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19 April 2018
 |
| Hong kong financial markets (The Total Investment & Insurance
Solutions) |
KEEPING SCORE: European shares were mostly
higher in early trading. Britain's FTSE 100 rose 0.3 percent to 7,335.40 and
France's CAC 40 edged 0.1 percent higher to 5,387.97. Germany's DAX slipped 0.1
percent to 12,577.06. Wall Street was poised to open slightly lower. Dow
futures were less than 0.1 percent lower at 24,731.00 and broader S&P 500
futures dipped 0.1 percent to 2,707.70.
ASIAN SCORECARD: Japan's benchmark Nikkei 225
index rose 0.2 percent to 22,2191.18 and South Korea's Kospi added 0.3 percent to
2,486.10. Hong Kong's Hang Seng jumped 1.4 percent to 30,708.44 and the
Shanghai Composite in mainland China gained 0.8 percent to 3,117.38.
Australia's S&P/ASX 200 advanced 0.3 percent to 5,881.00. Shares were
higher in Taiwan and most of Southeast Asia. The Total Investment & Insurance Solutions
GLOBAL ECONOMY: The Federal Reserve's latest
beige book survey found the outlook for the world's No. 1 economy remains
positive as growth continues at a moderate pace, though trade tensions with
China are an increasing concern. Investors are also keeping an eye on corporate
earnings. Swiss pharmaceutical company Novartis reported first quarter net
income jumped 12 percent on strong growth in some of its key drugs. The Total Investment & Insurance
Solutions
TRADE TENSIONS: President Donald Trump and
Japanese Prime Minister Shinzo Abe said they agreed to start talks on a new
"free, fair and reciprocal" trade agreement after two days of
meetings in Florida. Abe failed to get the exemption from U.S. metal tariffs
for Japan that he had hoped for but some analysts said the outcome signaled that
Trump was taking a more conciliatory stance on trade. In Beijing, a Commerce
Ministry spokesman said China hopes trade frictions with the U.S. won't
escalate but that "China has prepared for all the possibilities."
MARKET INSIGHT: "I think overall
sentiment today is continuing favorably as geopolitical risk diminishes, and
perhaps we're starting to see a definite de-escalation from Trump's America
First trade policy," after the Trump-Abe meeting, said Stephen Innes, head
of Asian trading at OANDA.
CRESTING CRUDE: Oil prices are at their
highest levels since late 2014 after the latest report on U.S. inventories
found that crude stockpiles fell sharply in a sign of stronger than expected
demand. News reports citing industry sources saying Saudi Arabia would be happy
to see prices hit $100 a barrel are also helping lift the rally and shares of
energy companies. Chinese oil producer CNOOC Ltd. jumped 4.4 percent and
Sinopec, China's largest refiner, rose 2.4 percent in Hong Kong while Japan
Petroleum Exploration advanced 2.6 percent.
ENERGY PRICES: Oil futures rose to their
highest in nearly 3 ½ years. Benchmark U.S. crude gained 76 cents to $69.23 a
barrel in electronic trading on the New York Mercantile Exchange. The contract
rose $1.95, or 2.9 percent, to settle at $68.47 per barrel on Wednesday. Brent
crude, used to price international oils, added 42 cents to $74.38 per barrel in
London.
CURRENCIES: The dollar strengthened to 107.34
yen from Wednesday's 107.24 yen. The euro slipped to $1.2372 from $1.2375.The Total Investment & Insurance
Solutions
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