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11 September 2017
 |
| Hong Kong financial markets (The Total Investment & Insurance Solutions) |
Global stock markets rallied and the dollar strengthened Monday as
investors breathed a sigh of relief that Hurricane Irma, which has caused so
much devastation in the Caribbean and in Florida, was weakening and that North
Korea refrained from any potentially antagonistic move during a weekend
holiday.
KEEPING SCORE: In Europe, Germany's DAX was
up 1.1 percent at 12,435 while the CAC 40 in France rose 1.1 percent to 5,167.
The FTSE 100 index of leading British shares was 0.3 percent higher at 7,401.
U.S. stocks were poised for a solid opening with Dow futures and the broader
S&P 500 futures 0.5 percent higher.
PYONGYANG PARTY: North Koreans observed the
country's 69th founding anniversary with celebrations that included laying
flowers and bowing at statues and portraits of past leaders. But Pyongyang did
not carry out another test of an intercontinental ballistic missile, as South
Korea's government had warned it might do. Attention now moves to the United
Nations, where the United States has called for a vote later Monday on new
sanctions.
STORMY WEATHER: Investors were waiting for
damage assessments after Hurricane Irma battered Florida's coastline, knocking
out power to millions and flooding the financial district in downtown Miami and
toppling two construction cranes there. The storm was now headed for the
heavily populated Tampa-St. Petersburg area, though in a weakened state. Irma
was a Category 5 storm when it battered Cuba but weakened to Category 1 after
hitting Florida.
MARKET INSIGHT: "Traders have started
the new week hungry for risk, pushing equities and base metals higher on
reduced concerns about North Korea and Hurricane Irma," said Mike van
Dulken, head of research at Accendo Markets.
DOLLAR BENEFITS TOO: The dollar, which has
endured a few difficult weeks on a combination of factors, including elevated
geopolitical risks, was tracking stocks higher. The euro was down 0.3 percent
at $1.1998 while the dollar rose 0.7 percent to 108.62 yen. The Total Investment & Insurance
Solutions
ASIA'S DAY: 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. South Korea's Kospi advanced
0.7 percent to 2,359.08, Hong Kong's Hang Seng added 1 percent to 27,955.49,
and the Shanghai Composite in mainland China rose 0.3 percent to 3,376.42.
Australia's S&P/ASX 200 added 0.7 percent to 5,713.10. The Total Investment & Insurance
Solutions
ENERGY: Benchmark U.S. crude rose 29 cents to
$47.77 a barrel in electronic trading on the New York Mercantile Exchange while
Brent crude, used to price international oils, fell 18 cents to $53.60 a barrel
in London.The Total Investment &
Insurance Solutions
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