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20 April 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
Global shares fell back Friday on worries over trade tensions and tech
outlook after a major supplier to Apple forecast continued weak demand for
mobile devices. A warning by the head of the IMF over the potential for trade
tensions to harm global growth also weighed on sentiment.
KEEPING SCORE: European shares opened mixed
with Britain's FTSE 100 up 0.4 percent to 7,355.30 and Germany's DAX down 0.1
percent to 12,555.26. France's CAC 40 edged up 0.1 percent to 5,394.76. Futures
indicated a weak start on Wall Street. S&P futures lost 0.2 percent and Dow
futures fell 0.3 percent.
ASIA'S DAY: Asian stocks finished lower.
Japan's Nikkei 225 finished 0.1 percent lower at 22,162.24, shedding early
gains. South Korea's Kospi lost 0.4 percent to 2,476.33 while Hong Kong's Hang
Seng index fell 0.9 percent to 30,418.33. The Shanghai Composite Index slumped
1.5 percent to 3,071.54. Australia's S&P/ASX 200 retreated 0.2 percent to
5,868.80. Stocks in Taiwan, Singapore and Indonesia also declined.
APPLE SUPPLIERS: Taiwan Semiconductor
Manufacturing Co. plunged 6.3 percent in Taiwan after the key Asian Apple
supplier gave a lower-than-expected revenue forecast for the second quarter of
$7.8 billion-$7.9 billion. The company predicted demand in the mobile sector
would remain weak. Other Apple suppliers also traded lower. South Korea's LG
Display Co. lost 1.2 percent and Samsung Electronics Co., tumbled 2.2 percent.
ANALYST'S TAKE: Weak guidance from Taiwan
Semiconductor Manufacturing Co., a major supplier to Apple, brewed concerns of
weak iPhone demand, dragging technology shares lower, Jingyi Pan, a market
strategist at IG in Singapore, said in a commentary. "The corresponding
impact would certainly be watched into the Asian session today with the supply
chain sprawled across the region."
TRADE: The head of the International Monetary
Fund, Christine Lagarde, is urging countries to work out their differences over
trade and take advantage of the healthy world economy to reduce debt before the
next downturn comes. Speaking as the IMF and World Bank began their spring
meeting, Lagarde warned against complacency: "More needs to be done to
sustain this upswing and foster long-term growth," she said.
OIL: Benchmark U.S. crude added 1 cent to
$68.34 per barrel on the New York Mercantile Exchange. The contract lost 14
cents to finish at $68.33 per barrel on Thursday. Brent crude, used to price
international oils, rose 6 cents to $73.84 per barrel in London. On Thursday,
it rose 30 cents to close at $73.78 per barrel in London.
CURRENCIES: The dollar rose to 107.68 yen
from 107.38 yen. The euro fell to $1.2296 from $1.2345.The Total Investment & Insurance Solutions
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