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1 June 2018
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Japan financial markets (The Total Investment & Insurance
Solutions)
Shares prices were higher in Europe on Friday after most major Asian
benchmarks fell amid mounting trade tensions.
KEEPING SCORE: Germany's DAX gained 0.8 percent to 12,706.48 and the CAC
40 in France jumped 1.2 percent to 5,461.90. Britain's FTSE 100 climbed 0.7
percent to 7,733.12. Wall Street looked set for gains, with the future for the
S&P 500 up 0.4 percent at 2,715.00 and the Dow future contract gaining 0.3
percent to 24,496.00. The Total
Investment & Insurance Solutions
ASIAN SCORECARD: Japan's Nikkei 225 index fell 0.1 percent to 22,171.35
and the Shanghai Composite index tumbled 0.7 percent to 3,075.14. The S&P
ASX 200 slipped 0.4 percent to 5,990.40. Hong Kong's Hang Seng index clawed
back losses to gain 0.1 percent, ending at 30,492.91. The Kospi in South Korea
jumped 0.7 percent to 2,438.96 and shares in Southeast Asia were mixed.
TRADE MOVES: The Trump administration delivered a gut punch to America's
closest allies, imposing tariffs on steel and aluminum from Europe, Mexico and
Canada in a move that drew immediate vows of retaliation. The parties will
likely keep negotiating, and contentious talks between the U.S. and China are
due to resume during the weekend. Experts say a trade war remains a remote
possibility, but the disputes have been weighing on the markets for months.
ITALIAN POLITICS: Italy's anti-establishment 5-Star Movement and
right-wing League succeeded Thursday in forming western Europe's first populist
government. It will be headed by a political novice whose first try was rejected
four days earlier as too risky for the Italian economy, but the outcome avoids
an interim, technical government and a swift return to the polls that investors
had feared could end up being a referendum on staying with the euro currency.
THE QUOTE: "The markets are looking much more constructive to end
the week than they did to start, and with trade wars still lingering, that is
saying a lot," Stephen Innes of Oanda said in a commentary. "And
despite all the doom and gloom prophesies, the Italian political mind-bender
ended up being little more than a tempest in an espresso cup!" The Total Investment & Insurance
Solutions
ENERGY: U.S. crude oil gained 12 cents to $67.16 per barrel in
electronic trading on the New York Mercantile Exchange. It lost 1.7 percent to
$67.04 a barrel on Thursday. Brent crude, used to price international oils,
picked up 5 cents to $77.61 per barrel.
The Total Investment & Insurance Solutions
CURRENCIES: The dollar rose to 109.13 yen from 108.83 yen. The euro fell
to $1.1686 from $1.1695. The Total
Investment & Insurance Solutions
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