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Code: 47985 Visited: 185 Publish Date: Mar 06 2018 - 4:41
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Stocks Climb on Korea Hope, Opposition to Tariffs: Markets Wrap
Tehran, March. 06 (SENA) - Appetite for risk assets picked up across global markets on Tuesday as investors digested an apparent diplomatic breakthrough with North Korea and judged fears of a full-blown trade war overdone.

Tehran, March. 06 (SENA) - Appetite for risk assets picked up across global markets on Tuesday as investors digested an apparent diplomatic breakthrough with North Korea and judged fears of a full-blown trade war overdone.

European stocks followed Asian peers higher, extending a rebound as U.S. President Donald Trump faced resistance in his plans for a series of import tariffs. In the latest development, the European Commission proposed some retaliatory measures on U.S. goods. The euro rallied.Bloomberg reported.

Optimism was boosted as the South Korean president’s office said North Korea is open to denuclearization if the safety of Kim Jong Un’s regime is guaranteed. Treasuries, often bought as safe-haven assets, declined. U.S. equity futures extended gains, and the dollar weakened.

The rebound in stocks suggests fears of an escalation of protectionism may be easing, even as Europe mulls its potential response to U.S. duties. Trump is facing domestic resistance to his planned levies on steel and aluminum imports -- House Speaker Paul Ryan has called on him to reconsider, while White House economic adviser Gary Cohn is said to be arranging a meeting between Trump and U.S. executives in a bid to halt the order.

Elsewhere, Bank of Japan Governor Haruhiko Kuroda appeared to dial back some of his recent perceived hawkishness. The Australian dollar pared gains as the central bank left interest rates unchanged and gave no indication an increase is coming soon. And in Italy, stocks and bonds rose as the country began the potentially lengthy process of forming a new government.

Here are some key events coming up this week:

· The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.

· Australia GDP data is due Wednesday.

· The ECB isn’t expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing. 

· BOJ monetary policy decision and briefing on Friday.

· U.S. monthly payrolls data come Friday.

These are the main moves in markets:

Stocks

· The Stoxx Europe 600 Index climbed 0.7 percent as of 7:06 a.m. New York time.

· Futures on the S&P 500 Index rose 0.5 percent to the highest in a week.

· The MSCI Asia Pacific Index surged 1.3 percent, the first advance in more than a week and the largest jump in nine months.

· The U.K.’s FTSE 100 Index jumped 0.9 percent, the biggest increase in more than three weeks.

· The MSCI Emerging Market Index climbed 1.7 percent.

Currencies

· The Bloomberg Dollar Spot Index fell 0.3 percent.

· The euro gained 0.5 percent to $1.2393, the strongest in more than two weeks.

· The British pound increased 0.4 percent to $1.3904 on the biggest climb in almost three weeks.

· The Japanese yen fell 0.1 percent to 106.35 per dollar.

· South Africa’s rand jumped 0.7 percent to 11.747 per dollar, the strongest in a week.

· The MSCI Emerging Markets Currency Index jumped 0.5 percent on the largest climb in almost five weeks.

Bonds

· The yield on 10-year Treasuries rose one basis point to 2.90 percent, the highest in more than a week.

· Germany’s 10-year yield climbed five basis points to 0.69 percent on the largest surge in almost four weeks.

· Britain’s 10-year yield climbed six basis points to 1.495 percent on the biggest surge in almost four weeks.

Commodities

· West Texas Intermediate crude climbed 0.6 percent to $62.96 a barrel, the highest in a week.

· Gold rose 0.5 percent to $1,327.23 an ounce, the highest in more than a week on the biggest advance in more than a week.

 

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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