Global Stocks Sink After Fed Hike Signal, Eyes Turn To ECB-The Total Investment & Insurance Solutions
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14
June 2018
 |
Japan financial markets (The Total Investment & Insurance
Solutions)
Global stocks slumped Thursday after the U.S. Federal Reserve raised its
key interest rate and said it would pick up the pace of future increases. Eyes
are now on the European Central Bank, which is discussing Thursday when it
might end its stimulus program. The
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KEEPING SCORE: Britain's FTSE 100 was down
0.5 percent to 7,667 and France's CAC 40 fell 0.2 percent to 5,441. Germany's
DAX was down 0.3 percent to 12,846. Futures indicated a lackluster start on
Wall Street. Futures for the Standard & Poor's 500 index and Dow were flat.
ASIA'S DAY: Japan's Nikkei 225 sank 1 percent
to 22,738.61 while South Korea's Kospi plunged 1.8 percent 2,423.48. Hong
Kong's Hang Seng index dropped 0.9 percent to 30,440.17 and the Shanghai Composite
Index was down 0.2 percent to 3,044.16. Australia's S&P-ASX 200 slipped 0.1
percent to 6,016.60. Stocks in Taiwan and Southeast Asia were lower.
CENTRAL BANKS: The Fed's rate hike was its
second this year. The American central bank raised its outlook for increases
this year from three to four. Chairman Jerome Powell said the U.S. economy is
in great shape but investors worry faster rate hikes could stifle growth. The
ECB, meanwhile, could indicate Thursday when it will wrap up its bond-buying
stimulus program, which has boosted stocks and growth since it started in 2015.
KOREA TALKS: South Korean investors sold
stocks after President Donald Trump's meeting with North Korean leader Kim Jong
Un on Tuesday. Trump boasted the meeting ended any nuclear threat from North
Korea, and South Korean President Moon Jae-in tried to put a positive spin on
the outcome, but it produced no details on how or when North Korea's nuclear
weapons might be eliminated or even reduced. South Korean businesses that have
recently gained on expectations for joint inter-Korean business projects were
among the biggest losers. The Total
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CURRENCIES: The dollar slipped to 110.00 yen
from 110.33 yen. The euro rose to $1.1826 from $1.1793. The Total Investment & Insurance Solutions
ENERGY: Benchmark U.S. crude added 23 cents
to $66.87 per barrel in electronic trading on the New York Mercantile Exchange.
The contract rose 0.4 percent to $66.64 a barrel in New York on Wednesday.
Brent crude, used to price international oils, fell 13 cent to $76.61 per
barrel in London. It gained 1.1 percent to $76.74 per barrel on Wednesday.The Total Investment & Insurance
Solutions
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