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14 December 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
World stock markets slipped Friday after China reported weaker-than-expected
economic data, stirring up worries about the state of the world's second
largest economy.
European indexes were also weighed down by
British Prime Minister Theresa May's failure to get assurances for a Brexit
divorce deal at an EU summit in Brussels. The Total Investment & Insurance Solutions
KEEPING SCORE: Germany's DAX declined 0.8
percent to 10,842 and France's CAC 40 fell 1.0 percent to 4,847. Britain's FTSE
100 index was down 0.7 percent at 6,831. Wall Street was set to open lower. Dow
and S&P 500 futures were both down 0.9 percent. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's Nikkei 225 index slid 2
percent to 21,374.83 and the Kospi in South Korea lost 1.3 percent to 2,069.38.
Hong Kong's Hang Seng was down 1.6 percent at 26,094.79. The Shanghai Composite
index fell 1.5 percent to 2,593.74. Australia's S&P ASX 200 shed 1.1
percent to 5,602.00. Shares were also lower in Taiwan and Southeast Asia. The Total Investment & Insurance
Solutions
CHINESE DATA: Chinese industrial output and
retail sales slowed in November, official data from the National Bureau of
Statistics showed Friday. Industrial output rose 5.4 percent over a year ago,
compared with a 5.9 percent rise in October. Retail sales grew by 8.1 percent,
down from 8.6 percent in the previous month. Investors are keeping close tabs
on Chinese economic releases amid the country's trade dispute with the U.S. The
two countries have agreed to a 90-day cease-fire on tariffs and are planning to
use the time to resolve a myriad of issues.
ANALYST'S TAKE: "Markets have been
anticipating slower growth in production because of trade tensions. But retail
sales show that consumption may not be strong enough to support the external
sector," said Francis Tan, an investment strategist at UOB Private Bank.
"These slower numbers will surface on policymakers' dashboards and there
is a possibility of more stimulus early in the new year," he added.
BREXIT TROUBLES: On Thursday, May asked 27
European leaders to "hold nothing in reserve" in helping her sell a
Brexit deal that has been criticized by loyalists and political opponents
alike. Without a deal, Britain would leave the bloc on March 29 with no deal,
"with all the disruption that would bring," she warned. EU officials
seemed exasperated at the lack of concrete new ideas from Britain. The leaders'
final summit conclusions did not include an offer to grant further assurances
to the Britain over Brexit.
OTHER DATA: A Bank of Japan survey released
Friday measuring confidence among large-scale manufacturers held steady at 19
points. The "tankan" survey, which includes automakers and
electronics companies, was flat for the second month after three quarters of
decline. Analysts said the showing is decent, given that the Japanese economy
contracted in the first and third quarters, but it could be a sign that global
trade tensions are still weighing on corporate sentiment. Separately, a survey
of business activity showed that anti-government protests in France weighed on
the big services sector in November, causing it to contract. The protests have
expanded and are set to continue this weekend, potentially stifling holiday spending
as well as tourism.
ENERGY: Benchmark U.S. crude fell 16 cents to
$52.42 a barrel in electronic trading on the New York Mercantile Exchange. The
contract added $1.43 on Thursday. Brent crude, used to price international
oils, dropped 26 cents to $61.19 in London. The Total Investment & Insurance Solutions
CURRENCIES: The dollar weakened to 113.55 yen
from 113.60 yen in late trading Thursday. The euro eased to $1.1288 from
$1.1363. The British pound fell to $1.2561 from $1.2653.The Total Investment & Insurance Solutions
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