Global shares inch higher despite cautious trading

MANILA, Philippines - Global shares inched higher in cautious trading on Friday as investors awaited the release of U.S. non-farm payroll data and developments from China's National Congress, which will open this weekend with a speech by Premier Li Keqiang that is likely to downgrade the country's official growth forecast.

See Full Article

China said Friday it will boost military spending by about 7 to 8 per cent this year, the smallest increase in six years, reflecting slowing economic growth and a drawdown of 300,000 troops as Beijing seeks to build a more streamlined, modern military.

KEEPING SCORE: Britain's FTSE 100 gained 0.4 per cent at 6,155.29 in early trading. France's CAC 40 rose 0.1 per cent at 4,421.14. Germany's DAX was nearly flat at 9,757.62. U.S. futures suggested a muted start for Wall Street with Dow futures and S&P futures both nearly flat.

ASIA'S DAY: Japan's Nikkei 225 index closed 0.3 per cent higher at 17,014.78 while Hong Kong's Hang Seng added 1.2 per cent to 20,176.70 and Australia's S&P/ASX 200 rose 0.2 per cent, closing at 5.090.00 South Korea's Kospi edged 0.1 per cent lower to 1,955.63. The Shanghai Composite index climbed 0.5 per cent to 2,874.15, while shares in Southeast Asia were mixed.

ANALYST VIEWPOINT: "The markets are settling into a combination of cautiousness and restrained hopefulness," Bernard Aw of IG said in a commentary. "Investors are holding back on their appetite for risk, preferring to nibble at fine pieces instead of gobbling at an international buffet."

CHINA OUTLOOK: China's leaders are expected to trim their growth target during the annual session of the National People's Congress, seeking more flexibility for structural reforms for the slowing, state-dominated economy. The growth target due to be announced on Saturday is expected to be a range of 6.5 to 7 per cent, down from 2015's goal of about 7 per cent.

OIL: The price of U.S. crude oil rose 12 cents to $34.69 a barrel in electronic trading on the New York Mercantile Exchange. It fell 9 cents to $34.57 a barrel Thursday. Brent crude, the benchmark for international oils, fell 16 cents to $36.91 a barrel.

CURRENCIES: The euro was lower at $1.0944 from $1.0946 and the dollar climbed to 113.74 yen from 113.62 yen.



Advertisements

Latest Economic News

  • Why do you need a pet insurance, right here, right now

    Economic 24news
    Many Canadians would consider their pets as a part of their immediate, granular, family. Although some professionals think it’s not healthy, that’s the way life is in the twenty first century; There is a steep decline in the birth rate globally, with Japan leading the pack, and pets are filling in the void.
  • 'Explosive' U.S. oil output growth seen outpacing Saudis, Russia

    Economic CBC News
    U.S. oil production is booming and is forecast to top that of heavyweight Saudi Arabia and rival Russia this year, a global energy agency said Friday. The International Energy Agency said in its monthly market report that U.S. Source
  • Statistics Canada says manufacturing sales hit record high in November

    Economic CBC News
    Canadian manufacturing sales hit a record high in November, driven by sales of transportation equipment, petroleum and coal products and the chemical industry, Statistics Canada said Friday. The agency said manufacturing sales climbed 3.4 per cent to $55.5 billion. Source
  • Tilray inks deal with Shoppers Drug Mart to sell medical cannabis — if Feds give OK

    Economic CBC News
    Licensed marijuana producer Tilray Canada Ltd. has signed a deal to become a medical cannabis supplier to Shoppers Drug Mart. Subject to Health Canada's approval of Shoppers Drug Mart's application to dispense medical marijuana, Tilray will supply the retailer with Tilray branded medical cannabis products. Source
  • Amazon boosts monthly Prime membership fees by 20 per cent

    Economic CTV News
    NEW YORK -- Amazon is raising the price of its Prime membership monthly plan by nearly 20 per cent. The fee of US$99 for an annual membership will not change, the company said Friday. The online retailer had added the monthly payment option about two years ago as a way to hook shoppers -- especially during the holiday season -- who wanted faster free shipping, but didn't want to commit to an annual fee. Source
  • Manufacturing sales hit record high in November: Statistics Canada

    Economic CTV News
    OTTAWA -- Statistics Canada says manufacturing sales rose 3.4 per cent to a record high of $55.5 billion in November. The agency says the gain was mainly due to higher sales in the transportation equipment, petroleum and coal product and chemical industries. Source
  • Coke vows to cut waste over global 'packaging problem'

    Economic CTV News
    ATLANTA -- Recognizing a global waste problem, Coca-Cola will attempt to collect and recycle a bottle or can for every one that it sells within 12 years. CEO James Quincey says The Coca-Cola Co. Source
  • An Amazon HQ in Toronto makes sense — but what about Trump?

    Economic CBC News
    Amazon.com Inc's inclusion of Canada's largest city on a list of 20 finalists for a massive new campus could escalate tensions between the tech giant and U.S. President Donald Trump. Amazon said on Thursday that Toronto and 19 U.S. Source
  • Stocks rise despite looming U.S. government closure

    Economic CTV News
    HONG KONG -- Stock markets rose Friday as investors looked past the threat of a U.S. federal government shutdown and focused on a strong underlying economy. The price of oil fell on a report saying U.S. Source
  • Amazon rejection a wake-up call for Calgary's high-tech hopes

    Economic CBC News
    Considering Calgary's size, Jay Gohill didn't think his city had much of a chance to land Amazon's coveted second headquarters. For Gohill's tech company, it's probably a good thing. He's president of Arcurve, a software company with 65 employees in Calgary and Houston with clients in energy, transportation and health, among other industries. Source