A second day of market boosts

by | Sep 12, 2017

Investor appetite for stocks has clearly risen this week, as global markets rally for the second day in a row. In Asia today the Indian NIFTY50 index (+0.63%) and Japanese TOPIX (+0.94%) were the best performing indices. Yesterday the S&P500 (+1.08%) saw its best day for 6 months, jolting higher thanks to reducing fears about the impact of hurricane Irma on the United States. The storm has not hit industry to the extent that was anticipated. 

Relief over North Korea’s lack of a new missile test over the weekend boosted sentiment, but the UN just approved new sanctions on the rogue state which will limit its oil imports, while banning 90% of publicly-reported exports. There is no telling how the DPRK will react to this. Despite gains in the UN, many analysts are doubtful that sanctions will have the intended effect of making the North give up its nuclear weapons. Infact, they may cling to them even tighter as sanctions increase.

In Europe this morning all major indices are trading higher led by the DAX30 (+0.39%) which sees Commerzbank (+1.62%) and Deutschebank (+1.06%) as its top performers. In the U.K. the EU withdrawal bill has passed the first stage of its passage through parliament. The bill that extracts Britain from the clutches of EU law passed its first vote in the commons by 326 vote to 290, despite heavy scrutiny from all parties present. The Pound is currently sitting higher against both the Euro and U.S. Dollar as more certainty over the Brexit process is created.

In the U.S. we will get the OPEC monthly report early afternoon which will assess the state of global supply and demand in the oil market. Oil prices are likely to be volatile today depending on the findings of the report. Brent Crude (-0.56%) is currently valued at $53.60 a barrel. 

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ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
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Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
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