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6 July 2018
 |
China financial markets (The Total Investment & Insurance
Solutions)
Global markets were mixed Friday as the U.S. and China slapped each
other with tariffs, with investors monitoring the rhetoric for signs of a
further escalation in the trade dispute.
The Total Investment & Insurance Solutions
European stock markets edged down after
modest gains in Asia. Britain's FTSE 100 fell 0.2 percent to 7,586 while
France's CAC 40 was flat at 5,364. Germany's DAX gained less than 0.1 percent
to 12,472. Futures augured small losses on Wall Street. S&P futures were
down 0.2 percent while Dow futures fell 0.3 percent.
Asian markets erased earlier losses to finish
mostly higher as the uncertainty ended over whether Washington would escalate
tensions with Beijing. Upbeat economic data and overnight gains on U.S. stock
markets helped temper concerns, though trading volume was light.
After falling as much as nearly 1 percent,
China's Shanghai Composite Index finished 0.5 percent higher at 2,747.23. The
Shanghai benchmark had languished recently, losing more than 12 percent over
the past two weeks.
Hong Kong's Hang Seng index gained 0.5 percent
to 28,315.62, while South Korea's Kospi added 0.7 percent to 2,272.87. But
markets in Taiwan, Singapore and other Southeast Asian countries were lower.
Tokyo's Nikkei 225 jumped 1.1 percent to
21,788.13 in what appeared to be a technical rebound after a four-day losing
streak. Australia's S&P-ASX 200 rose 0.9 percent to 6,272.30. The Total Investment & Insurance
Solutions
"The market actually is acting very
calmly," said Francis Lun, chief executive of GEO Securities Ltd. in Hong
Kong. "But of course, the talk of a trade war already depressed the market
for about 1,000 points in the past month already."
As of Friday, the U.S. imposed a 25 percent
tariff on $34 billion worth of Chinese imports. The Total Investment & Insurance Solutions
China said it would have to make a
"necessary counterattack" but gave no details. It has been expected
to strike back with tariffs on a similar amount of U.S. exports including
soybeans. The Total Investment &
Insurance Solutions
"The Trump administrations trade war is
finally upon us," said Stephen Innes, Asia-Pacific head of trading at
OANDA. "If this moves off the tit-for-tat battleground into a full out
trade war, it will not only threaten market stability but could compromise
relations between Washington and Beijing."
Benchmark U.S. crude was down 57 cents at
$72.37 per barrel in electronic trading on the New York Mercantile Exchange.
The contract fell $1.20 on Thursday. Brent crude, used to price international
oils, lost 71 cents to $76.68 per barrel in London. It slid 85 cents on
Thursday.
The dollar was roughly flat at 110.61 yen
while the euro rose to $1.1717 from $1.1691.The Total Investment & Insurance Solutions
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