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01 November 2018
 |
| Japan financial markets (The Total Investment & Insurance
Solutions) |
World markets were mostly higher Thursday following a report that
British Prime Minister Theresa May has secured a deal with the European Union
on financial services, as the country's exit from the bloc looms.
KEEPING SCORE: Germany's DAX rose 0.6 percent
to 11,521 and France's CAC 40 was 0.1 percent higher at 5,098. Britain's FTSE
100 was 0.2 percent higher at 7,139. Wall Street was set for an optimistic
open. Dow and S&P 500 futures both rose 0.4 percent.
ASIA'S DAY: Hong Kong's Hang Seng gained 1.8
percent to 25,416.00 while the Kospi in South Korea was 0.3 percent lower at
2,024.46. The Shanghai Composite index added 0.1 percent to 2,606.04.
Australia's S&P-ASX 200 rose 0.2 percent to 5,840.80. Tokyo's Nikkei 225
index tumbled 1.1 percent to 21,687.65. Japanese telecommunications companies
sank after mobile operator NTT DoCoMo caved to government pressure and said it
would cut fees by as much as 40 percent next year. Its shares plunged 14.7
percent on Thursday. Stocks rose in Taiwan and throughout Southeast Asia.
BREXIT PROGRESS: Sentiment in Europe was
boosted and the pound jumped on reports that Britain and the European Union had
reached a deal to give U.K. financial services companies access to the bloc
after Brexit. The article by The Times only cited anonymous sources, however,
and other reports suggested a deal had not yet been finalized. The pound was up
1 percent at $1.2895, consolidating its rise after the Bank of England said it
future rate increases depend on reaching a Brexit deal.
CHINESE STIMULUS: Manufacturing in China
slowed in October, according to official data, triggering concerns over the
effects of tariffs on businesses despite official assurances. In a statement on
Wednesday, the State Council, China's Cabinet, said there was a need for
"timely countermeasures" and that "some policy effects needs to
be further released". The hint of more Chinese stimulus gave Asian markets
an early lift. But worries that it would worsen tensions with Washington weighed
on investors who were more risk adverse.
ANALYST'S TAKE: Fiscal stimulus by the
Chinese government is a tricky affair as it would weaken its currency, Michael
Every, senior Asia-Pacific strategist at RaboResearch, said in a commentary.
"That is something they don't want, partly to prevent capital flight, and
partly because Washington is watching like a hawk on that front," he
added.
ENERGY: Oil prices continued to weaken on
news that U.S. crude stockpiles increased for the sixth straight week.
Benchmark U.S. crude lost 29 cents to $65.02 per barrel in electronic trading
on the New York Mercantile Exchange. The contract dropped 87 cents to settle at
$65.31 a barrel in New York. Brent crude, used to price international oils,
shed 44 cents to $74.60 per barrel. In the previous session, it dropped 91
cents to $75.04 a barrel.
CURRENCIES: The dollar fell to 112.83 yen
from 112.94 yen late Wednesday. The euro strengthened to $1.1401 from $1.1312.The Total Investment & Insurance
Solutions
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