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16 Aug 2018
 |
| Hong kong financial markets (The Total Investment & Insurance
Solutions) |
Stock markets turned lower Wednesday amid concerns about economic growth
and continued tensions over Turkey, which announced it was increasing tariffs
on imports of some U.S. products. The
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KEEPING SCORE: Germany's DAX fell 1.1 percent to 12,220 and in France,
the CAC 40 dropped 1.2 percent to 5,339. Britain's FTSE 100 was down 1.1
percent at 7,525. The futures contracts for the S&P 500 index and the Dow
Jones industrial average were both down 0.6 percent.
ASIA'S DAY: Japan's Nikkei 225 index fell 0.7 percent to 22,204.22 and
in Hong Kong, the Hang Seng dropped 1.6 percent to 27,323.59. The Shanghai
Composite index sank 2.1 percent to 2,723.26, while the S&P ASX 200 in
Australia added 0.5 percent to 6,329.00. Shares fell in Taiwan, Singapore and
Thailand but gained in Indonesia and Malaysia. South Korea's markets were
closed for a holiday.
COMMODITIES: Shares in mining companies were down as the price of
commodities fell, with investors appearing to lower their expectations for
global economic growth. Shares in Glencore were down almost 4 percent while Rio
Tinto was off 3 percent. Oil companies were also under pressure as the
benchmark U.S. crude fell 60 cents to $66.44 in electronic trading on the New
York Mercantile Exchange. Brent crude, used to price international oils gave up
49 cents to $71.97 per barrel. The
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TURKEY TURMOIL: Turkey's currency stabilized, rising 4 percent, after
authorities sought to ease liquidity problems in the banking system. But
tensions continued with the U.S., which had aggravated the crisis, with Turkey
imposing new tariffs on U.S. goods. And there is no sign that the president
will let the central bank raise interest rates, which economists say it should
do urgently to support the currency. The
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CURRENCIES: The dollar fell to 111.01 yen from 111.14 yen. The euro
slipped to $1.1323 from $1.1348.The
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