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24 Aug 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
Global stocks generally advanced Friday as investors awaited
developments from this weekend's meeting of central bankers in Jackson Hole,
Wyoming.
KEEPING SCORE: In Europe, Germany's DAX was up 0.2 percent to 12,388
while the CAC 40 in France rose 0.4 percent to 5,442. The FTSE 100 index of
leading British shares was 0.2 percent higher at 7,578. U.S. stocks were poised
for solid gains at the open with Dow futures and the broader S&P 500
futures both 0.2 percent higher. The
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FED TALK: Traders were looking ahead to Friday's gathering of central
bankers, including Federal Reserve Chairman Jerome Powell, in Jackson Hole, an
annual symposium that has often generated market-moving news. However, few
market participants expect anything dramatic this year.
ANALYST TAKE: "This year's meeting is more about market structure
than current monetary policy and so prepare for a non-event," said Neil
Wilson, chief markets analyst at Markets.com. "Hard to see Powell using
this to signal a retreat." The
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TRADE: Investors had their eye on the latest developments in the
U.S.-China trade dispute as both nations ended their first high-level talks in
two months with no sign of progress in breaking their deadlock. Markets showed
little reaction to the latest round of dueling tariffs between the U.S. and
China. The countries imposed 25 percent tariffs on $16 billion of each other's
goods Thursday, including automobiles and factory equipment. The increases were
announced previously. The Total
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AUSSIE SHAKEUP: Shares rose marginally after Australia's ruling party
chose Treasurer Scott Morrison to become the next prime minister. Morrison is
replacing Malcolm Turnbull, who resigned. Friday's ballot among Liberal Party
lawmakers means Australia's sixth change of prime minister in 11 years,
prolonging an era of extraordinary political instability. Morrison was regarded
as the best economic manager among the candidates to replace Turnbull.
Australia's S&P ASX 200 edged 0.1 percent higher to 6,247.30.
THE DAY IN ASIA: Japan's Nikkei 225 stock index jumped 0.9 percent to
22,601.77. The Kospi in South Korea rose 0.5 percent to 2,293.21 while the
Shanghai Composite index reversed early losses to gain 0.2 percent to 2,729.32.
Hong Kong's Hang Seng lost 0.4 percent to 27,671.87.
ENERGY: Benchmark U.S. crude gained 74 cents to $68.57 per barrel in
electronic trading on the New York Mercantile Exchange while Brent crude, used
to price international oils, advanced 80 cents to $75.53 per barrel.
CURRENCIES: The euro rose 0.4 percent to $1.1588 while the dollar was
steady at 111.29 yen.The Total
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