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22 September 2017
 |
| Hong Kong financial markets (The Total Investment & Insurance Solutions) |
World stocks were subdued on Friday after North Korea said it could test
a hydrogen bomb in the Pacific Ocean, though European markets were supported by
upbeat economic data.
KEEPING SCORE: Britain's FTSE 100 rose 0.2
percent to 7,275 and Germany's DAX rose by the same rate to 12,624. France's
CAC 40 gained 0.3 percent to 5,284. Wall Street was poised to open lower. Dow
futures shed 0.1 percent and the broader S&P 500 futures lost 0.2 percent.
SANCTIONS: Geopolitical tensions ratcheted up
after U.S. President Donald Trump authorized stiffer new sanctions in response
to North Korea's nuclear weapons advances, drawing a furious response from
Pyongyang. Trump's administration said it would punish foreign companies
dealing with the North, including by expanding the Treasury Department's
ability to ban anyone from interacting with the U.S. financial system. North
Korean leader Kim Jong Un retaliated by calling Trump "deranged" and
saying he'll "pay dearly" for his threats, while Kim's foreign
minister reportedly said the country might plan to test a hydrogen bomb in the
Pacific Ocean.
EUROBOOM: European stocks were supported by a
survey that showed the eurozone economy accelerated at the end of the third
quarter. Financial information company IHS Markit said its main gauge of the
eurozone's business activity, the so-called purchasing managers' index, jumped
to a four-month high of 56.7 points in September, a whole point above the
previous months' rate. The firm's chief business economist Chris Williamson
says that points to a high quarterly economic growth rate of 0.7 percent.
CHINA RATING: In Asia, investors were
digesting Standard & Poor's downgrade of China's credit rating after
markets closed Thursday. Citing rising debt levels, S&P lowered its
sovereign rating by one notch, to A+ from AA-, saying credit growth increased
China's economic and financial risks. Then it cut Hong Kong's rating Friday,
citing risks posed by close ties between mainland China and the Asian financial
center. The downgrade underscores challenges faced by China's Communist leaders
as they cope with slowing growth in the world's No. 2 economy.
ASIA'S DAY: Japan's benchmark Nikkei 225
slipped 0.3 percent to close at 20,296.45 and South Korea's Kospi lost 0.7
percent to 2,388.71. Hong Kong's Hang Seng shed 0.8 percent to 27,880.53 and
the Shanghai Composite fell 0.2 percent to 3,352.53. Australia's S&P/ASX
200 added 0.5 percent to 5,675.70. Taiwan's benchmark fell and Southeast Asian
indexes were mostly lower.
ENERGY: Oil futures were down. Benchmark U.S.
crude shed 12 cents to $50.43 a barrel in electronic trading on the New York
Mercantile Exchange. The contract fell 14 cents, or 0.3 percent, to settle at
$50.55 a barrel on Thursday. Brent crude, used to price international oils,
fell 2 cents to $56.41 a barrel in London.
CURRENCIES: The dollar weakened to 112.03 yen
from 112.49 yen in late trading Thursday. The euro climbed to $1.1965 from
$1.1940.The Total Investment &
Insurance Solutions
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