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16 July 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
Global shares rose Friday as investors focused on a run of earnings
statements from U.S. banks. The British pound, however, was in retreat after
President Donald Trump appeared to dash hopes of any imminent U.S.-U.K. trade
deal.
KEEPING SCORE: In Europe, Britain's FTSE 100 was up 0.4 percent at 7,683
while Germany's DAX rose 0.3 percent to 12,537. France's advanced 0.4 percent
to 5,427. Wall Street was poised to flat with Dow futures and the broader
S&P 500 futures down 0.1 percent. The
Total Investment & Insurance Solutions
US BANKS: The absence of any fresh trade war comments has allowed
traders to focus on the start of the U.S. corporate results season. On Friday,
JP Morgan Chase, Citigroup and Wells Fargo all report results. Already, JP
Morgan said its second-quarter profits rose by 18 percent from a year ago, as
it continued to benefit from higher interest rates and a lower tax bill
following last year's passage of President Donald Trump's tax law.
ANALYST TAKE: "Investors will be paying close attention not just to
the results but also references to trade tariffs and the impact they are
expected to have on future results, particularly those that have already been
targeted in counter-measures taken or proposed against the U.S.," said
Craig Erlam, senior market analyst at OANDA. The Total Investment & Insurance Solutions
US-CHINA TRADE: China has yet to give details on what kind of "firm
and forceful measures" it would use to respond to the fresh round of
potential tariff hikes on $200 billion of goods announced by the U.S. on
Tuesday. But Beijing stepped up pressure on Washington by suggesting that U.S.
companies lobby American leaders. The U.S. and China are yet to resume
negotiations over the dispute that led to tariff hikes on each other's goods.
TRUMP'S UK VISIT: In an interview with The Sun newspaper, Trump slammed
Prime Minister Theresa May's plans for Britain's departure from the European
Union and praised her political rival Boris Johnson, who quit May's Cabinet this
week over Brexit differences. He also criticized immigration in Europe and
declared that London Mayor Sadiq Khan, a Muslim, had failed to stop terrorism.
The pound fell 0.6 percent to $1.31 after Trump's comments, and May's
government struggled to put a brave face on a presidential visit that has
veered wildly off course. The Total
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ASIA'S DAY: Asian markets finished mostly higher led by Japan, where the
Nikkei 225 jumped 1.9 percent to 22,597.35, helped by a weakening in the yen
against the U.S. dollar in a boon to blue chip manufacturers. South Korea's
Kospi advanced 1.1 percent to 2,310.90 and Hong Kong's Hang Seng index added
0.2 percent to 28,525.44. But the Shanghai Composite Index fell 0.2 percent to
2,831.18.
OIL: Benchmark U.S. crude fell 7 cents to $70.26 a barrel on the New
York Mercantile Exchange while Brent crude, used to price international oils,
gave up 20 cents to $74.25 per barrel in London.
CURRENCIES: The euro was down 0.3 percent at $1.1635 while the dollar
was steady at 112.55 yen.The Total
Investment & Insurance Solutions
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