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25 May 2018
 |
| Hong kong financial markets (The Total Investment & Insurance
Solutions) |
World stock markets were mixed Friday after North Korea issued a
surprisingly restrained response to U.S. President Donald Trump's abrupt
decision to cancel a planned summit. The Total Investment & Insurance Solutions
KEEPING SCORE: European shares rose in early trading. Germany's DAX rose
0.9 percent to 12,973.47 and France's CAC 40 added 0.5 percent to 5,577.16.
Britain's FTSE 100 climbed 0.4 percent to 7,745.00. Wall Street was poised to
open higher. Dow futures added 0.3 percent to 24,865.00 and broader S&P 500
futures were up 0.2 percent to 2,732.90.
ASIAN SCORECARD: Japan's benchmark Nikkei 225 index rose 0.1 percent to
close at 22,450.79 but South Korea's Kospi lost 0.2 percent to 2,460.80. Hong
Kong's Hang Seng shed 0.6 percent to 30,588.04 and the Shanghai Composite in
mainland China slipped 0.4 percent to 3,141.30. Australia's S&P/ASX 200
dipped 0.1 percent to 6,032.80. Taiwan's benchmark rose and Southeast Asian
indexes were mostly lower.
The Total Investment & Insurance Solutions
SUMMIT SCRUBBED: Trump cancelled a June meeting with North Korean leader
Kim Jong Un, blaming it on "tremendous anger and open hostility" that
was expressed in a statement by a North Korean official. Trump later said the
meeting could still happen. North Korea said it's still willing to sit down for
talks with the U.S. "at any time, at any format," a remarkably
restrained and diplomatic response that contrasts with Pyongyang's traditional
belligerence.
QUOTEWORTHY: "The reality of the situation is starting to dawn on
markets that this is political theater engineered for domestic consumption. The
reality is it doesn't change the economic outlook at all," said Michael
McCarthy, chief strategist at CMC Markets in Sydney. He added that the more
likely explanation is that investors are using it as an excuse to pull back
after a strong run in the markets.
The Total Investment & Insurance Solutions
CHINA-US TRADE: U.S. Commerce Secretary Wilbur Ross is due to arrive in
Beijing on Saturday for more talks on the dispute between China and the U.S.
over trade and technology policy. China's official Xinhua News Agency said the
two sides will "continue negotiations on Chinese-U.S. economic and trade
issues" until Monday. Last week China promised to buy more U.S. goods but
the two sides made scant progress on a final settlement.
WEEK AHEAD: Investors are anticipating the latest batch of economic data
for the U.S. and China due out next week, including a private payroll report
and GDP numbers for the U.S. on Wednesday and China's official monthly
manufacturing index for Thursday. The numbers will give fresh insight into the
state of the world's two largest economies. The Total Investment & Insurance
Solutions
SAMSONITE SLUMP: The luggage maker's shares tumbled for a second day in
Hong Kong trading after short-seller Blue Orca Capital issued a report
questioning its accounting and its CEO's credentials. Samsonite said in a
statement that the conclusions were incorrect. Its shares fell 12 percent after
sliding 9 percent on Thursday. Short-sellers profit when a company's shares
fall.
ENERGY: Oil futures extended losses. Benchmark U.S. crude fell 54 cents
to $70.17 a barrel in electronic trading on the New York Mercantile Exchange.
The contract lost 1.6 percent to settle at $70.71 per barrel on Thursday. Brent
crude, used to price international oils, fell 89 cents to $77.90 in London.
CURRENCIES: The dollar rose to 109.54 yen from 109.25 yen in late
trading Thursday. The euro rose to $1.1723 from $1.1720.The Total Investment & Insurance Solutions
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