Published: Wed, September 13, 2017
Business | By Max Garcia

United States open: Wall Street jumps back towards record highs

United States open: Wall Street jumps back towards record highs

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.

Financial stocks were the most influential movers on the index, though gains by the big banks were generally moderate.

The all-country index is up 14.6 percent year-to-date and the S&P 500 has gained 11.2 percent so far this year. 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.

Alamos Gold Inc tumbled 12.9 percent to C$8.93 after the company said it will buy smaller rival Richmont Mines in an all-stock deal valued at about C$905 million.

German Bunds DE10YT=RR last fell 2 basis points in price to yield 0.336 percent.

The technology sector jumped 1.31 per cent. Apple rose 1.96 per cent a day ahead of the launch of the new iPhone and provided the biggest boost to the Nasdaq and the S&P 500.

Some analysts had expected North Korea to conduct a weapons test on Saturday, coinciding with the country's founding day, as it did previous year to mark the celebration. The hurricane left almost four million people without power as it swept through southwest Florida and while it has weakened, its strong winds and flooding still pose a risk, CNN said.

In commodity markets, gold softened 0.7 per cent to US$1,337.01 an ounce and away from a one-year peak of US$1,357.54.

Power was cut to more than one million people in Floria and cranes buckled in Miami as the Category 4 hurricane made land in the United States but financial markets had been bracing for an economy denting storm that could delay further interest rate hikes in the US. The consumer price index and weekly jobless claims are set for release on Thursday, while retail sales, industrial production and consumer sentiment are all slated for Friday. The euro was down 0.3 percent at $1.1998 while the dollar rose 0.7 percent to 108.62 yen.

The kiwi traded at 72.45 USA cents as at 5pm in Wellington from 72.66 United States cents on Friday in NY and down from 73.21 cents in Wellington at the end of last week.

ENERGY: Benchmark U.S. crude rose 16 cents to $48.23 a barrel, while Brent crude, used to price global oils, was up 26 cents to $54.10 a barrel in London.

Most indexes in Asia continued their ascent on Tuesday, following a firm lead from Wall Street as concerns faded over the potential damage of Hurricane Irma and as Korean Peninsula tensions took a backseat.

The dollar rose to 109.34 yen from 107.79 yen late on Friday.

The dollar was last up 0.15 per cent against the offshore yuan at 6.5113 yuan, off a low of 6.4437.

The on-shore yuan traded at 6.5422 to the dollar at 9:45 a.m. HK/SIN while the offshore yuan was traded at 6.5484 to the US currency.

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