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Global markets calm ahead of Jackson Hole meeting

Posted August 23, 2017 7:00 am

By YOUKYUNG LEE

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 23, 2017. Most Asian markets staged modest gains on Wednesday after overnight gains on Wall Street as geopolitical risks and turmoil at the White House that have dented investor sentiment in the past few weeks abated while investors eyed the annual gathering of central bankers. (AP Photo/Ahn Young-joon) The Associated Press

SEOUL, South Korea (AP) - Global stock markets were little changed Wednesday, as geopolitical risks and turmoil at the White House that have dented investor sentiment in the past few weeks abated while investors eyed an annual gathering of central bankers.

KEEPING SCORE: European markets opened flat with Britain's FTSE 100 up 0.1 percent to 7,389.50. France's CAC 40 was down less than 0.1 percent to 5,128.49 and Germany's DAX fell 0.1 percent to 12,218.48. Futures augured a tepid start on Wall Street. S&P futures fell 0.2 percent while Dow futures slipped 0.1 percent.

ASIA'S DAY: Asian stock markets eked out small gains. Japan's Nikkei 225 gained 0.3 percent to 19,434.64 and South Korea's Kospi added 0.1 percent to 2,366.40. But the Shanghai Composite Index edged down 0.1 percent to 3,287.70. Australia's S&P/ASX 200 fell 0.2 percent to 5,737.20. Hong Kong's Hang Seng index was closed due to a typhoon.

ANALYST'S TAKE: "Sharp gains in U.S. stocks last night means that volatility remains elevated compared to recent months," said Ric Spooner, chief market analyst at CMC Markets. "Residual concerns about U.S. politics and the Korean situation also linger." He added that the recovery in the global stock markets may be temporary and does not imply the beginning of bull markets.

CENTRAL BANKERS: Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are among the central bankers due to speak at the symposium in Jackson Hole, Wyoming, this week. With little market-moving news on the calendar, investors will be keen on their speeches scheduled on Friday. The Federal Reserve is raising interest rates and is preparing to pare back the $4.5 trillion it holds on its balance sheet, and investors are wondering when the European Central Bank will follow suit.

OIL: Benchmark U.S. crude lost 16 cents to $47.67 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to settle at $47.83 per barrel on Tuesday. Brent crude, the international standard, slipped 17 cents to $51.70 per barrel in London. It gained 21 cents to settle at $51.87 a barrel in the previous session.

CURRENCIES: The dollar slipped to 109.44 Japanese yen from 109.57. The euro rose to $1.1787 from $1.1762.

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 23, 2017. Most Asian markets staged modest gains on Wednesday after overnight gains on Wall Street as geopolitical risks and turmoil at the White House that have dented investor sentiment in the past few weeks abated while investors eyed the annual gathering of central bankers. (AP Photo/Ahn Young-joon) The Associated Press

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 23, 2017. Most Asian markets staged modest gains on Wednesday after overnight gains on Wall Street as geopolitical risks and turmoil at the White House that have dented investor sentiment in the past few weeks abated while investors eyed the annual gathering of central bankers. (AP Photo/Ahn Young-joon) The Associated Press

A currency trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 23, 2017. Most Asian markets staged modest gains on Wednesday after overnight gains on Wall Street as geopolitical risks and turmoil at the White House that have dented investor sentiment in the past few weeks abated while investors eyed the annual gathering of central bankers. (AP Photo/Ahn Young-joon) The Associated Press

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