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Holcim hoping to ride construction boom, control costs

HOLCIM Philippines, Inc. has outlined its priorities this year, including plans to seize opportunities brought about by an ongoing construction boom, its new head said.
John Stull, Holcim’s president and chief executive officer, said the cement manufacturer and distributor will focus on operational improvements, tighter cost management and new building solutions.
He said the moves position the company to better benefit from and support strengthening construction activity in the country.
Mr. Stull announced the company’s plans during the shareholder meeting on Friday in which he said Holcim aims to improve its ability to supply the market more efficiently and provide value-adding offerings to its building industry partners.
“Last year, we started projects to raise cement production capacity nationwide to 12 million metric tons by 2019. While these projects have just started, we are already considering more investments to raise clinker capacity given the positive projections for the construction industry,” he said.
Mr. Stull told Holcim shareholders that the company is bolstering its equipment maintenance programs while continuing to streamline logistics systems and processes for more reliable customer service.
This year, the company has allotted P2.4 billion for capital expenditures in line with plans to raise production capacity.
“Before further raising production capacity, we have to make sure we are getting as much as we can from our plants. For this, we worked with the LafargeHolcim Group to strengthen the culture of excellence in our facilities. We also implemented logistics excellence initiatives so our business partners and customers receive products when and where they need it,” Mr. Stull said.
Holcim earlier reported a first quarter net profit of P700 million, down from P940 million in the same period last year.
“The decline was due to lower cement prices from increased competition and higher production expenses,” the company said.
On Friday, Holcim Philippines shares rose 1.03% to P8.85. — Victor V. Saulon

Promoting PHL a ‘tough sell’ after Boracay shutdown

By Janina C. Lim, Reporter
EUROPEANS are thinking twice over including the Philippines as part of their travel destination list — this, after the closure of Boracay and the looming shutdown of other islands as the government intensifies its clean-up efforts in other tourist spots.
Coming off from a trip to Europe a few weeks ago, European Chamber of Commerce of the Philippines President Guenter Taus said promoting the country as a tourist spot is a “very tough sell,” citing the “untimely” closure of Boracay.
“I don’t know was it our visit or was it the closing of Boracay. But It was hard to sell the Philippines as a tourism destination” Mr. Taus told reporters Thursday night, adding that the country’s upscale tourism lost “pretty much everything.”
Asked his estimates on the losses, Mr. Taus said it was difficult to quantify but nevertheless, estimated that every tourist that comes in for about 10 to 14 days spends about $2,000.
The official said two large operators in Europe pre-booked for about 500 tourists before Boracay’s closure, making their payments non-refundable.
“There’s a number of legal issues there as well that are of course not perceived very well,” Mr. Taus said, noting that the operators lamented that “there’s nobody [in the Philippines] who really organizes this properly in terms of tourists.”
Asked if selling the Philippines as a tourist destination will be made more difficult with government’s expressed plan to extend its clean up effort to other islands, Mr. Taus said: “Absolutely.”
“Because people get scared… You don’t want to touch the Philippines,” Mr.Taus said, recalling his dialogue with the European operators whose identities he declined to reveal.
The group has shifted its focus to other tourist destinations like Bohol, Siquijor and Cebu while doing away with “mainstream” tourism.
“I think European tourists are actually very picky on what they want to do. Mainstream tourism is all gone so let’s do something different, let’s do something that we have never experienced before. I think we are in a very good position to offer that,” Mr. Taus said.
Part of the new strategy is including outdoor activities like biking, hiking, mangrove planting, among others, in tour packages. In addition, the ECCP is offering European tourists to engage with local fishermen by living with them in their village.
About 553,000 European tourists visited the Philippines last year.
Although some have probably turned toward other destinations like Thailand, Indonesia, Malaysia and Vietnam, Mr. Taus expressed confidence that the tourism industry in the country would rebound.
“if we shift gear and look at other opportunities as well because as snooze dies, you try to fit in a little bit more positive things and you go from there,” he added.
Asked on the interest of European investors to put up businesses in the country, Mr. Taus said: “There’s a lot of interest in the Philippines despite it all. Very much interest and we’ll see what the outcome is.”
The official admitted, however, that the ECCP has had discussions with companies that have looked at the Philippines and hesitated.
“And people start comparing the incentives and the political stability and the grants that they get and the incentives that they get and said fine. If they can be revoked any time they might want one have a second look at it and see is there any option that we have. Its certainly always a concern,” Mr. Taus added.

