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11 June 2018
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| South korea financial markets (The Total Investment & Insurance
Solutions) |
Global markets mostly rose Monday as Donald Trump prepared to meet North
Korean leader Kim Jong Un following the American president's outburst at
Canada's prime minister over trade. European markets were boosted by an Italian
official's declaration that the country has no intention of leaving the euro.
KEEPING SCORE: Germany's DAX was up 0.4 percent to 12,818 and Britain's
FTSE 100 gained 0.8 percent to 7,743. Paris's CAC 40 added 0.3 percent to
5,464, while Italy's FTSE MIB jumped 2.2 percent to 21,820. On Wall Street, the
future for the Dow Jones industrial average was up 0.1 percent and that for the
Standard & Poor's 500 index was flat. The Total Investment & Insurance Solutions
NORTH KOREA TALKS: U.S. and North Korean officials were preparing for a
meeting Tuesday between Trump and Kim aimed at settling the standoff over the
North's nuclear arsenal. North Korea has reportedly said it is willing to deal
away its entire nuclear arsenal if the United States provides it with reliable
security assurances and other benefits. But many say Kim's government is
unlikely to give up weapons that help guarantee its survival.
TRADE TENSIONS: Trump took more swipes at Canadian Prime Minister Justin
Trudeau, contending that "Fair Trade is now to be called Fool Trade if it
is not Reciprocal." Trump roiled the meeting of leaders of the Group of
Seven major industrial economies by first agreeing to a group statement only to
withdraw from it while complaining about Trudeau's criticism of his tariff
threats. After leaving Canada, Trump called Trudeau "dishonest" and
"weak" on Twitter. German Chancellor Angela Merkel said she found
Trump's tweet disavowing the G-7 statement "a little depressing." The Total Investment & Insurance
Solutions
ANALYST'S TAKE: "The far from harmonious Quebec summit confirmed
deep-seated G-6+1's expanding policy fissures on a plethora of significant
concerns including climate change, the Iran nuclear deal and of course
trade," Stephen Innes of currency trader Oanda said in a report. "The
Trump-Kim summit is the massive event that has a far-reaching regional
implication. While the markets had low expectations going into G-7, assumptions
are running high, so if the talks somehow go sideways, there could be a
reasonably aggressive regional risk-off move." The Total Investment & Insurance Solutions
EURO WATCH: Italy's markets jumped higher after the economy minister
said the country's new populist government isn't considering leaving the
eurozone or adding to the high public debt load. The statement was the
strongest yet on the topic from an official in the new government. Markets had
fallen sharply last month on concern that the new administration might consider
pulling Italy out of the euro eventually or weakening its role in the currency.
CENTRAL BANKS: Looking ahead, investors will be keeping an eye on key
central bank meetings this week. The U.S. Federal Reserve is expected to
announce an interest rate Wednesday. On Thursday, the European Central Bank is
expected to give more indications about whether it might bring forward a rate
hike now expected in mid-2019. On Friday, the Bank of Japan is due to give its
latest policy update. The Total
Investment & Insurance Solutions
ASIA'S DAY: Tokyo's Nikkei 225 rose 0.5 percent to 22,804.04 while the
Shanghai Composite Index lost 0.5 percent to 3,052.78. Hong Kong's Hang Seng
added 0.3 percent to 31,063.70 and Seoul's Kospi advanced 0.8 percent to
2,470.15. India's Sensex added 0.7 percent to 35,689.79 while benchmarks in New
Zealand and Southeast Asia also gained. Australian markets were closed for a
holiday.
ENERGY: Benchmark U.S. crude shed 74 cents to $65006 per barrel in
electronic trading on the New York Mercantile Exchange. The contract fell 21
cents the previous session to close at $65.74. Brent crude, used to price
international oils, lost 69 cents to $75.77 per barrel in London. It lost 86
cents the previous session to $76.46.
The Total Investment & Insurance Solutions
CURRENCY: The dollar rose to 110.00 yen from Friday's 109.54 yen. The
euro gained to $1.1786 from $1.1770.The
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