Culture

Stocks open slightly higher; tech, banks among gainers

Stocks open slightly higher; tech, banks among gainers”

The greenback recorded its best week against the Japanese currency since November last week, gaining 2.8 percent, as a rise in USA yields bolstered its appeal and as data showing a pick up in U.S. consumer prices helped rekindle expectations that the Fed could hike rates again in December.

The broader All Ordinaries index gained 0.40 percent to finish at 5,779, led by financials with the big four banks rising between 0.5 percent and 1.1 percent.

"It is fair to say that in our recent travels most of the investors we have spoken to question not just a December hike, but whether the Fed will hike at all again this cycle", said Tom Porcelli, chief USA economist at RBC Capital Markets. Hong Kong's Hang Seng index was up 352 points or 1.27 percent at 28,159 in late trade.

Dow Jones Industrial Average futures were up 0.25%, S&P 500 futures added 0.02%, and Nasdaq futures increased 0.16%.

In a speech early this month, influential New York Fed President William Dudley said while he was surprised that inflation had been so low, steady growth of the economyshould eventually push wages higher, allowing the Fed to continue to raise rates "gradually". The Nasdaq Composite Index was up 11.55 points, or 0.18 percent, to 6,460.02.

The major indexes have been breaking new highs, with the Dow recording its best weekly gains this year and the S&P, its second best.

Barrick Gold Corp fell 1.2 percent to C$20.81, and Goldcorp Inc lost 1.2 percent to C$15.95 as prices for bullion hit a 2-1/2-week low ahead of a two-day U.S. Federal Reserve meeting and as global equities surged. Orbital ATK shareholders will receive all-cash consideration of $134.50 a share.

With weaker readings also on factory output and consumer confidence the focus now turns to the U.S. Federal Reserve meeting this week as investors look to gauge interest-rate policy.

Still, the Fed has telegraphed its move for months, and investors are thought to be well-prepared for it.

Persistently weak readings of inflation that have remained below the Fed's 2 percent target rate have been a concern for policymakers.

Brent crude was up 7 cents at $55.69 a barrel, following gains of 3.3 percent last week.

Greg McKenna, chief market strategist at AxiTrader, added that "traders continue to bet that the (Donald Trump) administration is refocusing on, and heading toward, some of the much-vaunted stimulus and tax cuts which were so much a part of the Trumponomics rally earlier this year".

BONDS: Bond prices fell.

U.S. Treasury yields rose broadly on Monday. USA crude firmed 7 cents to $49.97 a barrel.

CURRENCIES: The dollar rose to 111.41 yen from 110.88 yen on Friday. Brent crude, used to price worldwide oils, rose 11 cents to $55.73 in London.

It would be highly unusual if he didn't reappoint her: Most presidents keep Fed chairs for an additional term. The euro was little-changed at $1.1944. In Europe, Germany's DAX rose 0.4 percent, while France's CAC 40 gained 0.3 percent. (AAPL) shares led the tech sector higher on Friday, while the rest of markets quickly overcame a terrorist incident in London and another missile launch from North Korea. Japan markets are closed for a holiday on Monday. The benchmark Kospi jumped 1.35 percent to finish at 2,418.21.



Like this

loading...
loading...

Latest


19 September 2017
Eurozone inflation to slide below 1%?
Eurozone inflation climbed to a four-month high in August, as initially estimated, final data from Eurostat showed Monday. Consumer prices advanced 1.5 percent year-on-year in August, faster than the 1.3 percent increase seen in July.

19 September 2017
McCain joins new legislative effort to overturn Trump's trans military ban
It remains unclear how many transgender people are openly serving in the military. Deputy Secretary of Defense Patrick Shanahan and Air Force Gen.

19 September 2017
Auburn's SEC home opener with Mississippi State set for night kick
On Monday, the kickoff time and television network were revealed for the Bulldogs' game against Auburn. Auburn leads the overall series 62-26-2 including a 28-7 record on the plains.

18 September 2017
Scientific Games Corp (NASDAQ:SGMS) Closed Above Its 50 Day Moving Average
Moreover, New York State Common Retirement Fund has 0.01% invested in Scientific Games Corp (NASDAQ:SGMS) for 354,348 shares. Oregon Employees Retirement Fund holds 0% or 6,028 shares. 20,400 are owned by Louisiana State Employees Retirement System.

18 September 2017
Child Passenger Safety Week: Keep Young Ones Safe
Once the rear-facing size limit is reached, the child is ready to travel in a forward-facing auto seat with a harness and tether. Children 2 years of age to 5 years of age or weighing less than 40 lbs. must use a child restraint that has a 5-point harness.

18 September 2017
Neville Rodie & Shaw Inc. Decreases Stake in Walt Disney Company (The) (DIS)
The entertainment giant reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.05. The analysts estimated EPS for the higher end at 1.63 and lower end at 1.49 while the year ago reported earnings per share was 0.

18 September 2017
Patriots LB Dont'a Hightower receives second opinion on knee injury
Hightower (knee), Slater (hamstring), Amendola (knee, concussion), Ebner (shoulder) and Valentine (knee) had already been ruled out prior to Sunday.

18 September 2017
Applied Materials, Inc. (AMAT) Stake Lowered by HGK Asset Management Inc
The analysts estimated EPS for the higher end at 0.86 and lower end at 0.82 while the year ago reported earnings per share was 0. Finally, Ameriprise Financial Inc. grew its stake in shares of Applied Materials by 32.9% in the first quarter. (NASDAQ: AMAT ).

18 September 2017
Bobo trial continues after brief weekend session
The judge started the court's one-hour lunch recess early because the heat came on in the courtroom. The jury heard playback of a 911 call between a dispatcher and Dick Adams, Zach Adams' grandfather.

18 September 2017
Source Says Nicki Minaj And Nas Have Been Dating Since May
According to Nasty Nas , the '80s-themed shoot was part of an upcoming video, which will be released soon. Recently, a report surfaced about just how much Nicki cares about her bae.