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World Shares Retreat on Tuesday        01/22 06:02

   World markets retreated Tuesday after the International Monetary Fund 
trimmed its global outlook for 2019 and 2020. The downgrade came after China 
said its economy grew at the slowest pace in nearly 30 years in the last 
quarter of 2018.

   SINGAPORE (AP) -- World markets retreated Tuesday after the International 
Monetary Fund trimmed its global outlook for 2019 and 2020. The downgrade came 
after China said its economy grew at the slowest pace in nearly 30 years in the 
last quarter of 2018.

   KEEPING SCORE: Germany's DAX gave up 0.2 percent to 11,112.96 and France's 
CAC 40 was down 0.3 percent at 4,853.77. Britain's FTSE 100 was 0.3 percent 
lower at 6,953.19. Wall Street, reopening after Martin Luther King Jr. Day, was 
set for early losses. Futures for the broad S&P 500 index declined 0.6 percent 
to 2,656.80. Dow futures dropped 0.6 percent to 24,545.00.

   THE DAY IN ASIA: Japan's Nikkei 225 index shed 0.5 percent to 20,622.91 and 
the Kospi in South Korea sank 0.3 percent to 2,117.77. Hong Kong's Hang Seng 
lost 0.7 percent to 27,005.45. The Shanghai Composite index fell 1.2 percent to 
2,579.70. Australia's S&P ASX 200 slipped 0.5 percent to 5,858.80. Shares rose 
in Taiwan and Thailand but fell in Singapore.

   GLOBAL GROWTH: On Monday, the International Monetary Fund cut its 2019 
global growth estimate to 3.5 percent from 3.7 percent, citing trade tensions 
and rising interest rates. It also revised its estimate for 2020 to 3.6 
percent, down from 3.7 percent. IMF Managing Director Christine Lagarde, who 
presented the forecasts at the World Economic Forum in Davos, Switzerland, said 
the global economy was growing more slowly than expected amid rising risks. 
Earlier in the day, China reported its economy expanded by 6.6 percent in 2018. 
This was the slowest pace of growth since 1990 and it fueled fears a trade 
dispute with Washington is putting a drag on the world's second largest economy.

   ANALYST'S TAKE: "The IMF's prognosis is fairly dire, and the prescription is 
a sensible approach of preventive management; to avoid escalating trade 
disputes, lower tariffs and build fiscal or financial buffers," Vishnu Varathan 
of Mizuho Bank said in a commentary.

   BREXIT PLAN: British Prime Minister Theresa May presented her Plan B for 
Britain's exit from the European Union on Monday, but it looks a lot like the 
original. May said she will get more opinions on a widely-criticized "backstop" 
in the plan, aimed at preventing a hard border between the Republic of Ireland, 
part of the EU, and the U.K's Northern Ireland after Brexit. She will then 
"take the conclusions of those discussions back to the EU." The bloc has said 
it will not renegotiate the divorce deal, which has been resoundingly rejected 
by Parliament. "This really does feel a bit like 'Groundhog Day,'" Jeremy 
Corbyn, the leader of the opposition Labour Party said. In the 1993 film, a 
weatherman lives out the same day over and over again.

   ENERGY: U.S. crude lost 73 cents to $53.31 per barrel in electronic trading 
on the New York Mercantile Exchange. The contract added 3.3 percent to $54.04 
per barrel in New York. Brent crude, used to price international oils, dropped 
92 cents to $61.82 per barrel. It closed at $62.74 per barrel in London.

   CURRENCIES: The dollar eased to 109.44 yen from 109.65 yen late Monday. The 
euro slipped to $1.1363 from $1.1366. The British pound strengthened to $1.2902 
from $1.2893. 


(BE)

 
 
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