EU sees continued assistance to Marawi

By Janina C. Lim, Reporter
THE European Union (EU) is exploring ways to channel its assistance to Marawi City, mulling a scheme that does not involve transacting with the national government whose chief executive has rejected EU aid.
“Just because the government rejects aid from government to government doesn’t mean we have to do this government to government. There are several programs that we do around as private entity, we channel those funds through private institutions,” European Chamber of Commerce of the Philippines President Guenter Taus said during a press briefing in line with the group’s 40th anniversary as celebrated Thursday night in Pasay City.
He added that working with governments, in general, “is not easy.”
“But if we put our wills and minds together, we can make this work. We are here to stay, not only as the EU chamber but also as the EU so we do find ways and means,” Mr. Taus added.
As such, the EU remains working closely with the Office of the President and other government agencies such as the Finance Department to help in the country’s rebuilding efforts fo Marawi City, according to EU Ambassador to the Philippines Franz Jessen.
“There is a very significant need for funds and rebuilding and the EU is standing ready to assist,” Mr. Jessen said yesterday.
He added that the embassy is negotiating with the government to extend its support beyond Marawi City, which was under siege by terrorists last year, and across the whole region of Mindanao, having had a dialogue with Presidential Adviser on the Peace Process Jesus G. Dureza twice to discuss this broadened scope of aid.
Mr. Jessen had earlier said the regional economic bloc is wiling to give as much as 100 million euros or P6 billion for the rehabilitation of Marawi City.
However, President Rodrigo R. Duterte has thumbed down receiving all forms of assistance from other countries and international entities, including that offered by the EU, especially those deemed “conditional” such as in respect to recognizing human rights.
Mr. Duterte has repeatedly criticized the EU for meddling in the country’s affairs, particularly the administration’s drug war which has left a massive number of people dead.

No let up in controversies following quo warranto ruling

By Charmaine A. Tadalan and Camille A. Aguinaldo
IN THE continuing aftermath of the Supreme Court’s May 11 validation of his quo warranto petition against ousted chief justice Maria Lourdes P.A. Sereno, Solicitor-General Jose C. Calida was asked on Friday to make public his Statement of Assets Liabilities and Networth (SALN) from 2016 to 2018.
Private citizen Jocelyn Marie F. Acosta filed before the Office of the Solicitor-General (OSG) the request to see Mr. Calida’s SALNs to verify if he “accurately” declared his 60% share in the security agency Vigilant Investigative and Security Agenda, Inc. (VISAI).
The Sereno supporter said the remaining shares belong to members of Mr. Calida’s family as cited in the General Information Sheet filed with the Securities Exchange Commission, dated September 26, 2016.
The company serves as the security agency of the National Economic Development Authority, National Anti-Poverty Commission, Philippine Amusement and Gaming Corporation and National Parks Development Corporation.
“We hereby file a demand for your SALNs for the years 2016, 2017 and 2018 so the People may see that you have accurately declared your family’s ownership of VISAI, among other assets,” Ms. Acosta said.
The SALN for 2018, however, will not be available until next year.
Mr. Calida, in March, filed a quo warranto petition against Ms. Sereno to challenge the validity of her appointment. The case was based on Ms. Sereno’s failure to submit her SALN to the Judicial Bar Council (JBC).
The ousted chief justice, however, maintained that she has complied with the SALN requirement for all government officials.
The lower chamber has yet to trasmit its articles of impeachment to the Senate while members of the upper chamber yesterday filed a resolution urging the SC to review its quo warranto decision.
Malacañang, meanwhile, criticized Ms. Sereno’s resignation call to President Rodrigo R. Duterte, saying the ousted chief magistrate has herself to blame for the Supreme Court ruling that removed her from office.
“Ex-CJ Sereno should closely look at the mirror to see who is behind the Supreme Court ruling. She herself violated the Constitution by not filing her SALN and she herself managed to alienate her own colleagues at the High Court,” presidential spokesperson Harry L. Roque, Jr. said on Friday in a statement.
Mr. Roque pointed out that Mr. Duterte has not violated the Constitution unlike the ousted chief justice, noting too the President’s high satisfaction, approval, performance and trust ratings.
He also slammed Ms. Sereno for grandstanding in her numerous public appearances.
“We have earlier refrained from commenting on the former Chief Justice Maria Lourdes Sereno’s call for the President to resign. However, the former top magistrate has been engaged in grandstanding and seeking media coverage, pointing an accusing finger at President Duterte for the result of the quo warranto petition filed against her,” the presidential spokesperson said.
“We consider this unfortunate for the truth is, four other fingers point to her,” he added.
On the view that Ms. Sereno was being used as a rallying figure by opposition groups, Mr. Roque said, “This is a big mistake because we believe that in all the surveys, the chief justice is not trusted and her approval rating is low.”
“If she will be the rallying figure of the opposition, oh no, you’re doomed,” he added.
At the House of Representatives, Caloocan Rep. Edcel C. Lagman said the eight “grievously errant” justices who voted in favor of the quo warranto petition”deserve to be impeached.”
“They are liable for culpable violation of the Constitution and betrayal of public trust, among other impeachable offenses,” Lagman said in a statement on Friday.
The eight Associate Justices who voted against Ma. Sereno are Teresita L. De Castro, Diosdado M. Peralta, Lucas P. Bersamin, Francis H. Jardeleza, Samuel R. Martires, Noel G. Tijam, Andres B. Reyes, Jr., and Alexander G. Gesmundo.
“An invocation of the principle that what the majority of the Supreme Court say ‘is the law’ will not cleanse the gross blunder committed by the eight Justices,” Mr. Lagman said. “The act of promulgating their unconstitutional decision completes the consummation of the impeachable offenses.”
Representatives Tom S. Villarin and Gary Alejano have made similar calls.
For his part, Rep. Gary C. Alejano said the Magdalo party-list group is mulling the filing of impeachment complaints against the justices.
“This action, which the Magdalo has been proposing, was already discussed in meetings with various opposition groups and apparently has gained support,” he said.
For its part, the Ateneo De Manila University called for the public’s support for the filing of the motion for reconsideration on the quo warranto ruling.
“I am calling on the (Ateneo community) to convince the courts and the public to support the Motion for Reconsideration that will be filed at the Supreme Court in the next days,” Ateneo President Jose Ramon T Villarin said in a memo on Thursday.
The university earlier asked the SC to dismiss the quo warranto petition against Ms. Sereno.

