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21 January 2019
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| Financial Markets (The Total Investment & Insurance Solutions) |
World stocks were subdued Monday after China reported its slowest
economic expansion in 30 years and the International Monetary Fund cut its
forecasts for global growth this year.
KEEPING SCORE: Germany's DAX fell 0.6 percent to close at 11,136.20
while the CAC 40 in France slipped 0.2 percent to 4,867.78. Britain's FTSE 100
added less than 0.1 percent to 6,970.59. Wall Street remained closed for Martin
Luther King Jr Day.
THE DAY IN ASIA: The Shanghai Composite Index added 0.6 percent to
2,610.51 and Hong Kong's Hang Seng index climbed 0.3 percent to 27,196.54.
Japan's Nikkei 225 index rose 0.3 percent to 20,719.33, while South Korea's
Kospi was flat at 2,124.61. The S&P ASX 200 in Australia added 0.2 percent
to 5,890.40. India's Sensex surged 0.7 percent to 36,633.37. Shares rose in
Southeast Asia and Taiwan.
CHINA'S ECONOMY: The 6.6 percent expansion of the world's second-largest
economy was down from 2017's 6.9 percent and the weakest since 1990. China's communist
leaders are trying to steer the country to slower, more self-sustaining growth
based on consumer spending instead of trade and investment. But the slowdown
has been sharper than expected, prompting Beijing to ease lending controls and
step up government spending to shore up growth and avoid politically dangerous
job losses. The lackluster data raised hopes for more policy action.
CHINA-US TRADE: Stock markets had been buoyed Friday by a Bloomberg News
report that Chinese officials offered to buy more goods and services from the
U.S., potentially eliminating its trade deficit by 2024. The Chinese government
says the top trade envoys from both countries will meet at the end of January.
The U.S. trade deficit with China grew to a record $323.3 billion in 2018. The
two countries have raised taxes on billions of dollars of each other's goods in
the spat over the trade deficit, Beijing's manufacturing plans, and U.S.
complaints that China steals technology from foreign companies.
WORLD OUTLOOK: The IMF cut its forecast for global growth this year to
3.5 percent, from the 3.7 percent it had predicted in October and down from
2018's 3.7 percent. In its report, presented on the sidelines of the World
Economic Forum in Davos, Switzerland, it cited the impact of global trade
disputes as well as rising interest rates.
ENERGY: U.S. crude fell 8 cents to $53.72 per barrel in electronic
trading on the New York Mercantile Exchange. It rose 3.3 percent on Friday to
$54.04 in New York. Brent crude, used to price international oils, shed 16
cents to $62.60 per barrel. It added 2.5 percent to $62.70 a barrel in London
on Friday.
CURRENCIES: The dollar fell to 109.63 yen from 109.78 yen. The euro was
roughly flat at $1.1366.The Total
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