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20 November 2017
 |
Japan financial markets (The Total Investment & Insurance
Solutions)
Stock markets in Europe and the euro currency held their own Monday
despite political uncertainty in Germany after talks on forming a new
government collapsed stoked talk of new elections. With the U.S. heading into a
long holiday weekend, trading volumes this week is expected to be relatively
modest.
KEEPING SCORE: In Europe, Germany's DAX was
up 0.3 percent at 13,026 while France's CAC 40 rose 0.3 percent to 5,333.
Britain's FTSE 100 index of leading British shares was 0.2 percent higher at
7,394. U.S. stocks were heading for a tepid open, with Dow futures and the
broader S&P 500 futures down 0.1 percent.
GERMAN UNCERTAINTY: Germany faces an
uncertain political future after the collapse of weeks of talks on forming a
new government, with Chancellor Angela Merkel set to consult the country's
president and the possibility of new elections looming. Germany's Sept. 24
election produced an awkward result that left Merkel's two-party conservative
bloc seeking a coalition with the pro-business Free Democrats and the
traditionally left-leaning Greens. The combination of ideologically disparate
parties hadn't been tried before in a national government, and came to nothing
when the Free Democrats walked out of talks Sunday night.
EURO WOBBLED: In the immediate aftermath of
the news, Europe's single currency endured a knee-jerk sell-off but that didn't
last long with most economists skeptical about whether the developments in
Germany will curtail the economic recovery in the continent's biggest economy.
In early afternoon trading, the euro was down only 0 .1 percent at $1.1782.
ANALYST TAKE: "Germany's solid economic
fundamentals should dampen the impact of heightened political
uncertainty," said Lee Hardman, an analyst at MUFG. "The eurozone
economic recovery will remain on track and we see no reason to materially alter
our outlook for a stronger euro."
THANKSGIVING: With the U.S. gearing up for
Thanksgiving on Thursday, trading levels across financial markets are expected
to be constrained. However, traders will be monitoring developments in Congress
over President Donald Trump's tax reform package. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225
index lost 0.6 percent to finish at 22,261.76 and Australia's S&P/ASX 200
fell 0.2 percent to 5,945.70. South Korea's Kospi shed 0.3 percent to 2,527.67.
Hong Kong's Hang Seng added 0.2 percent at 29,260.31, while the Shanghai
Composite index gained 0.3 percent to 3,392.40.
ENERGY: Benchmark U.S. crude fell 28 cents to
$56.2779 a barrel in electronic trading on the New York Mercantile Exchange
while Brent crude, which is used to price international oils, dropped 74 cents
to $61.98 a barrel in London.The Total
Investment & Insurance Solutions
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