MPIC power businesses target 1,600-MW hike in capacity by 2022

THE power units of Metro Pacific Investments Corp. (MPIC) will be expanding their capacity by around 1,600 megawatts (MW) until 2022, with plans to invest around P30 billion during the period.
“We continue to find ways to develop at least 1,500 megawatts of additional generational capacity by 2021. While we remain committed to clean coal, which today remains the most efficient to supply essential baseload demand, we are carefully evaluating renewable technologies,” MPIC President and Chief Executive Officer Jose Ma. K. Lim said in a speech during the company’s annual shareholder meeting in Bonifacio Global City, Taguig on Friday.
MPIC’s power units include Manila Electric Company (Meralco) and Global Business Power Corp. (GBP).
MPIC Chief Finance Officer David Nicol noted that half of this additional capacity will be attributable to Meralco, since the other half will be owned by partners. Estimating the required investment at $2 million per MW, the entire expansion could cost $3.2 billion.
“We have half of the project, we generally have a partner in all of them. So our share in the gross expense is $1.6 billion, and then from project financing, it should be be 70 to 30, so you’re looking at 30%, that’s around $500 to $600 million, so you’re looking up to P30 billion of cash out of Meralco,” Mr. Nicol told reporters after the shareholder meeting.
Mr. Lim noted that the group is still studying the appropriate mix for the added capacity.
“The developments in renewable are happening so quickly. We will try to find the right balance between coal-fired and renewable, taking into consideration the requirements of the country as well as the environment,” Mr. Lim told reporters in a separate interview after the meeting.
The executives noted that the current priority is the Atimonan power project that consists of two power plants producing 600MW each, for a total capacity of 1,200MW.
In addition to the capacity expansion, MPIC is currently in the process of developing a waste-to-energy facility in partnership with the local government unit of Quezon City. The project will have a capacity of 42 MW.
MPIC’s power units raised their consolidated core profit 16% in the first quarter of 2018, netting P3.6 billion in the January to March period. The listed conglomerate stepped up its investment in the power industry last year through Beacon Electric Asset Holdings, Inc., which in turn has a stake in both Meralco and GBP.
For the rest of the year, Mr. Lim said the group expects moderate earnings growth as the comparable periods will now include its increased investment in power.
MPIC is one of three key Philippine units of Hong-Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
MPIC shares dropped 20 centavos or 3.92% to P4.90 on Friday. — Arra B. Francia

