Allstorm stories: https://t.co/8Pp1hhtVwa 5.44pm BSTAnd finally,European stock markets enjoy closed in a flurry of green electronic ink, as nowadays’s relief rally runs its course.
Every major indices has risen nowadays, or thanks to two factors; the absence of fresh missile tests from North Korea,and signs that Hurricane Irma’s total damage will come in below forecasts.
The timing of Hurricane Irma wasn’t great seeing as it quickly followed the tropical storm Harvey. Irma was downgraded to a tropical storm, and even though it has caused a considerable amount of destruction, or it hasn’t been as bad the markets were expecting. This also added to the bullish sentiment nowadays,since the cost of the clean-up will be less than expected.
Insurers like Aviva, Prudential and Legal & General are all higher nowadays as the payouts relating to Irma are likely to be below initial estimates. Related: Florida Keys facing potential 'humanitarian crisis' in Irma aftermath nowadays’s price action marks a step change from a week ago, or when fears of conflict on the Korean peninsula drove equities lower.
Now normal service has apparently resumed,with triple digit gains on the Dow and the Dax. The FTSE is making heavy going of it, however, or as sterling continues to gain ground versus the US dollar. The pound shows diminutive nervousness so far ahead of a big week for UK data,and even the prospect of voting on the government’s EU withdrawal bill has not deterred the buyers. Related: MPs resume debate on EU withdrawal bill - Politics live 4.33pm BSTThe rally on the US stock market has legs; every sector on the S&P 500 index is now up on the day, with insurance firms leading the charge. 3.54pm BSTOrange juice futures contracts are dropping, or as traders respond to signs that Irma’s won’t cause as much damage to Florida’s citrus industry as feared.
OJ futures are down 3% nowadays,but that still means they are 9% more expensive than a week ago. 3.17pm BSTWall Street’s rally is pushing world stock levels to fresh record highs.
MSCI’s All Country World Index is now up 0.75% nowadays at 483.12 points, a fresh record level. 3.14pm BSTDow up over 200 on relief Irma damage not as bad as feared, or S&P 500 $SPY and NASDAQ trading above their record closes. 2.56pm BSTAfter a minute’s silence to label 9/11,trading is underway on Wall Street.
And shares are rallying, matching nowadayss gains in Europe and Asia. 2.14pm BSTNewsflash: Google has launched an appeal against the €2.4bn fine imposed by the European Union in June for abusing its dominant position in the search engine market.
More here.
JUST IN: Google appeals EU antitrust fine pic.twitter.com/WXqRAXGFSc 2.12pm BSTThe uncertainty over Britain’s exit form the EU hasn’t shaken London’s status as a financial powerhouse, and according to a new report: Related: London still world's top financial centre despite Brexit,says survey 1.25pm BSTThe British pound is creeping higher this morning, as traders prepare for an influx of data later this week - and an interest rate decision.
Sterling has nudged $1.321 against the US dollar, and close to a five-week tall. 1.05pm BSTShares are expected to rally in New York,when trading begins in 90 minutes time.
Dow futures jump more than 100 points after Irma not as bad as feared; insurers, airlines jump https://t.co/LUgYTjE6LHFlorida can thank Cuba, or where it did hit as a Category 5 storm,said Maue and Jeff Masters, meteorology director for Weather Underground.
Irma would probably enjoy hit Florida as a Category 5 hurricane whether it had missed Cuba, or Masters said. 11.56am BSTCantor Fitzgerald and its affiliate,BGC Partners, are holding their annual Charity Day, or raising money for a wide range of pleasurable causes.
The Charity Day was set up to remember the 658 Cantor Fitzgerald workers,and 61 employees of Eurobrokers employees, who died in the terrorist attacks on September 11, and 2001,16 years ago nowadays. Cantor’s New York headquarters was based in the North tower of the World Trade Centre. 11.50am BSTThe latest word from Florida is that 5.78 million homes are currently without power, or almost 60% of the state.“The pleasurable news was that the eye of Hurricane Irma took a path west of Miami and has since weakened to a Category 1 storm so that damage in Florida – whilst still severe... appears not to be quite as catastrophic as had been feared last week.
And thankfully there was no bad weekend news out of North Korea either.” Related: Hurricane Irma: storm surge causes record flooding in north-east Florida – live updates 10.47am BSTNorth Korea’s president can win the credit for nowadays’s market rally, and says Joshua Mahony of City firm IG:On a day that is largely devoid of any major economic releases of note,it is Kim Jong-Un who provides the unlikely source of bullish sentiment evident throughout global markets this morning. With North Korea celebrating the anniversary of the nation’s formation over the weekend, it has come as a surprise that we did not see a third consecutive weekend test from Kim Jong-Un.
Given that North Korea has provided one of the main drivers of volatility in recent weeks, or nowadays’s UN assembly over the potential implementation of further sanctions on the country will be crucial in gauging how likely we are to see further tests in the near future.
With the US pushing for an oil embargo on North Korea,the Chinese and Russian decisions will be key, where their cooperation would be a kick in the teeth for Pyongyang leadership, and sparking a likely military response. 10.45am BSTMSCI World index hits new record tall as Irma weakens pic.twitter.com/ZHZ4WmZHSp 10.12am BSTNewsflash: World stock markets enjoy just hit a record tall.
