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11 January 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
Global shares were mixed Thursday, with Europe steady and Asia posting
modest losses after main Wall Street benchmarks fell for the first time in
2018. Unconfirmed reports Thursday that China may slow its purchases of U.S.
government bonds weighed on investor sentiment. China's trade minister rejected
the reports as false.
The Total Investment & Insurance Solutions
KEEPING SCORE: Britain's FTSE 100 lost 0.1 percent to 7,744.75. France's
CAC 40 was flat at 5,505.51, while Germany's DAX dipped 0.2 percent to
13,260.53. Futures augured a lackluster start on Wall Street. S&P futures
added 0.1 percent and Dow futures also added 0.1 percent.
CHINA: A report by Bloomberg News said China is considering slowing or
halting its purchases of U.S. Treasurys, which helped push yields higher. The
report triggered sell-offs of U.S. government bonds and the yield on the
10-year Treasury reached its highest level since March at one point before
pulling back. China's foreign exchange regulator challenged the report that it
might slow or stop purchases of U.S. Treasury debt due to trade tensions with
Washington as "fake news." The Total Investment & Insurance Solutions
ANALYST'S TAKE: "Justifiably, Beijing's biggest worry is that the
value of its U.S. bond holdings will be eroded substantially by rising
inflation and supply," Mizuho Bank Ltd. said in a daily commentary. But it
added that "Doubts about (U.S. bonds) allure should not be overblown as a
threat of imminent dumping."
SOUTH KOREA: Bitcoin prices in South Korea gyrated, sinking as much as
about 20 percent, after the country's justice minister said it plans to ban
crypto currency trading. South Korea's presidential office later said the ban
is under review and no decision has been made on whether or not to implement
it. The justice ministry has taken the sternest stance on digital currencies
among South Korean ministries but other government agencies reported oppose an
outright ban on bitcoin and other virtual currency trading.
ASIA'S DAY: Japan's Nikkei 225 fell 0.3 percent to 23,710.43 and South
Korea's Kospi retreated 0.5 percent to 2,487.91. Hong Kong's Hang Seng index
edged 0.2 percent higher to 31,120.39 and the Shanghai Composite index erased
earlier losses to edge 0.1 percent higher at 3,425.34. Australia's S&P/ASX
200 slumped 0.5 percent to 6,067.60. Most stock markets in Southeast Asia were
weaker.
CURRENCIES: The dollar rose to 111.63 Japanese yen from 111.43 yen. The
euro fell slightly to $1.1947 from $1.1948. The Total Investment & Insurance
Solutions
OIL: Benchmark U.S. crude rose 17 cents to $63.74 per barrel on the New
York Mercantile Exchange. The contract added 61 cents to settle at $63.57 per
barrel on Wednesday. Brent crude, the international standard, gained 14 cents
to $69.34 per barrel in London. It gained 38 cents to $69.20 a barrel on
Wednesday.The Total Investment &
Insurance Solutions
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