LONDON MARKET EARLY CALL: Higher Call As Hurricane Irma Downgraded

by Ben Pena September 12, 2017, 0:20
LONDON MARKET EARLY CALL: Higher Call As Hurricane Irma Downgraded

The dollar edged higher on Monday after posting its biggest weekly drop in two months as a decline in risk aversion spurred some investors to cover their short positions before U.S. inflation data later this week.

Irma was a Category 5 storm when it battered Cuba but weakened to Category 1 after hitting Florida.

Geopolitical tensions also eased as North Korea held a massive celebration on its founding day on Saturday, instead of another long-range missile launch as the United States and its allies were bracing for.

The relief also was evident in regional equities markets.

WALL STREET: Japan's benchmark Nikkei 225 index jumped 1.4 percent to close at 19,545.77 as the yen came off recent highs against the dollar, easing pressure on exporters.

KEEPING SCORE: The Standard & Poor's 500 index rose 20 points, or 0.8 percent, to 2,482 as of 11:30 a.m.

Both Paris and Frankfurt were both up 1.1 percent in afternoon trading, while London stocks trailed with a 0.2 percent gain., Inc. (AMZN) Plans Second US Headquarters
Not to mention the tens of billions of indirect investment to come from so many new jobs and a massive real estate development. Employees on key teams will be able to choose whether they want to be based in Seattle or at the new site.

There are no key US economic data releases on the docket for Monday. Small insurers, especially ones that do a lot of business in Florida, climbed.

Canada's main stock index, which had fallen for five straight days, rose on Monday after Hurricane Irma weakened and North Korea refrained from conducting a missile test, with financial shares and Tahoe Resources leading the rally. Royal Caribbean Cruises jumped $3.88, or 3.3 percent, to $121.33 and American Airlines gained $1.27, or 2.9 percent, to $44.87. Among them, Marinus Pharma (MRNS.O) surged about 56 percent and Idera Pharma (IDRA.O) gained about 16 percent.

The New Zealand dollar fell as fears around the United States dollar eased with the weakening strength of Hurricane Irma, the lack of further weapons testing by North Korea and less demand for safe havens such as the yen and gold.

The 10-year US Treasury yield, which moves inverse to price, was up 5.2 basis points at 2.091 per cent, after hitting a nine-month low of 2.06 per cent on Friday. In corporate news, investors awaited the debut of Apple Inc.'s new iPhone 8 on Tuesday. On the Nasdaq, 2,062 issues rose and 790 fell.

In foreign exchange, the European single currency was trading down at $1.1978 compared with $1.2030 late in NY on Friday. With electronic card sales accounting for around two-thirds of retail sales, the RBNZ will be taking a close look at the numbers and the possible effects on the economy over the near-term, with the key being whether consumer confidence continues to remain positive, supported by relatively stable household income, softer consumer prices coming off the back of a bounce in the Kiwi Dollar and continued weakness in crude oil prices.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.28 percent to 834.50 tonnes on Friday from 836.87 tonnes on Thursday.

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