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26 October 2017
 |
Hong Kong financial markets (The Total Investment & Insurance
Solutions)
World stock markets rose Thursday after the European Central Bank
was cautious in its move to dial back on its bond-buying stimulus program.
KEEPING SCORE: France's CAC 40 rose 1 percent
to 5,426 and Germany's DAX gained 0.6 percent to 13,036. Britain's FTSE 100
added 0.6 percent to 7,488. Wall Street was poised to open higher. Dow futures
were up 0.2 percent while those for the S&P 500 gained 0.1 percent. The Total Investment & Insurance
Solutions
ECB: The ECB said it would reduce its bond
purchases to 30 billion euros ($35 billion) per month starting in January, from
60 billion euros currently. The purchases would continue at least until
September 2018. The bank kept some flexibility in its statement, saying that it
could increase the purchases if the 19-country eurozone endures a new economic
shock. Investors are watching the news conference of ECB President Mario Draghi
for more details on the bank's stimulus outlook. The Total Investment & Insurance Solutions
PROFIT AND LOSS: Investors were digesting the
latest round of quarterly corporate earnings reports. In South Korea, automaker
Hyundai Motors reported its net income plunged by a fifth in the July-September
period, adding to a nearly four-year long losing streak, while LG Electronics
reported a wider loss for its mobile division even as its overall business
stayed profitable. Germany's Deutsche Bank reported that net income more than
doubled on cost cuts and Finnish network operator Nokia posted a wider net
loss. They follow shaky earnings reports from U.S. companies including telecom
giant AT&T, aerospace company Boeing and chipmaker Advanced Micro Devices.
FED SHORTLIST: Anticipation is building for
President Donald Trump's decision on who should lead the Federal Reserve once
Chair Janet Yellen's term expires in February. His choice is expected before he
leaves for an Asia trip on Nov. 3. In a TV interview, he praised Yellen but
also acknowledged his conflicting desire to make his own mark. Among the four
other candidates, Trump's top economic adviser Gary Cohn is now seen as out of
the running.
ASIAN SCORECARD: Japan's benchmark Nikkei 225
index edged 0.2 percent higher to close at 21,739.78 while South Korea's Kospi
dipped 0.5 percent to 2,480.63. Hong Kong's Hang Seng slipped 0.4 percent to
28,202.38 but the Shanghai Composite in mainland China added 0.3 percent to
3,407.57. Australia's S&P/ASX 200 gained 0.2 percent to 5,916.30. Taiwan's
benchmark fell while Southeast Asian indexes were mixed.
CURRENCIES: The euro fell on the ECB's
announcement, a sign that investors find it will allow rates to be low for
longer than they had expected. It fell to $1.1744 from $1.1813 the day before.
The dollar slipped to 113.67 yen from 113.75 yen. The Total Investment & Insurance Solutions
ENERGY: Oil futures
fell. Benchmark U.S. crude gained 4 cents to $52.22 a barrel in electronic
trading on the New York Mercantile Exchange. The contract lost 29 cents to
settle at $52.18 a barrel on Wednesday. Brent crude, used to price
international oils, sank 9 cents to $58.35 per barrel in London.The Total Investment & Insurance
Solutions
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