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05 November 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
Global stock markets were mixed on Monday as investors watched
developments in the U.S-China trade war and the upcoming U.S. midterm
elections.
KEEPING SCORE: Britain's FTSE 100 rose 0.4 percent to 7,125 while the
CAC 40 in France gained 0.2 percent to 5,112. Germany's DAX rose 0.2 percent to
11,540. Wall Street was positioned for a mixed open, with Dow futures down 0.3
percent and S&P 500 futures up 0.2 percent.
ASIA'S DAY: Japan's Nikkei 225 index fell 1.6 percent at 21,898.99 and
South Korea's Kospi dropped 0.9 percent to 2,076.92. Hong Kong's Hang Seng
index slipped 2.1 percent to 25,934.39. The Shanghai Composite index shed 0.4
percent to 2,665.43. The S&P ASX/200 in Australia fell 0.5 percent to 5,818.10.
Shares fell in Taiwan, Singapore and Thailand but rose in the Philippines.
U.S.-CHINA TRADE: Chinese President Xi Jinping Xi promised Monday to
reduce costs for importers and raise consumer spending power at a high-profile
trade fair in Shanghai. But Xi did not address an escalating dispute over
Beijing's technology policy. Global markets had risen Friday after Chinese
officials and President Donald Trump said a phone conversation between the two
leaders had gone well. But fears resurfaced that the bullish talk might have
been aimed at scoring political points just ahead of U.S. midterm elections.
ANALYST'S TAKE: "Investors are far too wary of an empty promise,
but ultimately, they will need to decide how much of President Trump's olive
branch to China was a ploy to boost equity markets ahead of the U.S. midterm
elections on Tuesday and how much of it is a bona fide attempt to reach an
agreement," Stephen Innes of OANDA said in a commentary.
BREXIT DEAL: The office of British Prime Minister Theresa May has dismissed
reports the country is close to reaching a divorce agreement with the European
Union. In particular, Downing Street said a Sunday Times report, which claimed
the two sides had agreed on future customs arrangements at the Ireland-Northern
Ireland border, was "speculation." Officials have said negotiators
are on the brink of a deal, which could be reached this month.
ENERGY: Oil prices fell as the U.S. defended waivers given to eight
unidentified nations, which will be able to continue importing Iranian oil
after the re-imposition of sanctions. Benchmark U.S. crude dropped 15 cents to
$62.99 per barrel in electronic trading on the New York Mercantile Exchange. It
lost 55 cents to $63.14 a barrel in New York on Friday. Brent crude, used to
price international oils, was up 7 cents at $72.90 per barrel. The contract
shed 6 cents to $72.83 a barrel in London.
CURRENCIES: The dollar rose to 113.27 yen from 113.19 yen. The euro
slipped to $1.1369 from $1.1387.The
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