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Markets Advance As Risk Appetite Recovers

By IFC Markets (Ara Zohrabian)Market OverviewSep 13, 2017 09:34AM ET
www.investing.com/analysis/markets-advance-as-risk-appetite-recovers-200213021
Markets Advance As Risk Appetite Recovers
By IFC Markets (Ara Zohrabian)   |  Sep 13, 2017 09:34AM ET
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All three major US stock indices close at record high

US stock indices hit record highs as concerns about hurricane damages and tensions in the Korean Peninsula receded. The dollar was little changed: the live dollar index data show the ICE US dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped less than 0.1% to 91.899. The S&P 500 rose 0.3% settling at record high 2496.48, led by financial stocks. Dow Jones industrial average added 0.3% closing at fresh record high 22118.86 with gains limited by 3.2% fall in McDonald's (NYSE:MCD) shares on a bearish rating. The NASDAQ Composite index gained 0.3% to record high 6454.28.

European stocks extend gains

European stocks closed higher on Tuesday in risk on trade as investor confidence was buoyed by diminishing North Korea tensions and apparent lighter US economy hurricane damage than feared. Both the euro and British pound ended higher against the dollar, with higher than expected 2.9% inflation in August boosting pound.

The Stoxx Europe 600 rose 0.5%, bank stocks among the highest gainers as bond yields rose. Germany’s DAX 30 gained 0.4% closing at 12524.77. France’s CAC 40 advanced 0.6% while UK’s FTSE 100 lost 0.2% to 7400.69 on stronger pound. Markets opened 0.1%-0.3% lower today.

FTSE Daily Chart
FTSE Daily Chart

Asian markets higher

Asian stock indices are mostly higher today tracking Wall Street gains overnight. Nikkei rose 0.5% to 19865.82 with a further slide in yen against the dollar supporting cyclical and exporter stocks. Chinese stocks are mixed: the Shanghai Composite Index is 0.2% up and Hong Kong’s Hang Seng Index is 0.3% lower. Australia’s All Ordinaries is down 0.04% as Australian dollar resumed strengthening against the greenback.

Oil lower ahead of US inventory report

Oil Futures prices are retreating today on expectations of lower US crude oil inventories. Prices rose yesterday after OPEC report showed oil production from the cartel fell last month. November Brent crude rose 0.8% to $54.27 a barrel on London’s ICE Futures exchange on Tuesday. Industry group the American Petroleum Institute reported late Tuesday US crude stockpiles rose by 6.2 million barrels last week to 468.8 million, nearly double analysts’ expectations. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.

Markets Advance As Risk Appetite Recovers
 
Markets Advance As Risk Appetite Recovers

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