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07 February 2019
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Financial Markets (The Total Investment & Insurance Solutions)
World stocks were mostly lower on Thursday ahead of the European
Commission's economic forecasts.
Germany reported its industrial production slipped 0.4 percent in
December from the previous month, way below the 0.9 percent gain analysts had
expected. The latest data follows a 1.6 percent decline in factory orders in
December compared with a month earlier, raising fears Europe's largest economy
is slowing.
Germany's DAX dropped 0.5 percent to 11,265.02 and the CAC 40 in France
shed 0.2 percent to 5,071.51. Britain's FTSE 100 edged 0.1 percent higher to
7,178.82, as traders focused on Prime Minister Theresa May's return to Brussels
to seek assurances on an exit deal.
Wall Street was set to open lower. The future contract for the Dow Jones
Industrial Average lost 0.1 percent to 25,293.00. That for the S&P 500 shed
0.2 percent to 2,724.30.
News that the Reserve Bank of Australia may cut interest rates boosted
several Asian indexes. The Philippine central bank kept its rates intact after
a meeting on Thursday, but India's central bank issued a surprise rate cut and
changed its stance from "calibrated tightening" to neutral.
When borrowing is made less expensive, the increase in spending by
businesses and consumers could give the economy boost. The Bank of England is
expected to announce it is keeping its policy rate unchanged in an announcement
later Thursday.
Japan's Nikkei 225 dropped 0.6 percent to 20,751.28 on concerns over
U.S.-China relations. U.S. Treasury Secretary Stephen Mnuchin and trade
representative Robert Lighthizer will lead a delegation to Beijing next week
for the next round of trade talks, but the issues at hand are complex.
These include contentious issues like Beijing's technology policy and
trade practices, where progress has been limited so far.
Mnuchin also said that there were no plans for President Donald Trump to
meet Chinese leader Xi Jinping. "If there are remaining issues that we
can't get closed, I think President Trump expects that he's going to sit down
with President Xi and address those issues," he said.
KEEPING SCORE: Australia's S&P ASX 200 gained 1.1 percent and New
Zealand's NZX index advanced 0.7 percent. South Korea's Kospi was flat, while
India's Sensex picked up 0.3 percent. Stocks rose in Singapore and the
Philippines but fell in Thailand and Indonesia. Markets in China, Hong Kong and
Taiwan were closed for Lunar New Year.
ENERGY: U.S. crude lost 11 cents to $53.90 per barrel in electronic
trading on the New York Mercantile Exchange. It gained 35 cents to settle at
$54.01 per barrel in New York. Brent crude, used to price international oils,
gave up 21 cents to $62.48 per barrel. It added 71 cents to close at $62.69 per
barrel in London.
CURRENCIES: The dollar eased to 109.97 yen from 109.99 yen late
Wednesday. The euro slipped to $1.1340 from $1.1363. The British pound was
trading at $1.2897, down from $1.2932.The
Total Investment & Insurance Solutions
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