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28 December 2018
 |
financial markets (The Total Investment & Insurance Solutions)
Most global stock markets advanced Friday while Japan edged down
following Wall Street's rally after a turbulent week.
KEEPING SCORE: In early trading, Germany's
DAX rose 0.7 percent to 10,454.51 points and France's CAC 40 advanced 0.7
percent to 4,627.44. London's FTSE 100 added 0.1 percent to 6,655.09. On
Thursday, the DAX slid 2.4 percent, the FTSE 100 gave up 1.5 percent and
France's CAC 40 gave up 0.6 percent. On Wall Street, the future for the
Standard & Poor's 500 index declined 0.1 percent and that for the Dow Jones
Industrial Average lost 0.3 percent.
ASIA'S DAY: The Shanghai Composite Index
advanced 0.4 percent to 2,493.90 while Tokyo's Nikkei 225 shed 0.3 percent to
20,014.77. Hong Kong's Hang Seng ended up 0.1 percent at 25,504.20 and Seoul's
Kospi added 0.6 percent to 2,041.04. India's Sensex gained 1 percent to
36,163.22 and benchmarks in Taiwan, New Zealand and Singapore also rose.
WALL STREET: U.S. stocks staged a last-minute
turnaround that put the market on track to end the volatile week with a gain.
That followed its best day in 10 years. Health care and technology companies,
banks and industrial stocks accounted for much of the gains. The S&P 500
rose 0.9 percent, the Dow gained 1.1 percent and the Nasdaq composite added 0.4
percent. The downturn that began in October has intensified this month, erasing
the market's 2018 gains and nudging the S&P 500 closer to its worst year
since 2008. Stocks are on track for their worst December since 1931.
ANALYST'S QUOTE: The upturn might be due less
to revived sentiment than to traders covering short positions at year's end in
thin trading, said Vishnu Varathan of Mizuho Bank in a report. This "looks
suspiciously like a dead cat bounce," said Varathan. "Rather than
prematurely rejoicing over a dead bear (and return to a bull market), it may be
far more sensible to worry about a dead cat (bounce) that could quickly fizzle
and revert to a more prolonged price correction."
JAPANESE FACTORIES: Japan's index of
industrial production fell 1.1 percent in November compared with the previous
month. Shipments declined 1.4 percent. Growth is below industry expectations,
reflecting "weak external demand," said Harumi Taguchi of IHS Markit
in a report.
CHINA PROFITS: Profits at major Chinese
industrial companies fell in November for the first time in three years amid an
economic slowdown and trade tension with Washington. Profit for producers in
steel, construction materials, oil, chemicals and equipment manufacturing
declined 1.8 percent from a year earlier, a reverse from October's 3.6 percent
gain.
ENERGY: Benchmark U.S. crude jumped $1.34 to
$45.96 per barrel in electronic trading on the New York Mercantile Exchange.
The contract plunged $1.59 on Thursday to close at $44.61. Brent crude, used to
price international oils, gained $1.35 to $54.08 per barrel in London. It fell
$1.97 the previous session to $52.73.
CURRENCY: The dollar declined to 110.47 yen
from Thursday's 111.01 yen. The euro advanced to $1.1458 from $1.1430.The Total Investment & Insurance
Solutions
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