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02 November 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
Stock markets charged ahead Friday after President Donald Trump and his
Chinese counterpart, Xi Jinping, spoke by phone and reported progress in
resolving trade tensions. Investors are looking ahead to U.S. jobs figures due
later in the day. The Total Investment
& Insurance Solutions
KEEPING SCORE: The CAC 40 in France jumped 1.3 percent to 5,150 and
Germany's DAX advanced 1.5 percent to 11,637. Britain's FTSE 100 rose 0.7
percent to 7,168. Futures augured a strong start on Wall Street, with the Dow
future contract up 0.9 percent and that for the S&P 500 up 0.7 percent.
ASIA'S DAY: Hong Kong's Hang Seng index rallied 4.2 percent to 26,486.35
and the Shanghai Composite index added 2.7 percent to 2,676.48. Japan's Nikkei
225 index surged 2.6 percent to 22,243.66 while South Korea's Kospi climbed 3.5
percent to 2,096.00. The S&P ASX/200 in Australia erased early losses to
end up 0.1 percent at 5,849.20. Shares also rose in Taiwan, India and Southeast
Asia.
CHINA-US TRADE: U.S. President Donald Trump tweeted that he spoke with
Chinese President Xi Jinping and that the two countries were making some
progress in trade negotiations. He didn't give details, but there have been few
signs of movement in the trade dispute in recent months, and investors are
getting nervous about the prospect of huge tariff increases.
A Chinese foreign
ministry spokesman told reporters the discussion was quite positive and that
the two leaders were optimistic about resolving the dispute over technology
that has resulted in both sides imposing penalty tariffs on billions of
dollars' worth of each other's exports. Meanwhile, Chinese state media said Xi
has promised tax cuts and other help to China's entrepreneurs in a renewed
effort to revive the cooling, state-dominated economy. The Total Investment & Insurance Solutions
US JOBS: The momentum in the markets will likely depend on the U.S. jobs
report, which is expected to show a healthy net increase of 190,000 workers to
the economy. That would be just short of this year's monthly average increase
of 208,000 and leave the Federal Reserve on track to keep raising interest
rates. It's an open question whether the figures could influence voting in the
U.S. midterm election next week, as polls suggest that while many Americans
approve of the economy's direction, that has not translated into greater
support for Trump or Republican congressional candidates. The Total Investment & Insurance
Solutions
CURRENCIES: The dollar rose to 112.85 yen from 112.71 yen, while the
euro gained to $1.1450 from $1.1408. The British pound was up to $1.3028 from
$1.3004 amid hopes for progress in the Brexit talks.
ENERGY: Oil prices continued to weaken after the Department of Energy
said U.S. crude stockpiles increased for the sixth straight week. Benchmark
U.S. crude slipped 3 cents to $63.66 per barrel in electronic trading on the
New York Mercantile Exchange. It slumped 2.5 percent to $63.69 a barrel in New
York. Brent crude, used to price international oils, was up 25 cents to $73.14
per barrel. It shed 2.9 percent Thursday to $72.89 a barrel in London.The Total Investment & Insurance
Solutions
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