Intellectual Property Office targets countryside expansion

THE Intellectual Property Office of the Philippines (IPOPHL) is considering intellectual property (IP) filings in the countryside to increase this by half of 2017 levels, as the agency bolsters awareness of the significance of intellectual property in doing business.
The agency said it will be undertaking this year “significant expansion strides in untapped cities,” part of which is setting up two more intellectual property satellite offices (IPSOs) this year: one in Dumaguete by May 23 and another in Zamboanga by the second half of the year.
“Our overarching objective in spreading the presence of IPSOs is to be able to stimulate the countryside into knowing and making the public, especially the micro,small, and medium enterprises (MSMEs), know that trademark is very relevant to their business — and to directly bring our services to them,” IPOPHL Director General Josephine R. Santiago was quoted in a statement issued Friday.
“We expect that with this, there will be more filers,” she added.
Intellectual property filings received by IPOPHL cover trademarks, patents, copyright deposits, utility models, industrial designs and layout of integrated circuits.
In the regions and provinces, however, the IP filings facilitated by IPSOs are comprised mostly of trademarks, copyrights, and patents.
Provincial IP filings stood at 3,439 in 2017 while a 50% growth would bring the total to 5,159 for 2018.
On the total IP filings from the countryside in 2017, trademarks took 5% or 2,025; copyright deposits, 27%, or 933 filings; and patents, 14% or 481.
“Increasing the filing and use of IP services is critical in order for IPOPHL to continuously promote intellectual property all across the country,” Deputy Director General Teodoro C. Pascua said, noting that the agency saw an average of 14% annual growth in provincial IP filings from 2013 to 2017.
The growth was tied to the intensified establishment of IPSOs which provide IP-related services to entrepreneurs across several select provinces.
The country currently has 11 IPSOs housed within Trade Department offices, namely, in Cebu, Davao, Baguio, Pampanga, Legazpi, General Santos, Iloilo, Cagayan de Oro, Tuguegarao, Tacloban, and the National Capital Region office. — JCL

Duterte issues proclamation on Philippine Rise

PRESIDENT Rodrigo R. Duterte has formally declared the Philippine Rise within the country’s exclusive economic zone (EEZ) as the Philippine Rise Marine Resource Reserve (PRMRR).
Proclamation 489, released on Friday and signed by the President on May 15 in Casiguran, Aurora, as he sent off Filipino marine researchers to the Philippine Rise, declared 352,390 hectares (ha) as the PRMRR which will be under the oversight of the Department of Environment and Natural Resources (DENR).
Of these boundaries, 49,684 has. are proclaimed strict protection zone while the rest are under a special fisheries management area as defined under the Philippine Fisheries Code of 1998, as amended.
Meanwhile, the Philippines sees no need to be more assertive in the Philippine Rise as Mr. Duterte’s visit is “enough” to claim the area, Presidential Spokesperson Harry L. Roque Jr. said.
“[Sa] akin po sapat na iyon para i-assert iyong ating karapatan sa Philippine Rise at symbolic nga po ‘no na sinasabi na ang Philippine Rise ay para sa mga Pilipino lamang,” Mr. Roque said in radio interview on Friday.
(For me, that is enough to assert our rights over the Philippine Rise and it is already symbolic to say that the Philippine Rise is for the Filipinos only.)
Mr. Roque added the President has no plans to return to the Philippine Rise as he had been there already (“Nanggaling na po doon sa area ang Presidente”). — Minde Nyl R. Dela Cruz

Leisure & Resorts World Q1 net profit falls 70%

LEISURE & Resorts World Corp. (LRWC) reported on Friday a first-quarter net profit of P82.42 million, down nearly 70% from a year earlier, as the company recovers from what it called “challenging” times last year.
In the same period in 2017, the listed gaming company posted a P272.12 million net profit attributable to the parent firm.
In a disclosure to the stock exchange, the company said the P189.7 million earnings fall was due to three main factors, including its divestment from the City of Dreams-Manila project interest amounting to P173 million.
It also cited the non-recognition of deferred tax assets of P36 million for LRWC and the pre-operating expenses of its project in Boracay amounting to P15 million.
“Without the effects of the enumerated, consolidated net income would have increased,” the company said, placing the extent of the pro-forma growth at 70%.
The company said its performance during the period “shows the positive results of the turnaround situation that LRWC has achieved in the past year. This will reflect positively for 2018 and the coming years.”
LRWC said gross revenue for the quarter hit P3.86 billion, down 2% from a year earlier.
It said after deducting direct costs of P2.98 billion, the company’s gross profit was P878 million in the first three months, down nearly 15% year-on-year.
On Friday, LRWC shares rose 4.87% to P4.74.
 
