Thursday, 18 July, 2019

Fears over Italy turmoil spread through global markets

US Treasury official advises Italy to stay in eurozone Fears over Italy turmoil spread through global markets
Russell Knight | 30 May, 2018, 15:26

Asian shares extended a global sell-off in early trading Wednesday as Italy's political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome.

Political crisis in Italy triggered a rush to safe-haven assets as the prospects of a repeat election in the eurozone's third-largest economy raised doubts about the country's future in the economic bloc.

Italy was waiting Tuesday for caretaker prime minister and former International Monetary Fund economist Carlo Cottarelli to assemble a cabinet lineup for a technocrat government after a bid for power by an alliance of anti-establishment and far-right parties failed to get off the ground over the weekend.

If the losses sustain to the closing bell, those would be the biggest daily falls since April 24 and the first of more than 1 per cent drop in May.

Oil prices meanwhile struggled as expectations grew that Saudi Arabia and Russian Federation would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as USA output has surged in recent years. The S&P 500 index fell 31 points, or 1.2 percent, to 2,689. Sydney gave up 0.5 % and the Kospi in Seoul was down 1.6%. That could have major implications for the European financial system and its economy.

Vertical plume of ash explodes from Hawaii volcano
Residents were pressed to evacuate the area so that they wouldn't be caught up in the lava's movement as more vents reactivate. Light winds are blowing toward the northwest and ash fall may affect the Volcano and Pahala areas.

White House slaps 25% tariff on $50 billion worth of Chinese goods
The back-and-forth comes just days before Commerce Secretary Wilbur Ross is scheduled to visit Beijing to continue talks with Chinese officials.

Barty relishing French Open shot at Serena
In the Open Era, Williams' 11-year gap between her first two titles here is the longest gap for a woman at any Grand Slam. I have been wearing trousers in general a lot when I play so I can keep the blood circulation going.

"Worries over geopolitics look set to hit Asia after sweeping through Europe and also the USA at the start of the week". The euro also hit its lowest mark against the dollar this year. The dollar fell to 108.53 yen from 109.77 yen.

"And you see the yield curve flattening, the two 2-10 spread to closest to the flattest to the year, and that's bad for the profitability of the banks". By mid-afternoon Asia time it was at 2.81 per cent.

A top North Korean official was headed to NY on Tuesday for talks with U.S. Secretary of State Mike Pompeo, the latest indication that the summit between President Donald Trump and North Korean leader Kim Jong Un may go ahead next month.

Brent futures traded around $75.50 per barrel, well off recent 3-1/2-year highs above $80. Brent crude, used to price worldwide oils, shed 38 cents to $75.11 a barrel in London.

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