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17 July 2018
Japan financial markets (The Total Investment & Insurance
Solutions) |
World markets turned lower on Tuesday as investors looked ahead to
Federal Reserve Chairman Jerome Powell's testimony to Congress for clues on
U.S. interest rates. The Total
Investment & Insurance Solutions
KEEPING SCORE: Germany's DAX shed 0.2 percent
to 12,537 and the CAC 40 in France was down 0.4 percent at 5,3889. The FTSE 100
index fell 0.1 percent to 7,589. U.S. stocks were poised for small losses ahead
of the release of industrial production figures. Dow and S&P 500 futures
were both down 0.1 percent.
ASIA'S DAY: Most Asian indexes closed lower
as tensions over U.S. trade actions rattled investors. Japan's benchmark Nikkei
225 bucked the regional trend, gaining 0.4 percent to 22,697.36 after reopening
from a public holiday. South Korea's Kospi lost 0.2 percent to 2,297.92 and
Hong Kong's Hang Seng shed 1.3 percent to 28,181.68. The Shanghai Composite
index dropped 0.6 percent to 2,798.13. Australia's S&P/ASX 200 gave up 0.6
percent to 6,203.60.
FED COMMENT: Investors are watching for
guidance on monetary policy and the economic outlook from the Fed chair's
semi-annual monetary report to Congress. The Fed said Friday it expects low
unemployment and rising inflation will keep it on track to raise interest rates
at a gradual pace over the next two years.
EU-JAPAN DEAL: The European Union and Japan
signed a broad trade deal Tuesday that will eliminate nearly all tariffs, coming
in contrast to the protectionist policies wielded by U.S. President Donald
Trump. The deal covers a third of the global economy and more than 600 million
people. Prices of European wine and pork will fall for Japanese consumers.
Japanese machinery parts, tea and fish will get cheaper for Europe. The major
step toward liberalizing trade has been discussed since 2013 and was largely
finalized last year.
NETFLIX: Video streaming service Netflix's
report that it is adding subscribers at a slower pace than envisioned, renewed
fears that its growth may sputter as competition heats up. Monday's numbers
marked the first time in a more than a year that Netflix hadn't exceeded its
subscriber growth projection and its shares plunged 12.6 percent in aftermarket
trading.
ANALYST VIEWPOINT: "The thud was heard
up and down Wall Street as Netflix fell off a cliff in late trading after
posting dispiriting subscriber growth last quarter," Stephen Innes of
OANDA said in a commentary. "This negative Netflix result could spur more
moves into to cash as investors may finally adopt a delayed 'Sell in May and go
away' strategy."
ENERGY: Benchmark U.S. crude rose 4 cents to
$68.10 per barrel in electronic trading on the New York Mercantile Exchange.
The contract fell 4.2 percent to $68.06 in New York on Monday. Brent crude,
used to price international oils, gained 22 cents to $72.06 per barrel. The Total Investment & Insurance
Solutions
CURRENCIES: The dollar rose to 112.51 yen
from 112.30 yen late Monday. The euro was steady at $1.1713. The Total Investment & Insurance
Solutions
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