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15 November 2017
 |
Japan financial markets (The Total Investment & Insurance
Solutions)
Global share prices fell sharply Wednesday as sinking oil prices weighed
on oil producers and other energy stocks. Investors are also monitoring
developments surrounding President Donald Trump's attempt to get sweeping
legislation to revamp the U.S. tax system through Congress.
KEEPING SCORE: In Europe, Germany's DAX fell
1 percent to 12,903 while the CAC 40 in France fell 0.6 percent to 5,285. The
FTSE 100 index of leading British shares was 0.5 percent lower at 7,375. U.S.
stocks were poised for a lower opening, with Dow futures and the broader
S&P 500 futures down 0.5 percent.
OIL SLIDE: A report from the International
Energy Agency pointing to strong production growth in the years ahead,
particularly in the U.S., has weighed on oil prices and that's had a knock-on
effect on energy stocks, such as BP, which was down 1.3 percent and Total,
which was trading 1.2 percent lower. In early afternoon London trading, a
barrel of Brent crude was down another 58 cents at $55.12 a barrel while the
New York benchmark fell 66 cents to $61.55 a barrel.
US TAX UNEASE: Traders were also a tad nervous
about the upcoming vote in Congress on President Donald Trump's tax-cutting
package, which would be his first major legislative achievement after nearly 10
months in office.
ANALYST TAKE: "The deterioration in
global stocks clearly has a footing in last week's Senate announcement that we
may not see a U.S. corporate tax cut until 2019," said Joshua Mahony,
market analyst at IG. "However, the worst may not be over yet. With Senate
Majority leader Mitch McConnell hoping to add a repeal of the 'individual
mandate' into the bill as a way to undermine Obamacare, the pathway to tax
reform just got more complicated."
ASIA'S DAY: Tokyo's Nikkei 225 index tumbled
1.6 percent to 22,028.32, as manufacturers' shares were stung by a stronger
yen. Hong Kong's Hang Seng lost 1.0 percent to 28,851.69 and the Shanghai
Composite index lost 0.8 percent to 3,402.52. Australia's S&P ASX 200 fell
0.6 percent to 5,934.20 and the Kospi of South Korea declined 0.3 percent to
2,518.25.
CURRENCIES: The euro was 0.4 percent higher
at $1.1840 while the dollar fell 0.7 percent to 112.68 yen.The Total Investment & Insurance
Solutions
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