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23 November 2017
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
European stock markets were weighed down Thursday by the earlier slump
in China's main stock market to its lowest level since September. Trading
levels were relatively modest though with U.S. markets closed for the
Thanksgiving holiday. The Total
Investment & Insurance Solutions
KEEPING SCORE: In Europe, Britain's FTSE 100
fell 0.1 to 7,410 while Germany's DAX dipped 0.2 percent to 12,995. France's
CAC 40 outperformed its counterparts, trading up 0.6 percent at 5,384.
CHINA SLIDE: Chinese stocks fell sharply on
reports that the government is moving to rein in online lending firms.
Investors also pulled back after Hong Kong's Hang Seng index hit a 10-year high
Wednesday to take profits. The Shanghai Composite Index sank 2.3 percent to
3,351.92, its lowest level since September, while the Hang Seng slumped 1
percent to 29,707.94.
ANALYST TAKE: "Sentiment in China was
dented by Beijing halting approvals for all new online lending companies to
curb a credit bubble," said Mike van Dulken at Accendo Markets. The Total Investment & Insurance
Solutions
REST OF ASIA: Other Asian markets finished
generally flat. South Korea's Kospi finished 0.1 percent lower at 2,537.15 and
Australia's S&P/ASX 200 finished unchanged at 5,986.20. Stocks in Singapore
and other Southeast Asian countries were mixed. Japan was closed for a holiday.
EUROZONE BOOMING: The 19-country eurozone is
set for its best quarterly performance since early 2011, according to a closely
watched survey Thursday, the latest sign that a robust economy has gained
further momentum heading into the year's end. Financial information company IHS
Markit said its purchasing managers' index — a broad gauge of business activity
across the manufacturing and services sectors — rose to 57.5 points in November
from 56 the previous month. Anything above 50 indicates an expansion and the
index now stands at its highest level since April 2011. The Total Investment & Insurance Solutions
FED: Minutes of the Fed's last meeting that
ended Nov. 1 showed that most officials generally believe it will soon be time
for another increase in the Fed's key interest rate. A few Fed leaders think
rates should stay where they are until there is more evidence inflation is
rising, showing the concerns the U.S. inflation rate is falling short of
expectations despite the jobless rate falling to the lowest level in nearly 17
years. But the minutes did not change expectations of a December rate hike,
analysts said. The Total Investment
& Insurance Solutions
OIL: The price of oil retreated after a jump
on reports that key oil producers might extend the cuts in production they made
at the start of this year. U.S. crude fell 20 cents to $57.82 per barrel on the
New York Mercantile Exchange while Brent crude, used to price international
oils, lost 31 cents to $63.01 per barrel in London. The Total Investment & Insurance Solutions
CURRENCIES: The euro rose 0.2 percent to
$1.1844 while the dollar was unchanged at 111.21 yen.The Total Investment & Insurance Solutions
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