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21 March 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
World shares were mostly lower Wednesday as some markets gave back
early gains ahead of the Federal Reserve's first decision on interest rates
since the appointment of its new chair, Jerome Powell.
KEEPING SCORE: Germany's DAX lost 0.1 percent to 12,295.13 and the CAC
40 in France declined 0.3 percent to 5,238.50. Britain's FTSE 100 fell 0.3
percent to 7,043.60. Futures for the S&P 500 lost 0.2 percent to 2,719.00.
Dow futures lost 0.2 percent to 24,713.00, pointing to early losses on Wall
Street.
FED WATCH: Federal Reserve policymakers have begun a two-day policy
meeting that is expected to result in the first of three interest rate hikes
expected this year. One of the key debates on Wall Street is whether it will
wind up increasing rates three times or four. Investors will be watching for
Powell's comments at a press conference Wednesday afternoon.
ANALYST'S TAKE: No one knows what to expect from the Fed meeting,
Stephen Innes of OANDA Trading said in a commentary, "What we do know,
however, is this meeting has lots of eyes on it and not just because it's
Jerome Powell's first post FOMC press conference, but there's likely to be some
nuanced changes in the Fed statement."
FACEBOOK EFFECT: Facebook stocks dropped another 2.6 percent on Tuesday
following reports that the Federal Trade Commission will open investigations on
its handling of user data following the revelations that Cambridge Analytica
harvested private data of its 50 million users. Its shares have fallen 9
percent this week, its worst performance in two years. Other social media
companies in the U.S. also finished the day lower on concerns that the
government might enact new laws affecting their businesses. In Asia, reactions
were relatively muted. Tencent Holdings, which operates China's largest social
media app WeChat, fell 0.9 percent before it reported that its fourth quarter
net profit jumped 105 percent from a year earlier.
South Korea's Naver Corp.,
parent of Line messenger app, dropped 0.1 percent.
ASIA'S DAY: Hong Kong's Hang Seng index erased earlier gains to fall 0.4
percent to 31,414.52 after rising more than 1 percent earlier in the day.
China's Shanghai Composite Index fell 0.3 percent to 3,280.95 and South Korea's
Kospi was flat at 2,484.97. Australia's S&P/ASX 200 advanced 0.2 percent to
5,950.30. India's Sensex rose 0.4 percent to 33,111.19. Stocks in Taiwan were
flat but markets in Southeast Asia were mostly higher. Japan was closed for a
holiday.
OIL: Benchmark U.S. crude rose 26 cents to $63.80 per barrel in
electronic trading on the New York Mercantile Exchange. On Tuesday, it finished
at $63.54 per barrel, up $1.42 from the previous session. Brent crude, used to
price international oils, added 28 cents to $67.71 per barrel. It gained $1.37,
or 2.1 percent, to finish at $67.42 per barrel on Tuesday.
CURRENCIES: The dollar fell to 106.29 yen from 106.53 yen. The euro
gained to $1.2278 from $1.2241.The
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