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15 September 2017
 |
| Hong Kong financial markets (The Total Investment & Insurance Solutions) |
World stocks were mostly lower on Friday after North Korea launched
another missile and as central banks continued to point to tighter monetary
policy in coming months.
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KEEPING SCORE: Britain's FTSE 100 was the
biggest loser, falling 1.2 percent to 7,208 after the pound surged on
expectations of interest rate increases soon. Germany's DAX lost 0.1 percent to
12,531 and France's CAC 40 edged 0.1 percent lower as well, to 5,220. Wall
Street was poised to open lower. Dow and S&P 500 futures both crept 0.1
percent lower. The
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MISSILE TENSIONS: North Korea launched an
intermediate-range missile that flew 3,700 kilometers (2,300 miles), setting
off alarms as it flew over Japan to land in the Pacific Ocean. The launch was
the latest sign of Pyongyang's willingness to defy international opinion as it
moves closer to building up a military arsenal targeting U.S. forces. Asian
markets fell in early trading but some regained their footing later, in a sign
the initial shock for investors quickly wore off.
TRADER TALK: "Another day, another
missile from North Korea," said Rob Carnell, ING's head of Asia research.
"It would be wrong to say that markets are not taking any notice, but the
relatively muted responses of the Japanese yen and Korean won, and risk assets
globally, suggest that a sense of fatigue on this belligerence is creeping
in." The
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CENTRAL BANKS: The pound continued to surge,
rising 1.3 percent to $1.3579, as Bank of England officials confirmed they
expect to start raising interest rates for the first time in a decade in coming
months. The central bank surprised Thursday with the message, which was
reiterated by one of its officials Friday. The pound's rise weighs on the FTSE
100 index because many of its listed companies are multinationals whose
earnings abroad are decreased when translated back into pounds. The Total Investment & Insurance
Solutions
Meanwhile, investors are also digesting U.S.
economic data as they await the Fed's next move on rates. Data released
Thursday showed U.S. consumer prices rose in August at their fastest pace in
seven months. Industrial production and retail sales figures are due Friday,
which could provide more hints on whether the Fed, which holds a scheduled
two-day meeting wrapping up Wednesday, will remain on track to raise rates by
the end of the year.
ASIA'S DAY: Japan's benchmark Nikkei 225
index added 0.5 percent to 19,835.30 as the dollar spiked lower after the
launch but then staged a quick recovery, making shares of exporters more
attractive. South Korea's Kospi recouped initial losses to end 0.4 percent
higher to 2,386.07. Hong Kong's Hang Seng edged up 0.1 percent to 27,807.59
while the Shanghai Composite in mainland China shed 0.5 percent to 3,353.62.
Australia's S&P/ASX 200 sank 0.8 percent to 5,695.00. Taiwan's benchmark
rose and Southeast Asian shares were mostly higher.
ENERGY: Oil pushed up further from a
seven-week high. Benchmark U.S. crude futures gains 1 cent to $49.90 a barrel
in electronic trading on the New York Mercantile Exchange. The contract rose 59
cents to settle at $49.89 a barrel Thursday, the highest closing price since
the end of July. Brent crude, used to price international oils, added 8 cents
to $55.55 barrel in London.
CURRENCIES: The dollar slumped against the
yen immediately after news of the launch but recovered quickly and rose to
111.24 yen, the highest level since late July. The euro strengthened to $1.1954
from $1.1919.The Total Investment &
Insurance Solutions
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