Wednesday, 18 July 2018
Latest news
Main » Tech, industrial stocks are big gainers as USA indexes rally

Tech, industrial stocks are big gainers as USA indexes rally

17 April 2018

While Saturday's missile strikes were the biggest intervention by Western countries against Syria, investor risk appetite in the broader markets improved on speculation that the attacks would not lead to prolonged conflict.

The benchmark Shanghai Composite Index tumbled 48.30 points or 1.5 percent to 3,110.75, posting its worst loss in three weeks, while Hong Kong's Hang Seng Index tumbled 492.79 points or 1.6 percent to 30,315.59.

Germany's DAX was flat at 12,440, while the CAC 40 in France was down 0.1 percent at 5,309.

In Asia, China reports its gross domestic product for the first quarter on Tuesday with market forecasts clustered around growth of 6.7 percent to 6.8 percent.

In Korea, technology shares were a mixed picture, with Samsung Electronics gaining 1.1% while manufacturing stocks were mostly lower.

Global stock markets were stable and the price of oil fell Monday as investors seemed convinced that US -led air strikes on Syria would not escalate but remained cautious about tensions with Russian Federation. MSCI's gauge of stocks across the globe.MIWD00000PUS, which tracks shares in 47 countries, gained 0.39 percent, though emerging market stocks dipped 0.58 percent.

Most Asian markets fell on Monday after a US-led strike on Syrian targets fuelled fresh concerns over the tinderbox Middle East, though analysts said investors were hopeful the crisis would not escalate. He added: "With trade war and now Syria fatigue likely to set in, however, it's best not to get too comfortable at this point as market risk sentiment swings will remain large this week".

The Dow gained 0.87 per cent and the S&P 500 rose 0.8 per cent on Monday, with the biggest boosts from technology and health-care sectors as investors were optimistic about the earnings season and appeared less anxious about USA -led missile attacks in Syria.

The dollar index against a basket of six major currencies was little changed at 89.407 after losing 0.4 per cent overnight.

CURRENCIES: The dollar fell to 107.07 yen from 107.12 yen late Monday.

The euro was steady at $1.2377.

The pound rose to $1.4355, its highest since June 2016, with focus on data that could cement expectations of a May interest-rate increase from the Bank of England.

Those declines came as the Hong Kong dollar, which is pegged to the greenback, remained close to the weak end of the currency's trading band.

The yields on German DE10YT=RR and 10-year USA government US10YT=RR bonds, among the most liquid and safe assets in the world, touched their highest levels in almost two weeks and four weeks, respectively. Brent crude, which is used to price worldwide oils, fell 81 cents to $71.77 per barrel.

United States crude oil futures rose 0.4% to $66.49 a barrel after tumbling almost 1.8% overnight as the concern over tension in the Middle East waned.

Aluminium on the London Metal Exchange was at $2,386 per ton after surging 5 percent to $2,403 on Monday, its highest since September 2011.

Tech, industrial stocks are big gainers as USA indexes rally