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.



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