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27 February 2018
 |
South korea financial markets (The Total Investment & Insurance
Solutions)
Global stock markets were little changed Tuesday ahead of the new
Federal Reserve chair's testimony to Congress later. Given that Jerome Powell
has yet to chair a policymaking meeting, anything he says on the U.S. economic
outlook and the likely path of U.S. interest rate could stir markets out of
their current torpor. The Total
Investment & Insurance Solutions
KEEPING SCORE: In Europe, Britain's FTSE 100
was flat at added 0.1 percent to 7,288 while France's CAC 40 fell 0.1 percent
to 5,342. Germany's DAX underperformed its peers, trading 0.3 percent lower at
12,484. Wall Street was poised for modest losses at the open with Dow futures
and the broader S&P 500 futures down 0.1 percent. The Total Investment & Insurance Solutions
FED WATCH: How U.S. stock markets perform
could hinge on what Powell says in his testimony to the House Financial Services
Committee. In December, the Fed forecast that it would raise rates three times
in 2018, but many think it may accelerate that pace. Investors will also want
to know whether Powell is becoming convinced that the Fed is finally on the
verge of achieving its 2 percent inflation target and if so, whether it might
soon feel the need to speed up its rate increases. The Total Investment & Insurance Solutions
ANALYST TAKE: "the feeling so far is
that Powell is unlikely to diverge from the current path which would imply
three rate hikes this year but with the economy strengthening and tax reform
potentially providing additional stimulus, a fourth hike may be warranted this
year and along with additional increases further down the road," said
Craig Erlam, senior market analyst at OANDA. "The market seems quite well
positioned on this at the moment which may reduce the likelihood of significant
shocks, although we've seen how vulnerable markets have shown themselves to be
in recent weeks." The Total
Investment & Insurance Solutions
SKY HIGH: The big corporate news Tuesday came
in London where Comcast, the owner of NBC and Universal Pictures, launched a
bid for British pay TV broadcaster Sky that threatens to thwart the takeover
ambitions of media mogul Rupert Murdoch. The firm is offering 22.1 billion
pounds ($29.50 billion) for Sky. The proposed cash offer values each Sky share
at 12.50 pounds, which represents a 16 percent premium to the bid made by
Murdoch's 21st Century Fox. Sky's shares rallied 21 percent. The Total Investment & Insurance
Solutions
THE QUOTE: "The stock has soared to its
highest level since 2000 in response although the hefty premium that it
currently trades above the proposed offer shows that the market is expecting
higher bids in the future," said David Cheetham, chief market analyst at
XTB.
ASIA'S DAY: Japan outperformed the region,
with its benchmark Nikkei 225 jumping 1.1 percent to 22,389.86. South Korea's
Kospi finished 0.1 percent lower at 2,456.14. Hong Kong's Hang Seng index
dropped 0.7 percent to 31,268.66, while China's Shanghai Composite Index
slumped 1.1 percent to 3,292.07. Australia's S&P/ASX 200 gained 0.2 percent
to 6,056.90.
OIL: Benchmark U.S. crude fell 19 cents to
$63.72 per barrel on the New York Mercantile Exchange while. Brent crude, the
international standard, declined 3 cents to $67.26 per barrel. The Total Investment & Insurance
Solutions
CURRENCIES: The euro
was flat at $1.2319 while the dollar rose 0.1 percent to 108.04 yen.The Total Investment & Insurance
Solutions
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