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| Japan financial markets (The Total Investment & Insurance
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Global stocks dropped Monday on concerns over trade as
the U.S. and China scheduled the start of tariffs on each other's goods, and a
row over migrants threatened the German government. Markets in China and Hong Kong
were closed for a holiday. The Total
Investment & Insurance Solutions
KEEPING SCORE: Germany's DAX lost 1.3 percent to 12,839
and France's CAC 40 shed 1.2 percent to 5,433. Britain's FTSE 100 dipped 0.4
percent to 7,605. Wall Street was poised to open lower. Dow futures dropped 0.7
percent and the S&P 500 futures were down 0.6 percent.
U.S.-CHINA TARIFFS: Tariffs mooted by the world's two
biggest economies are set to take effect from July 6, bolstering fears of a
trade war. President Donald Trump has announced a 25 percent tariff on up to
$50 billion of Chinese products. China is retaliating by raising import duties
on $34 billion worth of American goods, including soybeans, electric cars and
whiskey.
THE QUOTE: "Caution appears to be the key word for
Asian markets today as investors digest the potential implications of the
U.S.-China tit-for-tat tariff measures," said Selena Ling, chief economist
at OCBC Bank.
DISPUTE IN GERMANY: Chancellor Angela Merkel's Bavarian
allies are tangled in a dispute with the German leader over migration, a
conflict that could escalate into a threat to her government. Interior Minister
Horst Seehofer, who heads the Bavaria-only Christian Social Union, wants
Germany to refuse migrants who were previously registered as asylum-seekers in
other European countries. Merkel opposes unilateral action, arguing that it
would weaken the 28-nation European Union. A CSU leadership meeting on Monday
will likely authorize Seehofer to go ahead with his plan. The Total Investment & Insurance
Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225 index dropped
0.8 percent to close at 22,680.33. South Korea's Kospi lost 1.2 percent to
2,376.24. Australia's S&P/ASX 200 gained 0.2 percent to 6,104.10. Southeast
Asian indexes were mostly lower. Markets in China and Hong Kong were closed for
the Duanwu Festival commemorating the death of Qu Yuan, an ancient Chinese poet
and minister.
ENERGY: Oil futures were mixed after reports that OPEC
countries plan to increase production of oil at a meeting this week. Benchmark
U.S. crude fell 23 cents to $64.83 a barrel in electronic trading on the New
York Mercantile Exchange. The contract lost $1.83 to settle at $65.06 per
barrel on Friday. Brent crude, used to price international oils, gained 66
cents to $74.10 in London.
CURRENCIES: The dollar inched down to 110.47 yen from
110.62 in late trading Friday. The euro rose to $1.1617 from $1.1607.The Total Investment & Insurance
Solutions
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