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28 June 2018
 |
| Hong kong financial markets (The Total Investment & Insurance
Solutions) |
Global stocks were mixed on Thursday as investors let the latest
assurances from the U.S. and China on trade simmer, after a roller coaster of
exchanges between the two powers brought widespread uncertainty.
KEEPING SCORE: European shares were lower in early trading. Germany's
DAX dropped 0.6 percent to 12,274.60 and France's CAC 40 shed 0.3 percent to
5,309.06. Britain's FTSE 100 lost 0.2 percent to 7,608.10. Wall Street was
poised to open higher. Dow futures added 0.1 percent to 24,160.00. The broader
S&P 500 futures were up 0.2 percent to 2,710.20. The S&P 500 index had
dropped 0.9 percent to 2,699.63 on Wednesday, its lowest closing level in
nearly a month.
ASIA'S DAY: Japan's benchmark Nikkei 225 index remained almost flat at
22,270.39 and South Korea's Kospi lost 1.2 percent to 2,314.24. Hong Kong's
Hang Seng added 0.5 percent to 28,497.32 while the Shanghai Composite in
mainland China extended its losses by 0.9 percent to 2,786.90. Australia's
S&P/ASX 200 added 0.3 percent to 6,215.40. Taiwan's benchmark fell and
Southeast Asian indexes were mixed. The
Total Investment & Insurance Solutions
CHINA DEFENDS TRADE: China's government defended its trade record on
Thursday to defuse U.S. and European pressure over market access and technology
policy. A Cabinet report said that China has fulfilled its responsibility as a
"major country" and contributed to "global peace and
development." The report repeated promises to cut some tariffs and ease
controls on foreign investment. But it didn't address complaints that Beijing
is hampering access to promising industries and that plans for the state-led
development of electric cars and other products violates China's free trade
commitments.
MIXED U.S. MESSAGES: U.S. stocks inched higher on Wednesday after
President Donald Trump dropped plans to impose strict limits on Chinese
investment in U.S. technology companies. He urged Congress to strengthen
existing laws that apply to all foreign countries instead. But the gains
evaporated after Larry Kudlow, Trump's top economic adviser, said in an
interview with Fox Business that it should not necessarily be viewed as a
softer stance. The U.S. is set to impose a 25 percent tariff on billions of
dollars of Chinese products starting July 6. In response, China will raise
import duties on $34 billion worth of American goods. The Total Investment & Insurance Solutions
ANALYST'S TAKE: "Trump's slightly softer tone seems to have been
undermined by a reiteration of the previous harsh tone on trade and investment
by his adviser. Dollar strength, a generalized concern about global growth,
higher oil prices, none of this is helping," said Robert Carnell, head of
research and chief economist at ING Bank. The Total Investment & Insurance Solutions
ENERGY: Oil futures eased after rallying on a report that showed U.S oil
inventories dropping more sharply last week. Benchmark U.S. crude fell 14 cents
to $72.62 a barrel in electronic trading on the New York Mercantile Exchange.
The contract gained $2.23 to settle at $72.76 per barrel on Wednesday. Brent
crude, used to price international oils, fell 4 cents to $77.42 in London.
CURRENCIES: The dollar rose to 110.31 yen from 110.20 Japanese yen in
late trading Wednesday. The euro ticked up to $1.1559 from $1.1557.The Total Investment & Insurance
Solutions
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