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4 July 2018
 |
| Hong kong financial markets (The Total Investment & Insurance
Solutions) |
World stocks were mostly lower Wednesday as tech shares in particular
were hit by worries over trade tensions between China and the U.S. Trading
volumes were subdued as U.S. markets were due to remain closed.
KEEPING SCORE: Germany's DAX lost 0.1 percent to 12,337 while the CAC 40
of France rose 0.3 percent to 5,329. Britain's FTSE 100 fell 0.2 percent to
7,580. Wall Street was due to remain closed for Independence Day.
ASIA'S DAY: Japan's Nikkei 225 index fell 0.3 percent to 21,717.04 and
the Shanghai Composite index dropped 0.1 percent to 2,759.13. Hong Kong's Hang
Seng index fell 1.1 percent to 28,241.67 and the Kospi in South Korea lost 0.2
percent to 2,265.46. Australia's S&P ASX/200 gave up 0.4 percent to
6,183.40.
CHINA-U.S. TRADE: On Friday the U.S. is set to impose a 25 percent
tariff on $34 billion worth of Chinese imports. And China is expected to strike
back with tariffs on a similar amount of U.S. exports. The big question is how
far the two countries will go in their dispute over trade. The Trump
administration has said it won't target an additional $16 billion worth of
Chinese goods until it gathers further public comments. It's also identifying
an additional $200 billion in Chinese goods for 10 percent tariffs, which could
take effect if Beijing retaliates.
EUROPE TRADE: German Chancellor Angela Merkel said Tuesday the European
Union will strive to avoid a trade war with the United States. But Washington
needs to join in that effort, Merkel said. President Donald Trump's
administration has imposed tariffs on EU steel and aluminum imports and is
mulling whether to add tariffs on cars, trucks and auto parts.
CHINESE CURRENCY: Reported comments by the head of China's central bank
saying he's closely watching the recent slide in the value of the yuan against
the dollar have helped reassure investors. People's Bank of China Governor Yi
Gang said financial risks were under control and the China's international
balance of payments and currency flows were stable.
ANALYST VIEWPOINT: "The statement puts paid to any fears that the
PBOC could be engineering a depreciation to cushion the economy," Chang
Weiliang of Mizuho Bank said in a commentary. The yuan ended trading Wednesday
at 6.66 to the dollar. The Total
Investment & Insurance Solutions
ENERGY: Benchmark U.S. crude fell back, losing 30 cents to $73.84 per
barrel in electronic trading on the New York Mercantile Exchange. It added 20
cents to $74.14 a barrel on Tuesday, reaching more than $75 a barrel in early
trading. Brent crude, used to price international oils, rose 33 cents to $78.09
per barrel.
CURRENCIES: The dollar fell to 110.51 yen from 110.59 yen on Tuesday.
The euro dropped to $1.1641 from $1.1657.The Total Investment & Insurance Solutions
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