Sunday, 24 September, 2017

Stocks hit record highs as Irma weakens

IG Sees Fixed Income Market Pricing in Bad News IG Sees Fixed Income Market Pricing in Bad News
Heather Davidson | 13 September, 2017, 00:41

It had slumped to a 10-month low of 107.320 yen on Friday, when Hurricane Irma threatened Florida and as financial markets braced for the possibility of another missile or nuclear test to mark North Korea's founding day on September 9.

The Dow Jones Industrial Average rose 259.58 points, or 1.2%, to 22,057.37.

Meanwhile, the S&P/ASX 200 index rose 0.34 percent to 5,755.50 by 02:45 GMT, while at 02:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -130.93 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). Travelers Companies climbed 2.3% and was one of the biggest boosts to the Dow, while Progressive was up 2.2%.

Hurricane Irma weakened to a tropical storm on Monday, according to the latest update from the National Hurricane Center. Investors may have gotten another break from easing geopolitical tensions.

USA stocks were higher in early afternoon trading on Tuesday, with the S&P 500 hitting a record intraday high led by gains in financial stocks, and investors focused on an Apple event where the company is set to launch its new iPhone.

USA stocks were higher on Tuesday, with the S&P 500 hitting a record intraday high as investor concerns about US tensions with North Korea eased and the financial impact from Hurricane Irma appeared less severe than feared.

Alamos Gold Inc tumbled 16.1 percent to C$8.60 after the company said it will buy smaller rival Richmont Mines in an all-stock deal valued at about C$905 million. Gold dropped to $1,326.31 per ounce, compared to Friday's one-year peak of $1,357.4. December gold fell $15.50, or 1.2%, to settle at $1,335.70 an ounce.

October West Texas Intermediate crude tacked on 59 cents, or 1.2%, to settle at $48.07 a barrel on the New York Mercantile Exchange after tapping a low at $47.

The dollar was flat against the yen, fetching 109.42 yen in Asian trade, against 109.44 yen in NY but well up from the 108.60 yen levels seen in tokyo earlier Monday. The benchmark Kospi inched up 6.39 points or 0.27 percent to finish at 2,365.47.

Electric Vehicle-linked shares rose, with Titan Kogyo, manufacturer of parts for lithium-ion batteries, surging by the daily limit of 27.21 percent to 374 yen after reports said China was considering banning sales of gasoline and diesel cars.

USA inflation expectations slipped last month, with the year-ahead measure hitting its lowest level since early 2016, according to a Federal Reserve Bank of NY survey that adds to the din of surprisingly weak price measures.

"But the market is still sensitive to risk-off news, maybe from North Korea, or from disappointing USA economic data", he said.

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