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26 February 2018
 |
| Japan financial markets (The Total Investment & Insurance
Solutions) |
Global stocks rose Monday as investors looked ahead to the U.S. Federal
Reserve chairman's congressional testimony this week for clues on how quickly
interest rates may rise. The Total
Investment & Insurance Solutions
KEEPING SCORE: Germany's DAX was up 0.3
percent to 12,516 and France's CAC 40 added 0.5 percent to 5,344. Britain's
FTSE 100 advanced 0.6 percent to 7,284. On Wall Street, the future for the Dow
Jones industrial average rose 0.6 percent while that for the Standard &
Poor's 500 index was up 0.3 percent.
ASIA'S DAY: The Shanghai Composite Index rose
1.2 percent while Tokyo's Nikkei 225 gained 1.2 percent to 22,153.62. Hong
Kong's Hang Seng advanced 0.7 percent to 31,498.60 and Sydney's S&P-ASX 200
added 0.7 percent to 6,042.20. India's Sensex was up 0.8 percent at 34,400.63
and benchmarks in Taiwan, New Zealand and Southeast Asia also rose. Jakarta
declined.
FED WATCH: Confidence in stock markets was
buoyed by a late rally on Wall Street on Friday that capped several days of
choppy trading. Whether that sentiment lasts could depend on a testimony on
Tuesday by Fed Chairman Jerome Powell. Analysts expect few significant changes
in forecasts that U.S. inflation will rise toward its 2 percent target and wage
growth will stay moderate. Some traders are looking for the Fed to affirm a
gradual pace of one interest rate hike per quarter this year. The issue is
important for markets as concerns about the pace of hikes had led to a sharp
drop in stocks in February.
ANALYST'S TAKE: "Obviously the biggest
aspect from Fed Powell's first testimony to Congress to watch would be comments
surrounding interest rate and inflation expectations, but one should not be
surprised if the Fed chair rehashes the current rhetoric in order to not rock
the market," said Jingyi Pan of IG in a report. "Over and above the
views on rates, insights into the recent bout of volatility and debt concerns
may also be market-moving pieces."
THIS WEEK: A Chinese industry group releases
its February manufacturing barometer Tuesday amid expectations it may show
activity edging down due to the Lunar New Year holiday leaving the month with
fewer work days. Also Tuesday, the South Korean central bank holds a policy
meeting, but forecasters expect no additional rate hike. On Wednesday, India
reports fourth quarter gross domestic product; the consensus calls for 6.9
percent growth over a year earlier. India's central bank is due to release
minutes of its February meeting. On Thursday, Australia reports private investment
growth.
ENERGY: Benchmark U.S. crude shed 10 cents to
$63.45 per barrel in electronic trading on the New York Mercantile Exchange.
The contract rose 78 cents on Friday. Brent crude, used to price international
oils, lost 20 cents to $67.11 in London. It jumped 92 cents the previous
session.
CURRENCY: The dollar declined to 106.74 yen
from Friday's 106.88. The euro gained to $1.2326 from $1.2298.The Total Investment & Insurance
Solutions
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