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08 February 2019
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| Financial Markets (The Total Investment & Insurance Solutions) |
Global stock markets drifted lower Friday after President Donald Trump
said he doesn't plan to meet Chinese leader Xi Jinping before their truce on
raising tariffs in a festering trade dispute ends in early March.
In Europe, France's CAC 40 fell 0.2 percent
to 4,974 while the DAX in Germany was down 0.6 percent at 10.955. Britain's
FTSE 100 index was 0.2 percent lower at 7,078. Wall Street was set for early
losses with Dow futures and the broader S&P 500 down 0.6 percent.
The broad-based declines are largely a result
of the news that Trump indicated that he would not be meeting his Chinese
counterpart before March 2, which marks the end of a 90-day tariffs truce
mooted after Trump and Xi met in December.
Unless American and Chinese negotiators come
to a new agreement, the U.S. is expected to raise import taxes from 10 percent
to 25 percent for $200 billion in Chinese goods. The trade dispute between the
world's two largest economies, which has cooled in recent months, has weighed
on the outlook of businesses and the global economy.
Connor Campbell, an analyst at Spreadex, said
the news has "cast doubt on the chances of reaching a tariff hike-avoiding
deal in time."
U.S. Treasury Secretary Stephen Mnuchin and
trade representative Robert Lighthizer are to lead a delegation to Beijing next
week for the next round of trade talks. Officials have reported little progress
on contentious issues but are hopeful that a deal will be struck.
THE DAY IN ASIA: Japan's Nikkei 225 index
closed 2 percent lower at 20,333.17. Hong Kong's Hang Seng, reopening after a
Lunar New Year break, gave up 0.2 percent to 27,946.32. The Kospi in South
Korea declined 1.2 percent to 2,177.05 and Australia's S&P ASX 200 was down
0.3 percent at 6,071.50.
ENERGY: U.S. crude oil fell 25 cents to $52.39
per barrel in electronic trading on the New York Mercantile Exchange while
Brent crude, used to price international oils, rose 13 cents to $61.76 per
barrel.
CURRENCIES: The euro was flat at $1.1337
while the dollar was steady at 109.79 yen.The Total Investment & Insurance Solutions
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