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30 November 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
Global stock markets drifted lower Friday ahead of a meeting between
Presidents Donald Trump and Xi Jinping at the Group of 20 summit this weekend.
KEEPING SCORE: In Europe, Germany's DAX fell
0.6 percent to 11,233 while France's CAC40 was down 0.5 percent at 4,981.
Britain's FTSE 100 was 0.7 percent lower at 6,987. Wall Street was poised to
open lower too with Dow futures and the broader S&P 500 futures down 0.5
percent.
G-20 SUMMIT: Much of the attention at the
summit in Buenos Aires will be a meeting between Trump and Xi and whether it
yields an easing in trade tensions. Both have imposed punitive tariffs on each
other's exports. Analysts are not optimistic about prospects for improvement a
month before U.S. tariffs on Chinese goods are due to ramp up.
ANALYST TAKE: "Equities are under heavy
pressure, hurt by fears of an intensification of trade war tensions between the
U.S. and China," Chris Beauchamp, chief market analyst at IG.
CHINESE MANUFACTURING: A measure of China's
factory activity slipped to its lowest level in more than two years in
November, adding to pressure on Beijing amid the tariff battle with Trump. The
China Federation of Logistics & Purchasing said Friday its monthly
purchasing managers' index declined to 50 from October's 50.2 on a 100-point
scale on which numbers above 50 indicate activity is increasing. It blamed weak
domestic demand for the latest decline. But investors often see such news as a
signal more market-boosting stimulus may be coming.
KOREAN RATE HIKE: South Korea's central bank
lifted its benchmark rate by a quarter of a percent to 1.75 percent despite a
sluggish job market and tepid growth. The Bank of Korea's governor, Lee
Ju-yeol, said the rate increase would help stabilize financial markets amid
government efforts to contain surging housing prices in capital Seoul and
rising consumer debt levels.
ASIA'S DAY: Japan's Nikkei 225 index climbed
0.4 percent to 22,351.06 and the Hang Seng in Hong Kong added 0.2 percent to
26,506.75. The Shanghai Composite index jumped 0.8 percent to 2,588.19, while
India's Sensex was flat at 36,153.04. South Korea's Kospi fell 0.8 percent to
2,096.86 while the S&P ASX/200 in Australia tumbled 1.6 percent to 5,667.20
on heavy selling of financials and consumer goods companies.
ENERGY: Benchmark U.S. crude fell 95 cents to
$50.50 per barrel in electronic trading on the New York Mercantile Exchange
while Brent crude was 81 cents lower at $58.70 a barrel in London.
CURRENCIES: The euro was down 0.2 percent at
$1.1364 while the dollar was steady at 113.50 yen.The Total Investment & Insurance Solutions
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