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23 January 2018
 |
| Hong Kong financial markets (The Total Investment & Insurance
Solutions) |
World stock markets rose Tuesday, led by strong gains in Asia, as an
upbeat forecast for global economic growth and the end of the U.S. government
shutdown helped lift sentiment.
KEEPING SCORE: Germany's DAX climbed 0.6 percent to 13,548 and France's
CAC 40 was flat at 5,540. Britain's FTSE 100 rose 0.3 percent to 7,734. Wall
Street was poised to open flat. Dow futures were roughly unchanged and the
broader S&P 500 futures were down 0.1 percent.
GLOBAL GROWTH: The International Monetary Fund upgraded its outlook for
the world economy, estimating that the world economy expanded at a 3.7 percent
annual pace last year, the fastest since 2011. It forecast that growth will
accelerate to 3.9 percent in 2018-19. The IMF noted surprisingly strong growth
in Europe and Asia and predicted that U.S. tax cuts will give the American
economy a short-term boost.
SHUTDOWN: President Donald Trump signed a bill ending the U.S. federal
government shutdown after nearly three days. Democrats agreed to a stopgap
funding measure in exchange for Republican promises to resume debates on
immigration and other issues. The agreement helped boost Wall Street though its
effect on the dollar was minimal.
THE QUOTE: "Investors are likely to ignore the overstretched
valuations and continue moving with the flow," said Hussein Sayed, chief
market strategist at FXTM. "Many factors are likely to keep fueling the
rally including, positive earnings, merger and acquisition deals, and the upsurge
in global growth. The IMF joined the party" with its upgraded forecast, he
added.
BANK OF JAPAN: Policymakers did not make any changes to the Japanese
central bank's unprecedented monetary stimulus even though growth in Asia's
second-biggest economy has ticked higher. Bank of Japan officials opted at
their latest policy meeting to stick with massive asset purchases and negative
interest policy aimed at spurring inflation even as their counterparts in the
U.S. and Europe have begun dialing back their stimulus programs.
TARIFFS: Trump approved tariffs on imported solar-energy components and
large washing machines, in a move aimed at helping U.S. manufacturers. The
tariffs, aimed at cheaper imports from rival makers in places like China and
South Korea, raise the threat of a trade war between the U.S. and Asia. The
companies that sought the tariffs said 30 U.S. solar-manufacturing facilities
shut in the past five years as China flooded the global market with cheap
products. China said the move was an abuse of trade remedies.
ASIA'S DAY: Japan's benchmark Nikkei 225 index jumped 1.3 percent to
close at 24,124.15 and South Korea's Kospi advanced 1.4 percent to 2,536.60.
Hong Kong's Hang Seng rose 1.7 percent to 32,930.70 and the Shanghai Composite
in mainland China climbed 1.3 percent to 3,546.50. Australia's S&P/ASX 200
gained 0.8 percent to 6,037.00. Indexes in Taiwan and Southeast Asian also
rose.
CURRENCIES: The dollar slipped to 110.50 yen from 110.93 yen in late
trading Thursday. The euro weakened to $1.2251 from $1.2263.
ENERGY: Oil futures extended gains. Benchmark U.S. crude rose 21 cents
to $63.78 a barrel in electronic trading on the New York Mercantile Exchange.
The contract rose 26 cents on Thursday. Brent crude, used to price
international oils, added 24 cents to $69.27 a barrel in London.The Total Investment & Insurance
Solutions
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