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28 Aug 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
News that the U.S. has reached a preliminary agreement with Mexico on
replacing a North American free-trade deal has helped shore up global stock
markets on Tuesday.
KEEPING SCORE: In Europe, France's CAC 40
rose 0.3 percent to 5,496, while Germany's DAX was up 0.2 percent at 12,561.
Britain's FTSE 100 gained 0.3 percent to 7,600. U.S. shares were poised for a
solid opening with Dow futures and the S&P 500 futures up 0.2 percent.
TRADE DEAL: On Monday, the Trump
administration reached a preliminary deal with Mexico to replace the North
American Free Trade Agreement. President Donald Trump suggested that he might
leave Canada, America's No. 2 trading partner, out of a new agreement and that
he wanted to call the revamped trade pact "the United States-Mexico Trade
Agreement" because, in his view, NAFTA had earned a reputation as being
harmful to American workers.
ANALYST TAKE: "A renewed sense of
positivity and optimism continues to be felt across financial markets after the
United States and Mexico reached a breakthrough deal over the NAFTA trade
agreement," said Lukman Otunaga, research analyst at FXTM. "This
highly encouraging development may ease trade war fears, elevate global
sentiment and stimulate appetite for riskier assets. Although it remains
uncertain whether Canada will join the agreement, there is an expectation that
the nation agrees to the new terms in an effort to conserve the three-nation
pact."
ASIA'S DAY: Japan's benchmark Nikkei 225
finished at 22,813.47, up 0.1 percent. Australia's S&P/ASX 200 gained 0.6
percent to 6,304.70. South Korea's Kospi edged up 0.2 percent to 2,303.12. Hong
Kong's Hang Seng added 0.2 percent to 28,333.14 after fluctuating throughout
the day. The Shanghai Composite index inched down 0.1 percent to 2,777.98,
adjusting from its gains the previous day.
ENERGY: Benchmark U.S. crude was up 6 cents
at $68.93 a barrel while Brent crude, used to price international oils, rose 50
cents to $76.71 a barrel.
CURRENCIES: The euro was up 0.2 percent at
$1.1703 while the dollar was steady at 111.04 yen.The Total Investment & Insurance Solutions
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