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7 June 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
Global stock markets were higher Thursday as investors looked ahead to a
summit of leaders where U.S. President Donald Trump is likely to be challenged
over his trade policies. The Total
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KEEPING SCORE: France's CAC 40 rose 0.3 percent to 5,473.31 and
Germany's DAX gained 0.2 percent to 12,856.86. Britain's FTSE 100 fell to
7,708.96 after London's Stock Exchange opened one hour late because of a
technical problem. On Wall Street, the future for the Standard & Poor's 500
index was up 0.9 percent and that for the Dow Jones industrial average gained
1.4 percent.
GLOBAL TRADE: The summit of leaders from the Group of Seven
industrialized nations will take place Friday and Saturday in Canada, and Trump's
trade war is at the top of the agenda. U.K. Prime Minister Theresa May has
called his trade tariffs "unjustifiable," and both France and Canada
call for international cooperation to tackle Trump's aggressive trade policies.
EUROPE: The euro rose against the dollar after a European Central Bank
board member said policymakers will discuss next week withdrawing its
bond-purchasing stimulus, suggesting the ECB wasn't overly worried about
Italian government plans. Peter Praet's remarks suggested the June 14 meeting
would bring hints about the end of the bond purchases. The bank currently says
it will buy 30 billion euros ($35 billion) a month at least through September.
The euro was up to $1.1822 from $1.1760 the day before.
ASIA'S DAY: Japan's Nikkei 225 jumped 0.9 percent to 22,823.26 while the
Shanghai Composite Index finished 0.2 percent lower at 3,109.50. South Korea's
Kospi finished up 0.7 percent to 2,470.58 and Hong Kong's Hang Seng index
advanced 0.8 percent to 31,512.63. Australia's S&P-ASX 200 gained 0.5
percent to 6,057.30 and India's Sensex surged just over 1 percent to 35,547.13.
Benchmarks rose in Taiwan and Southeast Asia.
ANALYST'S TAKE: "Overnight market action suggests investor
confidence is growing," said Michael McCarthy of CMC Markets in a report.
He said gains on reports the ECB would review unwinding its stimulus indicated
"belief that the economic drivers of higher interest rates were
sufficiently strong to sustain asset prices." The Total Investment & Insurance Solutions
CURRENCIES: The dollar increased slightly against the Japanese yen,
rising to 110.05 yen from 109.85 yen. The
Total Investment & Insurance Solutions
OIL: Benchmark U.S. crude added 21 cents to $65.38 per barrel in
electronic trading on the New York Mercantile Exchange. It shed 1.2 percent to
settle at $64.73 the previous session. Brent crude, used to price international
oils, gained 35 cents to $76.44 per barrel in London. The contract lost 1 cent
on Wednesday to settle at $75.36.The
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