Saturday , September 23 2017

Stocks adding to records as Treasury yields climb

epa05970801 A trader works on the floor of the New York Stock Exchange at the end of the trading day in New York, New York, USA, on 17 May 2017. Stocks were down today reportedly in reaction to uncertainty surrounding political news concerning US President Donald J. Trump and the White House.  EPA/JUSTIN LANE


US stocks added to records and the dollar held gains while Treasuries fell for a second day as the Trump administration plotted strategy for pushing a tax overhaul.
The S&P 500 Index edged towards the 2,500 level, lifted by financial stocks as technology shares were little changed before Apple Inc.’s much-anticipated iPhone unveiling later on Tuesday.
The Stoxx Europe 600 Index climbed for a fifth day. The pound jumped as UK inflation accelerated more than forecast, and oil fluctuated as producers were said to discuss extending output cuts.
Tuesday’s rally showed demand for riskier assets continues after North Korea refrained from provocations following the UN Security Council’s move to impose sanctions and as the threat from Hurricane Irma receded. President Donald Trump was said to be planning an aggressive travel schedule to sell the idea of a tax overhaul that he promises will bolster growth.
“There is no question that the stock market has an expectation that we are going to get tax reform done,” Treasury Secretary Steven Mnuchin said at a New York conference. “The stock market has expectations that we are going to create significant growth. Which is what this president and this administration is focussed on.”
Meanwhile, Apple’s new iPhone is boosting stocks of some European semiconductor makers on speculation they may get a share of the component-manufacturing pie.
The US company is expected to unveil three new iPhone models and an Apple Watch upgrade, with analysts watching for details of release dates, pricing and components in the new devices.
Retail sales and inflation data are due this week. The UK reports wage data on Wednesday.
The Bank of England will almost certainly leave policy unchanged on Thursday.
Also due this week are data on China’s August industrial production, retail sales and fixed-asset investment. Australia releases jobs data on Thursday. And the Frankfurt Motor Show is still underway.
The Stoxx Europe 600 Index rose 0.5 percent, hitting the highest in five weeks. The MSCI All-Country World Index gained 0.2 percent, hitting the highest on record. The MSCI Emerging Market Index climbed 0.2 percent. The UK’s FTSE 100 Index fell 0.2 percent.
Germany’s 10-year yield rose five basis points to 0.38 percent, the highest in more than a week. Britain’s 10-year yield climbed seven basis points to 1.11 percent, the highest in about a month
Japan’s Topix index advanced 0.9 percent at the close in Tokyo. Australia’s S&P/ASX 200 Index added 0.6 percent.

epa06184555 Apple's iPhone 7 Plus is displayed at a store in Taipei, Taiwan, 05 September 2017. On 12 September, Apple Inc. is expected to release its new and updated product for its annual apple event.  EPA-EFE/RITCHIE B. TONGO

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epa06154278 (FILE) - A file photo dated 30 September 2013 showing sailboats flanked by a large Danish A.P. Moeller Maersk shipping company container vessel in Elsinore, Germany. Reports on 21 August 2017 state Maersk having confirmed that A.P. Moeller Maersk A/S has agreed to sell their Maersk Olie oil operations to Total S.A. in a deal valued at 7.45 billion USD. bAccording to Maersk press release, 'Total will take over Maersk Oil's entire organisation, portfolio, obligations and rights with minimal pre-conditions.'  EPA/KELD NAVNTOFT DENMARK OUT

American equities pull back from records as oil climbs

Bloomberg Stocks pulled back from the rally that had pushed equities to records as oil ...

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