Published: Wed, September 13, 2017
Markets | By Noel Gibbs

Dollar stabilises after selloff; focus on North Korea, Hurricane Irma

Dollar stabilises after selloff; focus on North Korea, Hurricane Irma

USA stocks rallied to record highs Monday as Hurricane Irma weakened without causing as much damage as many had feared, and a North Korean holiday passed without new missile launches.

The S&P 500 financial index.SPSY jumped 1.74 percent, with JPMorgan (JPM.N) up 2.18 percent and insurer Travelers (TRV.N) up 2.34 percent. The S&P 500 slipped 0.1% to 2,462.

Australian 10-year bond yields rose about four basis points to 2.61 per cent.

Japan's Nikkei rose 1 per cent after Pyongyang held a massive celebration to congratulate the nuclear scientists and technicians who steered the country's sixth and largest nuclear test a week ago.

In Europe, Germany's DAX was up 0.6 percent at 12,550 while the CAC 40 in France was 0.7 percent higher at 5,213.

Hurricane Irma downgraded to Category 3, will regain strength before hitting Florida
People stand next to palm trees as they look at churning waves and high winds along Hollywood Beach, Fla., September 9, 2017 . In the Orlando area, Walt Disney World, Universal Studios and Sea World all were closing Saturday.

North Koreans observed 69th anniversary of the country's founding, but it the country did not test another intercontinental ballistic missile, as South Korea's government had warned it might do.

Investors remained cautious over the possible economic impact of Hurricane Irma as it chewed its way up the Florida coast, knocking out electricity to 3 million homes and businesses statewide.

The greenback had retreated against major rivals for much of last week, and especially Friday, as natural disasters, geopolitical tensions and a continued pullback in Treasury yields cast a pall over the US currency, with exchange rates for the Japanese yen, the euro and the pound at recent notable highs on their own fundamental drivers.

The dollar gained while gold prices fell, as did prices of benchmark German and U.S. Treasury debt.

"Hurricane Irma is expected to bring to the Atlanta hub strong crosswinds that exceed operating limits on select mainline and regional aircraft", Delta said on Monday.

Placing the Bulls-Eye Focus on Cabot Microelectronics Corporation (NASDAQ:CCMP)
Similarly, the company's Vice Pres & Controller Roemer Todd M on 2017-05-05 Sell 3737 shares of the company at a price of $24.12. Cadence Capital Management LLC boosted its position in shares of Cabot Oil & Gas Corporation by 0.7% in the second quarter.

Power was cut to more than one million people in Floria and cranes buckled in Miami as the Category 4 hurricane made land in the U.S. but financial markets had been bracing for an economy denting storm that could delay further interest rate hikes in the US.

Gold futures fell 1.4 percent to $1,327.30 an ounce. The euro was down 0.3 percent at $1.1998 while the dollar rose 0.7 percent to 108.62 yen.

Among corporate news, Bharat Heavy Electricals announced that it has fixed 30 September 2017 as the record date for the objective of issuance of 1:2 bonus issue.

The index had risen on Monday as 10-year U.S. Treasury yields rose 8 basis points to 2.125 percent, their biggest daily in almost two months.

The dollar also rose against the Chinese yuan, which pulled away from a 21-month high set on Friday. Platinum lost 0.4% to $1000.70 an ounce, while palladium was 1% higher at $944 an ounce.

Russell Westbrook Signs Richest Contract in Jordan Brand History
During that stretch, he also elevated his game on a year-by-year basis as the franchise point guard of the Oklahoma City Thunder . Now that the decade-long deal has been locked in, the process is underway to begin developing an on-court Westbrook signature.

U.S. inflation expectations slipped last month, with the year-ahead measure hitting its lowest level since early 2016, according to a Federal Reserve Bank of NY survey that adds to the din of surprisingly weak price measures.

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