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17 May 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
European stocks brushed aside earlier losses in Asia to rise solidly
Thursday with oil companies in demand as the international measure of oil
struck its highest level in three-and-a-half years after French oil giant Total
threatened to pull out of Iran. The
Total Investment & Insurance Solutions
KEEPING SCORE: In Europe, Britain's FTSE 100
was up 0.3 percent to 7,754 while France's CAC 40 rose 0.5 percent to 5,592.
Germany's DAX advanced 0.3 percent to 13,037. Futures augured a sluggish start
on Wall Street. S&P futures dipped 0.1 percent while Dow futures remained
flat.
OIL: Benchmark U.S. crude oil rose 70 cents
to $72.20 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, used to price international oil, rose 77 cents to $80.05 per
barrel in London, its highest level since November 2014. The Total Investment & Insurance Solutions
TOTAL: French oil and gas producer Total said
it would not be able to continue a multi-billion dollar project in Iran unless
it is granted a waiver by U.S. authorities. The group said in a statement that
it "cannot afford to be exposed to any secondary sanction" including
the loss of financing by American banks. Total wants U.S. and French
authorities to examine the possibility of a specific project waiver. Last week,
U.S. President Donald Trump said it will pull out of the landmark 2015 nuclear
deal between Iran and Western powers and that the U.S. was reinstalling
sanctions against Iran.
OIL STOCKS: Across Europe, oil companies were
in demand amid higher oil prices. BP's share price was up 0.8 percent, while
Total's rallied 0.6 percent.
ANALYST TAKE: Connor Campbell, financial
analyst at Spreadex, said U.S. stocks have struggled to claw back Tuesday's
trade war-inspired losses "with little on the horizon in the rest of the
week, beyond an unforeseen update on the state of play between the US and
China, to spark a recovery."
ASIA'S DAY: Japan's Nikkei 225 index finished
0.5 percent higher at 22,838.37 but the rest of the region was mostly in the
red. Hong Kong's Hang Seng fell 0.5 percent at 30,942.15 and the Kospi in South
Korea closed 0.5 percent lower at 2,448.45. Australia's S&P ASX 200 dipped
0.2 percent to 6,094.30 and the Shanghai Composite index fell 0.5 percent to
3,154.28. Shares were mixed in Southeast Asia. The Total Investment & Insurance Solutions
CURRENCIES: The euro fell 0.2 percent to
$1.1785 while the dollar rose 0.3 percent to 110.67 yen.The Total Investment & Insurance Solutions
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