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14 November 2018
 |
Japan financial markets (The Total Investment & Insurance
Solutions)
Concerns about political developments in Britain and Italy kept a lid on
global stock markets on Wednesday. Meanwhile oil prices recouped some lost
ground.
KEEPING SCORE: In Europe, France's CAC
slipped 0.4 percent to 5,082 while Germany's DAX fell .3 percent to 11,441. The
FTSE 100 index of leading British shares was steady at 7.055. U.S. stocks were
set for a flat opening with Dow futures and the broader S&P 500 futures
unchanged.
BREXIT UNEASE: In Europe, traders were unsure
as to whether British Prime Minister Theresa May would be able to get the
Brexit deal she has agreed with the European Union through her Cabinet and then
through Parliament. May is presenting the deal to colleagues later. Investors
are wondering whether any ministers will quit in protest as they try to assess
the probability of May being able to push through her deal.
ANALYST TAKE: "If May was to somehow
fall at the first hurdle, it would be a humiliation of epic proportions which
she may struggle to come back from," said Craig Erlam, senior market
analyst at OANDA. "I imagine therefore that there is little chance of this
happening, putting the focus on the parliamentary vote in the weeks
ahead."
ITALIAN BUDGET: Meanwhile in Italy, the
country's populist government maintained its controversial plan to raise its
budget deficit to 2.4 percent of annual GDP as it responded to EU demands for
changes. However, it made tweaks during a late-night Cabinet meeting Tuesday,
including adding plans to sell off some government real estate. "It's not
just the U.K. that Brussels needs to worry about," said Erlam.
TRADE WORRIES: Fears about global growth
continue amid trade tensions between the U.S. and China. Traders drew
encouragement from a report out of China saying that country's top economic
adviser might visit Washington ahead of a planned meeting between Chinese
President Xi Jinping and U.S. President Donald Trump at this month's Group of
20 gathering in Argentina. The U.S. and China have raised tariffs on billions
of dollars of each other's goods.
ASIA'S DAY: Japan's benchmark Nikkei 225
inched up 0.2 percent to finish at 21,846.48, while Australia's S&P/ASX 200
lost 1.7 percent to 5,732.80. South Korea's Kospi edged down 0.2 percent at
2,068.05. Hong Kong's Hang Seng fell 0.5 percent to 25,654.43, while the
Shanghai Composite was down nearly 0.9 percent at 2,632.24.
ENERGY: Oil prices recovered some recent
losses with benchmark U.S. crude oil was up 46 cents at $56.15 a barrel while
Brent crude, used to price international oils, rose 79 cents to $66.26 a
barrel.
CURRENCIES: The euro was steady at $1.1283
while the dollar rose 0.1 percent to 113.88 yen.The Total Investment & Insurance Solutions
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