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13 September 2017, 12:09 | Kenneth Drake
Asian markets find lift and dollar bounces
Demand for riskier assets came at the expense of safe havens, such as gold and silver.
Hurricane Irma, once a Category 5 hurricane, has weakened to a tropical storm after dumping rains across Florida over the weekend. 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. Action Economics said that they don't expect dollar buying to sustain, seeing it will be more offered than bid in the days ahead as markets assess the economic damage being wrought by Hurricane Irma. Official figures showed that inflation spiked up to 2.9 percent in the year to August, in a development that has stoked speculation the Bank of England may raise interest rates sooner than expected regardless of how the country's Brexit discussions shape up in coming months.
S&P 500 Index, Dow Jones Industrial Average surged to record highs on Monday.
The euro edged higher against the dollar at $1.1970 in early trades.
All 11 major S&P 500 sectors rose, led by financial stocks, with insurers advancing as Irma, once ranked as one of the most powerful hurricane recorded in the Atlantic, lost power.
Japan's Nikkei rose 1 per cent after Pyongyang held a massive celebration to congratulate the nuclear scientists and technicians who steered the country's sixth and largest nuclear test a week ago. The S&P 500 .SPX gained 26.68 points, or 1.08 percent, to 2,488.11 and the Nasdaq Composite .IXIC added 72.07 points, or 1.13 percent, to 6,432.26.
With investors less anxious about Irma's impact, insurers Universal Insurance Holdings (UVE.N) and HCI Group (HCI.N) surged more than 12 percent, while Heritage Insurance (HRTG.N) soared 21 percent.
The FTSE 100 index of leading British shares was down however, trading 0.2 percent lower at 7,396, with British stocks suffering from a big rise in the value of the pound.
The rose 1.05% and the Kospi in South Korea posted 0.12% gain.
The relief over North Korea and a weaker yen JPY= helped the Tokyo stock market .N225 to its best session since June.
USA long-dated Treasury yields hit two-week highs, rising for a third straight session while Germany's benchmark 10-year bond yield rose sharply and was set for its biggest daily rise since early July.
"We are massively stimulating this economy that's already doing pretty well", Paulsen said.
US stocks rose to a record, the dollar strengthened and Treasuries tumbled as investors piled into riskier assets after Hurricane Irma wreaked less damage than forecast and North Korea failed to exacerbate tensions.
The euro EUR= fell 0.67 percent to $1.1952 against the greenback, while the Japanese yen weakened 1.52 percent at 109.47 per dollar.
- Germany's 10-year yield climbed two basis points to 0.33 percent.
Losses were capped by weekend talks between Saudi Arabia's energy minister and counterparts over a possible extension to a pact to cut global oil supplies beyond next March.
ENERGY: Benchmark U.S. crude rose 16 cents to $48.23 a barrel, while Brent crude, used to price worldwide oils, was up 26 cents to $54.10 a barrel in London.
- Gold sank 1.1 percent to settle at $1,335.70 an ounce for the biggest tumble in two months. US gold futures GCcv1 fell about 1.3 percent to settle at $1,335.70 an ounce.
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