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18 January 2019
 |
| Financial Markets (The Total Investment & Insurance Solutions) |
Global stocks rose Friday after investors saw signs of possible progress
toward a resolution of the U.S.-Chinese tariff war.
KEEPING SCORE: In Europe, London's FTSE 100 gained 1.4 percent to 6,932
and Germany's DAX advanced 1.5 percent to 11,079. France's CAC 40 rose 1.6
percent to 4,872. On Wall Street, the future for the Dow Jones Industrial
Average rose 0.7 percent and that for the Standard & Poor's 500 index was
up 0.5 percent.
ASIA'S DAY: The Shanghai Composite Index advanced 1.4 percent to
2,596.01 and Hong Kong's Hang Seng gained 1.2 percent to 27,082.01. Tokyo's
Nikkei 225 rose 1.3 percent to 20,666.07 and Seoul's Kospi added 0.8 percent to
2,124.28. Sydney's S&P-ASX 200 was 0.5 percent higher at 5,879.60 while
India's Sensex shed 0.1 percent to 36,319.31. Benchmarks in Taiwan, New Zealand
and Southeast Asia also advanced.
US-CHINA TRADE: China said that its economy czar, Vice Premier Liu He,
will visit Washington for talks on Jan. 30-31 aimed at ending the tariff war
sparked by U.S. complaints about Beijing's technology ambitions. Business
groups and economists were looking for Liu and his American counterpart, U.S.
Trade Representative Robert Lighthizer, to take part in talks as a sign
lower-level negotiations earlier in Beijing made progress. The Wall Street
Journal reported Treasury Secretary Steven Mnuchin was willing to roll back
U.S. tariff hikes on Chinese goods, though it said Lighthizer and other
officials opposed that idea.
ANALYST'S COMMENT: Markets have welcomed "the latest indication of
further interest from the U.S. to resolve the U.S.-China trade
uncertainty," said Jingyi Pan of IG in a report. "While skepticism
may well persist, and worries build ahead of Chinese growth figures next week,
the driving force for intraday market action belongs to trade."
TESLA CUTS: Shares in Tesla were down almost 7 percent in pre-market
electronic trading in New York after the company said it would cut 7 percent of
its workforce. CEO Elon Musk said the cuts are meant to reduce costs as the
company lowers the price for its cars. He said in a note to staff that the road
ahead is "very difficult."
ENERGY: Benchmark U.S. crude gained 78 cents to $52.85 per barrel in
electronic trading on the New York Mercantile Exchange. The contract fell 24
cents on Thursday to close at $52.07. Brent crude, used to price international
oils, added 83 cents to $62.01 per barrel in London. It lost 14 cents the
previous session to $61.18.
CURRENCY: The dollar advanced to 109.51 yen from Thursday's 109.24 yen.
The euro gained to $1.1404 from $1.1388.The
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