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18 May 2018
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South korea financial markets (The Total Investment & Insurance Solutions)
Global stock markets were mixed on Friday as U.S. and Chinese officials
held a new round of talks seeking to avert a trade war between the world's two
largest economies.
KEEPING SCORE: Britain's FTSE 100 fell 0.2 percent to 7,773 a day after
closing at a record high, while France's CAC 40 was flat at 5,623. Germany's
DAX fell 0.1 percent to 13,105. Futures augured small gains on Wall Street with
S&P futures up 0.1 percent and Dow futures up 0.3 percent.
ASIA'S DAY: Asian stock markets finished mostly higher. Japan's Nikkei
225 added 0.4 percent to 22,930.36 and South Korea's Kospi index rose 0.5
percent to 2,460.65. Hong Kong's Hang Seng index advanced 0.3 percent to
31,047.91. The Shanghai Composite Index jumped 1.2 percent to 3,193.30. But
Australia's S&P/ASX 200 fell 0.1 percent to 6,087.40. Stocks were flat in
Taiwan and were mixed in Southeast Asia.
ANALYST'S TAKE: "A lack of data lies ahead of this Friday, leaving
the U.S.-China trade developments the key item to occupy the market's attention
into the end of the week," said Jingyi Pan, a market strategist at IG in
Singapore. "This all leaves risk assets with little guide of a
direction."
TRADE TALKS: The Trump administration has proposed tariffs on up to $150
billion in Chinese products to punish Beijing for forcing American companies to
turn over technology in exchange for access to the Chinese market. China has
countered by targeting $50 billion in U.S. products. Neither country has
imposed the tariffs. While fielding questions from reporters Thursday
afternoon, Trump suggested the talks may not end up averting a trade war with
China: "Will that be successful? I tend to doubt it," Trump said. On
Friday, China announced it was dropping anti-dumping and anti-subsidy
investigations into imported U.S. sorghum, saying they were not in the public
interest.
ITALIAN JITTERS: Stocks and bonds in Italy were down amid concerns about
the potential program of a new populist government. The two rival populist
parties are thrashing out a program and the early drafts reportedly included,
among other things, measures to quickly ramp up government spending. That would
potentially add to the already huge debt pile of the eurozone's third-largest
economy. Italy's stock index was down 1.2 percent and the 10-year bond yield
was up 0.08 percentage points to 2.19 percent.
OIL: Benchmark U.S. crude oil rose 3 cents to $71.52 per barrel in
electronic trading on the New York Mercantile Exchange. The contract finished
flat at $71.49 per barrel in the previous session. Brent crude, used to price
international oil, gained 29 cents to $79.59 per barrel in London. It closed at
$79.30 a barrel in the previous day, up 2 cents, after briefly touching above
$80 a barrel, its highest level since November 2014.
CURRENCIES: The dollar rose to 110.98 yen from 110.76 yen. The euro fell
to $1.1785 from $1.1795.The Total
Investment & Insurance Solutions
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