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26 February 2019
 |
financial markets (The Total Investment & Insurance
Solutions)
World shares fell and Wall Street was set to open lower Tuesday as
investors awaited news from the talks between the U.S. and China on their
ongoing trade war.
Britain's FTSE 100 lost 0.8 percent to 7,102
in midday trading as the pound rose on hopes for a delay to Brexit or even a
second popular vote. The stronger pound hurts earnings for many of the
multinationals listed on the FTSE.
Meanwhile, the CAC 40 in France fell 0.3
percent to 5,215 and Germany's DAX also dropped 0.3 percent to 11,467.
U.S. markets also pointed to a lower open.
The future for the Dow Jones Industrial Average was down 0.3 percent at 26,009
and the same measure for the S&P 500 fell 0.2 percent to 2,790.
In Asia, the Shanghai Composite retreated
from its early advance, losing 0.7 percent on Tuesday to 2,941.52 as traders
cashed in recent gains. Japan's Nikkei 225 index dropped 0.4 percent to
21,449.39 and the Hang Seng in Hong Kong sank 0.7 percent to 28,772.06.
Australia's S&P ASX 200 lost 0.9 percent
to 6,128.40 as falling prices for oil and other commodities hit energy
companies.
Tuesday's declines reflected waning
confidence in negotiations between the U.S. and China over Washington's
complaints that Beijing steals technology or pressures companies to hand it
over.
The Trump administration's decision to hold
off on a March 2 increase in punitive duties on $200 billion worth of Chinese
spurred buying Monday.
But many questions remain about the prospects
for a deal that would unwind the tariffs already slapped by both sides on
billions of dollars of each other's goods. Although both sides have reported
progress in the negotiations, few details emerged.
Trump's conflicting comments on the status of
the talks have added to the uncertainty, said Jingyi Pan of IG.
"As it is, we continue to view the trade
matter through an opaque screen and make assumptions from the shadows of
President Donald Trump," Pan said in a commentary.
ELSEWHERE IN ASIA: South Korea's Kospi lost
0.3 percent and India's Sensex fell 0.2 percent amid mounting tensions with
neighboring Pakistan. Shares were lower in Southeast Asia.
ENERGY: U.S. crude oil gained 2 cents to
$55.50 per barrel in electronic trading on the New York Mercantile Exchange. It
lost 3.1 percent to settle at $55.48 a barrel in New York after Trump
criticized rising oil prices in an early morning tweet. Brent crude rebounded,
gaining 45 cents to $65.21 per barrel.
CURRENCIES: The pound
surged to $1.3222 from $1.3097 after the U.K. Labour Party said it would back a
second vote on Brexit. The dollar fell to 110.86 yen from 111.04 yen on Monday.
The euro strengthened to $1.1363 from $1.1356.The Total Investment & Insurance Solutions
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