CORRECTION: An earlier version of this story used a photo of Resorts World Manila, which is not owned nor operated by LRWC. The photo has been taken down. We apologize for the mistake.

Peso falls, rangebound as Treasury yields boost dollar

THE peso weakened against the dollar on Friday as rising Treasury yields boosted the US currency.
The peso closed at P52.33 Friday, six centavos weaker than its previous close of P52.27.
The peso’s low during the day was P52.36, while its high was P52.25.
Market volume was $690.8 million, up from $687.8 million the previous day.
Traders said the peso moved sideways in a narrow range.
“The peso traded within a range today. It just followed the overall dollar move,” one said over the phone Friday, adding that there was “no catalyst” to drive the currency.
Another trader said: “Actually, the peso consolidated within the day. There’s not much movement over the past two days.”
A third trader said the continued rise of US Treasury yields contributed to the strengthening of the dollar.
US 10-year Treasury yields hit seven-year highs with traders and investors undecided on whether the market is susceptible to more selling, Reuters reported.
Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, said the peso’s slight weakness “may have been in response to the BoP (balance of payments) data.”
According to the Bangko Sentral ng Pilipinas, the overall BoP position was a deficit of $270 million in April, a reversal from the $917 million surplus logged the previous month.
“However, this deficit, overall, is expected and should not be a cause of concern at this point,” Mr. Asuncion added in a text message. — Karl Angelo N. Vidal

PSEi declines on foreign selling amid inflation worries

SHARE prices fell as rising oil prices stoked inflation fears, while foreign selling also weighed on large caps, pulling down the main index.
The Philippine Stock Exchange index dropped 0.28% or 21.84 points to 7,672.28. The broader all-shares index fell 0.30% or 13.80 points to 4,664.94.
“Our market dipped as oil price heads towards $80 per barrel. Since we are a net importer of oil, this may put further pressure on inflation which is of major concern for investors,” Timson Securities Inc. Equity Trader Jervin S. de Celis said in a mobile message on Friday.
“Investors are also liquidating shares in the absence of fresh leads and with Treasury yields in the US steadying at current levels, so they are choosing the safer havens rather than betting on riskier instruments,” he added.
PNB Securities, Inc. President Manuel G. Lisbona said the market generally took a breather today amid thin turnover.
“Declines in Index heavyweights SM and AC exerted enough downward influence on the PSEi,” Mr. Lisbona said in a mobile message, attributing this drop to the continuation of foreign selling.
“In terms of valuation, both companies are expensive at P/E ratios of 22x and 29x forecast earnings for AC and SM, respectively,” he added.
“The market was mostly quiet after yesterday’s 133-point fall and will likely tread water in the next few days,” Mr. Lisbona added, noting that investors will be closely watching the US-China trade talks and oil prices.
Decliners outnumbered advancers 115 to 86 while 53 issues were unchanged.
By sector, the picture was mixed on Friday. Mining and oil saw the biggest losses, falling 1.64% or 167.81 points to 10,041.14; holding firms slid 1.25% or 94.58 points to 7,491.24; and industrials shed 0.37%
Meanwhile, property rose 0.54% or 20.49 points to 3,803.28; financials edged up 0.25% or 4.79 points to 1,921.59; and services rose 0.10% or 1.57 points to 1,534.23.
Foreigners were net sellers of P2.436 billion worth of shares, nearly double Thurday’s level of P1.32 billion.
A total of 1.306 billion shares worth P4.216 billion changed hands, against 1.32 billion shares worth P7.16 billion on Thursday. — Janina C. Lim