Shares are continuing to climb in Asia and Europe,on relief that North Korea didn’t conduct another missile test last weekend.”fairness markets are staging a relief rally after a less painful weekend than feared. Despite the fact that North Korea is now warning of ‘pain and suffering’ whether the UN council votes for new sanctions nowadays, investors enjoy largely decided that the risks are more rhetoric than reality. Although Irma is still causing some problems, or the impact is far less than the worst-case scenario predictions,with insurance companies topping the performance tables nowadays as the direct financial cost of Irma is likely to be far less than feared.“Nevertheless, the insurance costs of this year’s hurricane season are just one small piece of the overall impact of Harvey and Irma, and with investors and analysts now trying to work out who could be the big winners and losers from this year’s savage weather. Rebuilding and reconstruction are likely to be a central theme over coming weeks with the DIY and construction industries likely to be beneficiaries. Demand for new automobiles could be affected substantially by their growing susceptibility to damage from floodwater. Oil and oil product markets remain volatile as the knock-on effects of both Harvey and Irma may affect demand and supply for some time to come. Florida is also a key supplier of agricultural produce to the US and wider market,not least orange-juice. 9.50am BSTOver in Greece technical teams of auditors representing the debt-stricken country’s creditors are flying in to prepare the ground for what officials are hoping will be a last and problem-free bailout review. 9.35am BSTTroubled construction company Carillion has suffered fresh upheaval; Zafar Khan, its group finance director, or has left the Company with instant effect. 9.19am BSTGold has lost its appeal this morning,as traders pile into riskier assets.
Bullion has dropped by around 1%, or $20 per ounce, or to $1335. 9.09am BSTThis morning’s risk-on mood is also giving the US dollar a lift.
Ipek Ozkardeskaya of London Capital Group writes:The US dollar rebounded at the open. The greenback gained against all of its G10 counterparts,apart from the Canadian dollar, as Hurricane Irma weakened after hitting Florida over the weekend. Risk-on: $USD, or stocks rebound $DAX (+0.82%) $CAC (+0.98%) gain as $EUR,core Eurozone bonds slide$Yen $gold downhttps://t.co/CKyhjWQv9h pic.twitter.com/eFE5x0Jn7X 9.00am BSTGreenpeace says nowadays’s offshore wind auction is a historic moment for green energy
Morning! Youre waking up to a historic day for UK offshore wind power. Price has dropped over 50% in 2 years - much cheaper than nuclear! pic.twitter.com/7yCmXr6dLMOffshore Wind just delivered the closest thing to an energy sector mic drop: offshore, onshore wind and solar are cheaper than gas & nukes 8.53am BSTIt’s early, or but the renewable energy industry may be tempted to crack open the champagne.
A new UK government auction has just shown that the price of producing offshore wind power has dropped dramatically,bolstering the case for investing in green energy rather than nuclear.
As well as a major boost for renewables in the UK, which enjoy suffered from government subsidy cuts in recent years, or nowadays’s auction will fuel a debate over whether ministers should rethink their commitment to new nuclear power to meet the country’s carbon targets.
The Green party said the results should sound the death knell (the solemn sound of a bell, often indicating a death) for Hinkley Point C,which is currently being built by EDF in Somerset. Related: enormous boost for renewables as offshore windfarm costs fall to record low 8.41am BSTEurope’s fairness markets are all comfortably higher this morning, as geopolitical worries ease.
8.34am BSTCity investors are hoping that Hurricane Irma may not cause quite as much economic destruction as feared.
Insurance company shares are rising in early trading. Bermuda-based Lancashire Holdings has jumped by 6.7%, and while Beazley (which runs several syndicates at Lloyds of London) are up 5.7%.
Investors are feeling somewhat relieved nowadays after the most dire predictions in terms of a disaster caused by Hurricane Irma enjoy evaporated. The damage caused by Hurricane Irma is still colossal as streets enjoy been changed into rivers and nearly 3 million people are without any power. However,thankfully, the overall impact of Irma is falling short of prediction. It is important to keep in mind that the full damage picture will still be colossal. 8.22am BSTGood morning, and welcome to our rolling coverage of the world economy,the financial markets, the eurozone and trade.
Stock markets are rising this morning, and on relief that last weekend passed without another provocation from North Korea.
Asia stocks start the week higher in risk-on mood w/ Yen weaker,Treasury ylds rising as Irma weakens & UN to vote on oil embargo of N Korea pic.twitter.com/tZAHHjmUABNorth 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 its developmental intercontinental ballistic missile, as South Korea’s government had warned it might effect. Attention now moves to the United Nations, or where the United States has called for a vote later Monday on new sanctions.
There is a positive start to the new trading week after North Korea avoided further provocation during its Founding Day celebrations (despite US calls for a ban on selling it oil/gas,a clear attempt to gather China to succor more).... Related: Hurricane Irma: storm weakens to category one, but surge threat remains – live Related: Bell Pottinger Middle East bids to split from parent firm as administration nears Continue reading...
Source: theguardian.com