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20 June 2018
 |
| Financial markets (The Total Investment & Insurance Solutions) |
Stock markets rose Wednesday as investors
rallied around signs that the global economy was on track despite heated
exchanges between the world's two largest economies over trade. The Total Investment & Insurance
Solutions
KEEPING SCORE: Germany's DAX was up 0.1 percent to 12,692 and France's
CAC 40 added 0.2 percent to 5,400. Britain's FTSE 100 gained 0.9 percent to
7,668. Wall Street was poised to open higher. Dow futures added 0.3 percent and
the broader S&P 500's futures were up 0.2 percent.
ASIA'S DAY: Japan's benchmark Nikkei 225
index rebounded 1.2 percent to close at 22,555.43 and South Korea's Kospi
gained 1.0 percent to 2,363.91. Hong Kong's Hang Seng rose 0.8 percent to
29,696.17 and the Shanghai Composite in mainland China increased 0.3 percent to
2,915.73. Australia's S&P/ASX 200 climbed 1.2 percent to 6,172.60. Taiwan's
benchmark rose, but Southeast Asian indexes were mixed. The Total Investment & Insurance Solutions
U.S.-CHINA TARIFFS: A budding trade war between the U.S. and China is
showing no signs of abating. On Tuesday, China's government called President
Donald Trump's threat of new tariffs on $200 billion of Chinese goods blackmail
and warned that it would retaliate with measures of its own. Trump has already
announced a 25 percent tariff on up to $50 billion of Chinese products starting
July 6. China retaliated by raising import duties on $34 billion worth of
American goods, including soybeans, electric cars and whiskey.
QUOTEWORTHY: "Trade tension is going to
dominate market sentiment in the weeks to come. The market is waiting for Beijing
to come out with counter measurements to offload more chips," said
Margaret Yang, market analyst at CMC Markets Singapore. The Total Investment & Insurance Solutions
NEW EUROZONE BUDGET: German Chancellor Angela Merkel and French
President Emmanuel Macron have agreed to create a eurozone budget. The new
budget aims to boost investment and provide a safety mechanism for the 19
nations using the euro currency. That could bolster longer-term confidence in
the currency union, which has been hobbled by a lack of a central pot of money
to help investment in individual countries.
POSITIVE HOUSING DATA: The solid U.S. job market has helped to boost
demand for new homes. The Commerce Department said housing starts rose to a
seasonally adjusted annual rate of 1.35 million in May, the strongest pace
since July 2007. All of May's construction gains came from a 62 percent jump in
the Midwest, while building slumped in the Northeast, South and West.
ENERGY: Oil futures ticked up ahead of
Friday's OPEC meeting. Saudi Arabia and Russia are seeking to raise production
by 1.5 million barrels per day, but they may not get their way, experts say.
Analysts expect the group to consider an increase in production of about 1
million barrels a day, ending the output cut agreed on in 2016. Benchmark U.S.
crude rose 3 cents to $65.10 a barrel in electronic trading on the New York
Mercantile Exchange. The contract settled at $64.90 per barrel on Tuesday.
Brent crude, used to price international oils, fell 6 cents to $75.02 in
London. The Total Investment &
Insurance Solutions
CURRENCIES: The dollar edged down to 110.02 yen from 110.07 in late
trading Tuesday. The euro dipped to $1.1572 from $1.1575.The Total Investment & Insurance
Solutions
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