Economy

Stocks rally after Irma, S&P 500 ends at record

Stocks rally after Irma, S&P 500 ends at record”

The dollar was bid and safe haven currencies were offered, reportedly on relief that North Korea didn't conduct another missile test over the weekend (which had been widely feared on Friday).

The 10-year U.S. Treasury note last fell 17/32 in price to yield 2.1201 percent, up from 2.061 percent late on Friday. European and emerging-market equities also advanced, while gold, the yen and the Swiss franc retreated. But speculation that the country would mark the anniversary of its founding with another missile over the weekend didn't come to pass.

Financials may follow their United States peers higher after U.S. bond prices slipped Monday, sending yields higher.

The dollar was up 1.5 per cent against the Japanese yen, on pace for its best daily percentage gain in almost eight months.

Irma caused severe flooding in many Florida cities and left more than 6 million homes and businesses without power, but damage appeared to be less than expected. Still, nearly 7 million were without power and millions were displaced in what may go down as one of the worst storms in Florida's history.

Hurricanes have put markets on edge over recent weeks, as investors show signs of unease when it comes to assessing the impact of these natural disasters on certain markets, including insurance and airlines.

The pan-European STOXX 600 index jumped to a one-month peak as insurers made further headway and basic resources and financials joined in the rally.

MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.3 per cent to their highest in almost 10 years, drawing confidence from strong performances on Wall Street in the previous session.

- The MSCI Emerging Market Index increased 0.7 percent to the highest in three years.

The index of Indonesia's 45 most liquid stocks rose as much as 0.2 per cent.

The US Dollar climbed against the Japanese Yen, perceived by investors as a safe haven currency, after recording its largest weekly fall in two months.

- Russia's ruble posted the biggest advance in emerging markets, climbing 0.3 percent.

Eldorado Gold Corp slumped 4.4 percent to C$2.38 after the company said it was suspending its Greek mining investment, citing regulatory hurdles.

Japan's benchmark Nikkei 225 gained 1.0 percent to 19,741.42, as a weaker yen also helped boosted sentiments.



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