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22 February 2018
 |
| Hong kong financial markets (The Total Investment & Insurance
Solutions) |
Global stock markets tracked Wall Street lower on Thursday after the
minutes to the last meeting of the Federal Reserve policy meeting rekindled
fears about the pace of interest rate rises. The Total Investment & Insurance Solutions
KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares
was down 1 percent at 7,210 while Germany's DAX fell 0.7 percent to 12,383. The
CAC 40 in France was 0.3 percent lower at 5,283. U.S. stocks were poised for a
modest recovery on the opening bell, with Dow futures and the broader S&P
500 futures pointing to gains of 0.3 percent.
MEETING MINUTES: The Fed minutes indicated confidence among policymakers
about the outlook for U.S. and global economic growth, reinforcing expectations
of further interest rate rises this year. Wall Street initially welcomed the
report but soon U.S. Treasury yields spiked to their highest level in four
years, snuffing out the stock market rally amid renewed worries about rising
inflation. Higher yields generally hurt stock prices by making bonds more
attractive than equities. Earlier this month, global stock markets, but
particularly those in the U.S., suffered big losses amid mounting concerns over
the pace of Fed policy tightening.
ANALYST TAKE: "Indices still appear vulnerable to further shocks
and the prospect of more aggressive tightening by the Fed may trigger it,"
said Craig Erlam, senior market analyst at OANDA.
UK SLOWDOWN: British shares underperformed their European counterparts
after figures showed the British economy did not grow as strongly as initially
thought during 2017 as consumers and businesses were held back by factors
related to Brexit. The Office for National Statistics said Thursday that the
British economy expanded by a quarterly rate of 0.4 percent, down from the
initial estimate of 0.5 percent. The downgrade was largely due to lower than
anticipated industrial production. The
Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225 index sank 1.1 percent to close
at 21,736.44 and South Korea's Kospi shed 0.6 percent to 2,414.28. Hong Kong's
Hang Seng lost 1.5 percent to 30,965.68 but the Shanghai Composite jumped 2.2
percent to 3,268.56, fueled by pent-up demand from investors in mainland China,
where markets reopened after a weeklong holiday. Australia's S&P ASX 200
edged up 0.1 percent to 5,950.90. Taiwan's benchmark fell and Southeast Asian
indexes were mostly lower.The Total
Investment & Insurance Solutions
ENERGY: Benchmark U.S. crude fell 15 cents to $61.52 a barrel in
electronic trading on the New York Mercantile Exchange while Brent crude, used
to price international oils, lost 3 cents to $65.39 per barrel in London.
CURRENCIES: The euro fell 0.1 percent to $1.2276 while the dollar slid
0.6 percent to 107.07 yen.The Total
Investment & Insurance Solutions
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