Economy

Asian stocks rise after North Korea refrains from launch

Asian stocks rise after North Korea refrains from launch”

The Dow Jones Industrial Average rose 215.95 points, or 0.99 percent, to 22,013.74, the S&P 500 gained 20.28 points, or 0.82 percent, to 2,481.71 and the Nasdaq Composite added 55.65 points, or 0.87 percent, to 6,415.84. Travel companies and insurers are also rising and home-improvement companies like Lowe's and Home Depot, which rallied last week, fell.

HCI Group shares jumped $5.38, or 17.5 percent, to $36.15 while Heritage Insurance gained $2.02, or 21.6 percent, to $11.39. Travel booking site Priceline rose 30.29 dollars, or 1.6%, to 1,868.86 dollars.

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 single currency traded lower against the dollar, down 0.64% to 1.1957, retreating from a near two-year high on Friday. They climbed last week after investors anticipated their business could pick up as homeowners were affected by the storm. The KBW Nasdaq Insurance index rose 1.8%, almost wiping out its 1.9% drop last week. The benchmark Kospi inched up 15.36 points or 0.66 percent to 2,359.08, with heavyweight Samsung Electronics closing 1.5 percent higher at 2,490,000 won.

ENERGY: Oil futures rebounded, with benchmark USA crude rising 37 cents to $47.85 a barrel in electronic trading on the New York Mercantile Exchange. "The short-term stage has been set for some consolidation (in gold prices)".

Long-dated Treasurys sold off, sending the yield on the 10-year bond up 7 basis points to 2.13%. Those companies tend to do better when bond yields are falling, as investors see them as an alternative to bonds due to their large dividend payments. We had also said that, just like the effect of Hurricane Harvey on the oil prices, this would also lead to a drop in the oil prices which was likely to be temporary and once the weather cleared, we should see the demand and supply back to normal pretty quickly and this would help the oil prices to recover.

Origin Energy gained 1.3 percent after it entered into a $190m deal with Benaris. "I would say dollar yen below 108 yen is a good level to buy, and I still expect the U.S.to come up with some kind of tax reform to shore up US growth next year". Brent crude, used to price worldwide oils, rose 27 cents to $54.05 a barrel in London.

The central bank has been struggling to keep inflation at 2 percent since sterling tumbled in response to Britain voting to leave the European Union in June 2016, pressuring on consumer spending and living standards. Platinum for October fell 13.5 dollars, or 1.33 percent, to settle at 998.8 dollars per ounce.

The benchmark S&P/ASX 200 index jumped 40.50 points or 0.71 percent to 5,713.10 while the broader All Ordinaries index finished 35.70 points or 0.62 percent higher at 5,775.10.



Like this

Latest


12 September 2017
Harry Styles Drops by BBC Radio 1 for a Live Lounge Performance
Their Live Lounge has been rescheduled for Wednesday (September 13). "I'm a massive fan of them as a band and the music". Harry Styles doing a live cover of " The Chain " by Fleetwood Mac is probably the coolest thing you will hear all week.

12 September 2017
Limited edition Tata Tiago Wizz launched, starting at Rs 4.52 lakh
Tata Motors has launched the Tiago Wizz, a special edition based on the mid-spec Tiago, in order to attract more buyers this festive season.

12 September 2017
Hurricane Irma a weak Cat 1 east of Cedar Key
By 5 p.m., the storm was hitting Fort Myers, moving north toward low-lying, vulnerable Tampa as a still-potent Category 2 storm. Residents around the state cleared out store shelves, grabbing the essentials as they prepared for the incoming weather.

12 September 2017
The number of victims in the natural disaster in Mexico has risen
He said preliminary reports showed that at least 12,000 homes were damaged, and warned the number was likely to rise. The powerful quake struck off Mexico's southern coast late Thursday night.

12 September 2017
SoFi CEO Forced Out Over Sexual Harassment Allegations
Previous year the company funded $3.1 billion in loans, earning an adjusted profit of $61.6 million on $134 million in revenue. He added that the concentration of the officials shifted more towards the litigations especially on me personally.

12 September 2017
Public sector pay cap must be lifted, former Treasury official says
The increase is likely to be announced on Wednesday to coincide with a Labour debate on a large rise for nurses. Labour has refused to rule out supporting a coordinated strike over the issue of the 1% public sector pay cap.

12 September 2017
Progress Software Corporation (PRGS) Lifted to Buy at BidaskClub
Investors will be trying to gauge which way stock market momentum will shift as we head into the close of the calendar year. A number of other hedge funds and other institutional investors have also made changes to their positions in the business.

12 September 2017
Royal Bank Of Scotland Group Plc (NYSE:RBS) Analyst Recommendation
BidaskClub upgraded Royal Bank Scotland PLC (The) from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 8th. Finally, Parametric Portfolio Associates LLC lifted its stake in Royal Bank Scotland PLC (The) by 8.0% during the 2nd quarter.

12 September 2017
North Korean Hackers are Stealing Bitcoin to Fund Kim Jong Un's Regime
"They're pretty capable actors in comparison to other North Korean activity we see", said McNamara. The North Korean government has repeatedly denied involvement in worldwide cyberattacks.

12 September 2017
Kailash Satyarthi launches Bharat Yatra - Make India Safe Again for Children campaign
It's a historic and determined attempt to make India safe for our children as 40 children are raped everyday in the country. Are you with me?" he asked the thousands gathered at the venue.



Recommended