Windsor in lockdown as royal wedding approaches

Windsor, United Kingdom — On the eve of Prince Harry and Meghan Markle’s wedding, the picturesque town of Windsor has taken on the character of an impregnable fortress.
Every nook and cranny has been scoured and every imaginable security measure deployed to guarantee the safety of the royal couple and the tens of thousands of spectators set to flood the streets.
In a dress rehearsal Thursday for the journey Harry and Meghan will take through the town after the Windsor Castle ceremony, uniformed police — some armed — were out in force.
On one of the roads near Windsor Castle — where Queen Elizabeth II often spends weekends — officers used handheld torches to examine street lights, traffic lights, rubbish bins and manholes, anywhere along the road where a suspicious device could have been hidden.
“We’re just checking to make the wedding safe”, one told AFP as his colleague led a sniffer dog on a hunt for hidden explosives.
– D-day approaches –
Huge barriers have been hauled into place to prevent a vehicle attack and many roads are now closed in the town of 30,000 inhabitants, 30 kilometres (19 miles) west of London.
Number plates are also being automatically scanned and surveillance cameras have been deployed en masse.
Two months in the planning, the security measures are in line with the huge crowds expected.
The wedding is expected to attract around 100,000 spectators in Windsor itself, with at least 5,000 journalists, according to Thames Valley Police.
“A broad range of visible security measures are in place,” a spokesman told AFP.
On D-day, train stations will be on high alert, vehicles will be inspected and visitors can expect to be searched.
No drones will be allowed to fly over the wedding zone.
“Things can go wrong whenever you have big crowds of people,” Chris Phillips, former head of Britain’s counter-terrorism security office, told AFP.
“Terrorism is obviously the biggest threat.”
“You have to treat everyone as a possible troublemaker or terrorist,” said Phillips, who now runs security consultancy IPPSO.
Sent reeling after a series of attacks by the Islamic State group in 2017, Britain’s current terror threat level is “severe” — the second highest it can possibly be — indicating an attack is “highly likely”.
But if “everyone can be a threat” then “everyone also can be a positive pair of eyes”, said ex-police officer Phillips.
– ‘Ambassadors’ as eyes and ears –
More than a terror attack, one local seems to fear the hordes of well-wishers set to descend on the town.
Rekha Parker will try to take her daughter to see the newlyweds on Saturday, but will call off the effort if the crowds are too dense.
“If it’s too busy then I’ll go back home,” she told AFP.
“There’s more than enough police but at the end of the day if people are going to strike, they are going to strike,” said her friend Leigh Smith, a 40-year-old mother.
For the royal couple themselves one of the greatest risks is their open-top carriage procession.
“You can make sure there’s no room for snipers and things and just don’t let people to get too close to it. It’s the key,” said Phillips.
Totally eliminating the risks on the day is an impossible task, but police have assured residents “there is no intelligence to suggest that the event is a target”.
Local councils have also deployed dozens of “ambassadors”, volunteers who will guide visitors but also act as extra sets of eyes and ears on the ground.
“We report anything that looks suspicious. We’ve just recovered a rucksack this morning, fortunately we could find the owner,” ambassador Bob Gardner told AFP.
The number of police set to guard the ceremony has not been disclosed, but is “probably at least thousands”, according to Phillips.
That is to say nothing of the cost of the security, which will be billed to the British taxpayer. — AFP

Asian stocks mixed as treasury yield extends rise

Asian shares traded mixed Friday, remaining on track for a weekly loss as investors mulled the implications of a jump in benchmark U.S. 10-year Treasury yields to their highest level since 2011. The dollar steadied near its strongest for the year.
News that China has offered President Donald Trump a $200 billion reduction in the bilateral trade gap with the U.S. had little immediate reaction early Friday. Japanese and Korean shares rose, Chinese and Hong Kong equities fluctuated while Australian stocks declined. The S&P 500 Index closed little changed after a direction-shifting session, though domestically focused U.S. small caps hit a fresh record. U.S. futures pointed to modest gains. Brent crude rose to a level unseen since 2014 amid mounting signs that global stockpiles are shrinking.
Investors are dealing with recent evidence that the world’s largest economy will continue its solid expansion, as well as issues stretching from peace talks on the Korean peninsula to populists taking power in Italy. Looming over it all are trade talks between the U.S. and China, the outcome of which could cement the global growth story — or derail it. China’s $200 billion trade-deficit reduction offer came in talks in Washington this week, a Trump administration official said.
The euro is heading for another weekly loss, while Italian bonds dropped this week as an agreement was sealed by populist parties to form a coalition government. The Turkish lira deepened its losses, while emerging-market stocks slipped. — Bloomberg

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