International Investment Trusts

In the International Investment Trusts compendium we have profiled the trusts represented on the Core Investment Funds list

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Global Markets Stuck in the Mud

Markets were mostly in the red on Thursday as investors digested the Federal Reserve’s meeting minutes, as well as a series of disappointing earnings reports across the board.

US stocks edged lower a day after the Fed’s minutes were released

US stocks fell modestly as technology stocks struggled amid concerns over lofty valuations and the prospects for fiscal stimulus a day after the Fed’s minutes were released. At the time of writing, the NASDAQ Composite index was down by -0.7%, the S&P 500 had slid -0.1% while the Dow Jones Industrial Average remained flat.

Lingerie retailer L Brands tumbled -15.5% after issuing weaker than forecasted guidance for 2017. Other companies to suffer after releasing earnings include Tesla, with the automaker falling -5.2%. Shares of energy companies such as Transocean, ExxonMobil and Valero increased +5.2%, +1.2% and +1.2% respectively, as the sector led the Dow. Walgreens Boots Alliance has continued a strong week, rising +1.6%.

European and UK stocks both closed lower

European stocks ended modestly lower, but stayed on track for a weekly gain, as investors sifted through earnings reports and assessed the mixed tone regarding the Fed’s minutes. The Stoxx Europe 600 dipped -0.1%. Telefonica grew +1.8% after reporting its fourth quarter profits swung to EUR145m. Veolia dropped -5.8% as its revenue growth is hindered by low inflation. Peugeot declined by -1.6% despite net profits surging +79%.

UK stocks slipped on Thursday as miners pulled back and Barclays turned lower on concerns over legal issues in the US. The FTSE 100 closed down by -0.3%. Barclays shares dipped -2.6% as issues concerning an unresolved litigation headwind from the US Department of Justice tempered investor enthusiasm even as the company reported a trebling of pre-tax profit. A price drop in copper saw shares in Antofagasta (-3.1%), Anglo American (-3.1%) and Rio Tinto (-2.6%) fall.

Asia and Japan were both led lower by financials

Asian stocks were marginally lower on Thursday, following lackluster performance on Wall Street the previous night, as investors digested the latest Fed meeting minutes. Japanese financials weakened after the Fed meeting minutes had been released. Japanese, Korean, Taiwanese and Indian indices were practically flat, Hong Kong and Shanghai fell, and Singapore rose.

ASX 200 down

The ASX 200 closed down by -0.4%.

Crude and gold up, iron ore down

WTI crude grew +2.1% to US$54.40 while gold rose +1% to US$1,249.60. Iron ore slipped US$3.00 to US$91.3/MT

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