Economy

USA stock futures shoot higher as North Korea tensions ebb

USA stock futures shoot higher as North Korea tensions ebb”

Stock prices in London are called to open higher on Monday, after North Korea celebrated its Foundation Day over the weekend peacefully, while in early United Kingdom company news, Associated British Foods said full-year profit is expected to be "well ahead" of the year before. There was also relief among investors that a national holiday passed in North Korea without that country escalating tensions with the U.S.

The FTSE 100 index of large-caps was up 0.5%, or 34.34 points, at 7,411.94 early Monday. Eastern time. That put the index on track for a record high.

At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average.DJI was up 172.84 points, or 0.79 percent, at 21,970.63 and the S&P 500.SPX was up 17.64 points, or 0.72 percent, at 2,479.07. The Nasdaq Composite Index rallied 1.1% at 6,432, and ended within range of its all-time closing high.

Killer Hurricane Irma meanwhile struck Florida with less force than feared. It's caused severe flooding and knocked out power to millions, but the storm weakened shortly before it came ashore.

In other sectors, AstraZeneca's shares were among the biggest gainers on the FTSE, rising 2.1 percent after reassuring results from two of its lung cancer drugs.

Seoul's main index added 0.8%, while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4%. Goldman Sachs' (GS.N) 1.8 percent rise led the Dow higher, followed by insurer Travelers (TRV.N), which rose 2.94 percent.

In the mining space, BHP Billiton and Rio Tinto are losing more than 2 percent each, while Fortescue Metals is declining nearly 3 percent as base metal prices tumbled.

LAGGARDS: Home improvement retailers falling.

The euro eased to US$1.2020, having hit a top of US$1.2092 on Friday amid speculation the European Central Bank was closer to starting a wind-back of its stimulus programme.

Orange juice prices, which surged in early September, gave up some of their recent gains.

Despite its rebound on Monday, outlook for the dollar remained bearish as speculators ramped up short bets on the greenback to a almost 5-year high, according to data from Commodity Futures Trading Commission. The U.S. 10-year Treasury TMUBMUSD10Y, +2.45% note rose to a yield of 2.10%, which helped to lift the dollar.

Meanwhile, speculative investment in gold increased as hedge funds and money managers raised their net long position in COMEX gold for the eighth week in a row to the highest in almost a year. High-dividend stocks like phone and utility companies didn't do as well as the rest of the market.

Apple (AAPL.O) rose 1.5 percent to $161.07, giving the biggest boost to the S&P and the Nasdaq, a day ahead of the expected launch of its new iPhone.

However, it bounced back on Monday, surging above 108 yen from Friday's 10-month lows. The euro dipped to $1.2016 from $1.2038.

OVERSEAS: Germany's DAX gained 1.3 percent and the French CAC 40 rose 1.2 percent.

The previous week saw a sell-off in risk assets sparked by Kim Jong-Un s nuclear test, in turn benefiting haven assets such as the yen and gold, which retreated Monday alongside a pick-up for the dollar. South Korea's Kospi advanced 0.7 percent and Hong Kong's Hang Seng added 1 percent.



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