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28 November 2017
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| Japan financial markets (The Total Investment & Insurance Solutions) |
European shares were higher Tuesday following a downbeat day in Asia,
after German Chancellor Angela Merkel said her conservative bloc was willing to
discuss forging a "stable government" with the Social Democrats and
after the Bank of England issued a relatively upbeat report on Britain's
biggest banks.
KEEPING SCORE: In Europe, France's CAC 40 gained 0.5 percent to 5,384
while Germany's DAX added 0.3 percent to 13,036. Britain's FTSE 100 edged up
0.5 percent to 7,423. U.S. shares were set to drift higher at the open, with
Dow futures and the broader S&P 500 futures up 0.2 percent.
GERMAN POLITICS: Merkel said Monday her conservative bloc was willing to
start talks on trying to forge a "stable government" with the Social
Democrats, with an eye on the large challenges Germany faces both
internationally and domestically. The Social Democrats, Merkel's partners in
the outgoing government, initially refused to consider another so-called
"grand coalition" after disastrous election results. But following an
appeal from the country's president they reversed course Friday and said they
were open to holding talks.
UK STRESS TESTS: Britain's biggest banks are strong enough to withstand
a "hard Brexit" and could even weather a deeper recession than the
one they struggled through during the global financial crisis nearly a decade
ago, the Bank of England said. While concluding that lenders would still have
enough capital to provide credit to households and businesses if Britain
crashes out of the European Union without a deal, the Bank of England warned
that the picture wouldn't be so clear-cut if a so-called "disorderly"
Brexit happens during a sharp global recession. The Total Investment & Insurance Solutions
ANALYST TAKE: "With Brexit negotiations falling at almost every
hurdle, the risk of a disorderly exit from the EU is becoming increasingly
likely," said Joshua Mahony, Market Analyst at IG. Thus with each
progressive test highlighting the improved standing of UK banks, it is clear
that these stress tests are making a marked improvement to the financial
stability of the U.K. economy."
NORTH KOREA WORRIES: Reports that Pyongyang may be readying another
missile launch weighed on investor sentiment in Asia. The Kyodo news service
and other Japanese media reported, citing unidentified government sources, that
Japan was on alert after catching radio signals suggesting North Korea might be
preparing for a ballistic missile launch. Japan's government spokesman said the
country is on alert but would not comment on the reports.
ASIA'S DAY: Japan's benchmark Nikkei 225 was nearly unchanged at
22,486.24. Australia's S&P/ASX 200 lost nearly 0.1 percent to 5,984.30.
South Korea's Kospi added 0.3 percent to 2,514.19. Hong Kong's Hang Seng was
little changed, slipping less than 0.1 percent to 29,680.85, while the Shanghai
Composite recovered to 3,333.66, up 0.3 percent. Shares in Southeast Asia were
mixed.
ENERGY: Benchmark U.S. crude dropped 46 cents to $57.65 a barrel in
electronic trading on the New York Mercantile Exchange while Brent crude, used
to price international oils, declined 60 cents to $63.24.
CURRENCIES: The euro fell 0.1 percent to dollar rose to $1.1885 while
the dollar rose 0.2 percent to 111.31 yen.The Total Investment & Insurance Solutions
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