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17 September 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
Global stock markets started the new week on a soft note as investors
waited to see if the U.S. slaps tariffs on another $200 billion-worth of
Chinese goods. Oil prices rose, meanwhile, as heavy storms battered both
countries.
KEEPING SCORE: In Europe, France's CAC 40 was
flat at 5,353 while the DAX in Germany dropped 0.3 percent to 12,087. Britain's
FTSE 100 declined 0.1 percent to 7,297. Wall Street was set for a muted open
with Dow futures and the broader S&P 500 futures down 0.1 percent.
TARIFF TALK: Weekend reports suggest that
President Donald Trump is ready to go through with threats to slap fresh
tariffs on Chinese goods. Citing unnamed people it said were familiar with the
discussions, the Wall Street Journal said the tariff level will likely be set
at about 10 percent, below the 25 percent announced earlier this year. At the
same time, U.S. officials, led by Treasury Secretary Steven Mnuchin, are
preparing to hold new talks on the tariff dispute with Beijing. Envoys met last
month in Washington but reported no progress. The two governments have already
imposed 25 percent tariffs on $50 billion of each other's goods. Beijing has
issued a list of another $60 billion of American products for retaliation if
Trump's next tariff hike goes ahead.
ANALYST TAKE: "The ongoing (trade)
conflict between the U.S. and China continues to be a primary driver of market
sentiment, with investors concerned about the prospect of a full blown trade
war as neither side shows a willingness to blink," said Craig Erlam,
senior market analyst at OANDA.
ASIA'S DAY: South Korea's Kospi fell 0.7
percent to 2,303.01 and Hong Kong's Hang Seng index tumbled 1.3 percent to
26,932.85. The Shanghai Composite index lost 1.1 percent to 2,651.79. But
Australia's S&P/ASX 200 rose 0.3 percent to 6,185.00. Japanese markets were
closed for a national holiday.
ENERGY: Many of the headlines at the start of
the new week have centered on the pair of storms that are hitting opposite ends
of the world. Florence is making its way through the U.S. while Mangkhut has
moved deeper into southern China. As well as causing death and widespread
destruction, they have contributed to a push higher in oil prices. Benchmark
U.S. crude added 47 cents to $69.46 a barrel while Brent crude, used to price
international oils, gained 45 cents to $78.54 a barrel.
CURRENCIES: The euro was up 0.4 percent at
$1.1672 while the dollar was flat at 112 yen.The Total Investment & Insurance Solutions
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