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

  • Tesla swings to lost in 4Q, says Model 3 on target

    Economic CTV News
    DETROIT -- Unable to string together profitable quarters, electric car and solar cell maker Tesla Inc. reported a loss for the last three months of 2016. Tesla posted its first profit in three years in last year's third quarter and had predicted net income in the fourth quarter. Source
  • Tesla swings to loss in 4Q, says Model 3 on target

    Economic CTV News
    DETROIT -- Unable to string together profitable quarters, electric car and solar cell maker Tesla Inc. reported a loss for the last three months of 2016. Tesla posted its first profit in three years in last year's third quarter and had predicted net income in the fourth quarter. Source
  • United Airlines enters basic economy fare wars in the U.S.

    Economic CTV News
    On Tuesday, United began selling basic economy fare tickets on select domestic routes in the U.S., joining American Airlines and Delta in offering a budget option for fliers. It's a move aimed at staying competitive in a market that's becoming increasingly crowded with low-cost and ultra-low cost carriers. Source
  • SodaStream recalls bottles at risk of bursting

    Economic CBC News
    SodaStream Canada has recalled some one-litre bottles because consumers could be injured if the bottles rupture while the contents are being carbonated. The recall was issued jointly by Health Canada, the United States Consumer Product Safety Commission and SodaStream Canada Ltd. Source
  • Good news for Bombardier? Business jet sales may be bolstered by Trump tax cuts

    Economic CTV News
    MONTREAL -- The U.S. government's plan to cut corporate taxes will bolster the business jet industry which last year had its weakest performance since 2004, an association representing the sector said Wednesday. "It will be a good shot in the arm for the industry," said Pete Bunce, CEO of the General Aviation Manufacturers Association. Source
  • Tim Horton's parent buys Popeyes chicken

    Economic CTV News
    Restaurant Brands International, the parent company of Burger King and Canada's Tim Hortons donut shops, said Tuesday it has reached a deal to buy American fried chicken chain Popeyes Louisiana Kitchen. The sale price is US$1.8 billion, or US$79 per share, according to a statement, representing a 27 percent premium over Popeyes' recent average stock price. Source
  • Apple acquires facial recognition start-up

    Economic CTV News
    RealFace specializes in developing artificial intelligence (AI) based facial recognition software. Its first consumer application, Pickeez, can find all the photos of a given person on a smartphone or in a Facebook folder and can even pick the best shots. Source
  • TransCanada asks shippers to support new natural gas pipeline tolls

    Economic CTV News
    CALGARY -- TransCanada (TSX:TRP) is proposing a new pipeline tolling system it says will allow western Canadian natural gas to be shipped to Ontario at lower rates to better compete with growing American supplies. The Calgary-based energy transport company is inviting shippers to sign long-term binding commitments by March 9 to move gas on its underutilized Canadian Mainline system from a shipping centre in Alberta to a hub in southern Ontario. Source
  • Saputo poised to gain full control of Australia's Warrnambool dairy

    Economic CTV News
    MONTREAL -- Canadian dairy giant Saputo Inc. is poised to gain full ownership of Warrnambool Cheese and Butter Factory Co. after Lion Dairy and Drinks accepted a sweetened offer to sell its minority stake in the Australian cheese and dairy producer. Source
  • SodaStream recalls thousands of bottles due to danger they could rupture

    Economic CTV News
    OTTAWA - SodaStream is recalling thousands of its bottles in Canada and the U.S. because of a danger they may rupture when a user is in the process of carbonating water. The maker of water carbonation machines said it was voluntarily recalling the bottles due to a manufacturing defect. Source