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9 July 2018
 |
Japan financial markets (The Total Investment & Insurance
Solutions)
Global stock markets mostly rose Monday as the British government
appeared to turn toward a more trade-friendly version of Brexit and as
investors monitored the escalating trade standoff between the U.S. and China.
KEEPING SCORE: France's CAC 40 rose 0.5 percent
to 5,402, while Germany's DAX added 0.2 percent to 12,520. Britain's FTSE 100
was also higher at 7,646, up 0.4 percent. U.S. shares were also set for gains,
with Dow futures up 0.5 percent and S&P 500 futures gaining 0.4 percent.
BREXIT: A cabinet meeting held Friday by
Prime Minister Theresa May yielded a Brexit plan that favors closer trade ties
with the European Union. The plan would create a partial free trade zone,
though it would mean Britain would adopt some EU rules and standards. Pro-Brexit
politicians in her Conservative party have resisted such a compromise and the
head of the Brexit negotiations resigned overnight Sunday. The prospect of the
softer approach to Brexit saw British stocks rise and the pound gain 0.4
percent to $1.3334.
TRADE WAR: There were few developments over
the weekend after Washington put a 25 percent tax on $34 billion worth of
Chinese imports Friday and Beijing retaliated with taxes on an equal amount of
U.S. products, including soybeans, pork and electric cars. The full impact of
the measures may not be felt for some time, and there was little immediate
reaction from investors who have known for weeks that the tariffs were due to
take effect.
THE QUOTE: "The absence of further
escalation as of yet offers Asian equity markets a further reprieve with
upsides expected at the start of the week, though one would reckon the playoffs
for the rest of the week remain dependent on the developments of the U.S.-China
trade tensions," said Jingyi Pan, a market strategist at IG in Singapore.
XIAOMI'S DEBUT: Chinese smartphone maker
Xiaomi Corp.'s shares slipped and then rebounded Monday in its trading debut in
Hong Kong following a multibillion-dollar initial public offering. Trading
opened at 16.60 Hong Kong dollars, below Xiaomi's offering price of 17 Hong
Kong dollars. It fell about 4 percent in early trading but ended higher at
16.80 Hong Kong dollars ($1.98).
ASIA'S DAY: Japan's benchmark Nikkei 225
added 1.2 percent to finish at 22,052.18. Australia's S&P/ASX 200 edged up
0.2 percent to 6,286.00, while South Korea's Kospi gained 0.6 percent to
2,285.80. Hong Kong's Hang Seng rose 1.3 percent to 28,688.50, while the
Shanghai Composite index jumped 2.5 percent to 2,815.11. Shares were higher in
Taiwan and Southeast Asia.
ENERGY: Benchmark U.S. crude slipped 18 cents
to $73.62 a barrel. It gained 86 cents to settle at $73.80 per barrel in New
York late Friday. Brent crude, used to price international oils, added 65 cents
to $77.76 per barrel.
CURRENCIES: The dollar fell slightly to 110.43
yen from 110.61 yen late Friday in Asia. The euro strengthened to $1.1770 from
$1.1746.The Total Investment &
Insurance Solutions
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