coast and sent gasoline futures spiking. The Total Investment & Insurance
Solutions
KEEPING SCORE: In Europe, France's CAC 40 was
down 0.2 percent to 5,099 while Germany's DAX fell 0.2 percent to 12,149.
British markets were closed for a public holiday. Wall Street was poised for a
steady opening with Dow futures and the broader S&P 500 futures unchanged.
STORMY WEATHER: Incessant rain from Harvey,
which slammed ashore as a strong hurricane late last week, has submerged much
of Houston and shut down Texas's oil and gas industry. It's unclear how bad the
damage is to facilities along the state's Gulf Coast but preliminary signs
indicate widespread losses, which will have implications for the U.S. economy
and oil and gas prices. Gasoline futures trimmed earlier gains but were still
at their highest level this year, up 4.4 percent to $1.74 a gallon, while crude
futures were mixed. S&P Global analysts said about 2.2 million barrels per
day of refining capacity was down or being brought down by Sunday.
NO SURPRISES: The gatherings of central
bankers in Jackson Hole, Wyoming, was last week's big economic event but
investors found no surprises in speeches by the Federal Reserve's Janet Yellen
and the European Central Bank's Mario Draghi. There was nothing to change
investors' expectations that the Fed will continue to gradually raise interest
rates and prepare to trim its $4.5 billion balance sheet. Investors were now
looking ahead to economic data releases due later this week, including China's
purchasing managers' index on Thursday and U.S jobs data on Friday. The Total Investment & Insurance
Solutions
CURRENCIES: The euro was at $1.1936, off
earlier highs that took the currency to its strongest level in more than two
and a half years. The currency continued to rise after jumping Friday during
Draghi's speech. He didn't address the financial health of the eurozone, but
investors took that as a sign of confidence in the continent's economy. A
stronger euro makes European exports more costly for foreign buyers. The dollar
fell to 109.19 Japanese yen from 109.36 yen on Friday. The Total Investment & Insurance Solutions
MARKET VIEW: "All of this is bad news
for European stocks, particularly the export-heavy DAX, and we could see
further moderation for European stocks at the start of this week," said
Kathleen Brooks, research director at City Index. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225
index ended practically unchanged at 19,449.90 and South Korea's Kospi lost 0.4
percent to 2,370.30. Hong Kong's Hang Seng rose less than 0.1 percent to
27,863.29 and the Shanghai Composite in mainland China added 0.9 percent to
3,362.65. Australia's S&P/ASX 200 shed 0.6 percent to 5,709.90. Taiwan's
benchmark rose and indexes in Southeast Asia were mixed.
ENERGY: Benchmark U.S. crude fell 42 cents to
$47.45 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 30 cents to $52.71 per barrel.The Total Investment & Insurance
Solutions
No comments:
Post a Comment