Weaker US dollar, safe havens in limbo push stocks worldwide higher
ALBAWABA – Markets are exhibiting signs of infliction with stocks worldwide up and gold prices fluctuating on Monday and the US dollar slipping towards its lowest close since August.
The US dollar slipped against all of its Group-of-10 peers after comments from Federal Reserve (Fed) officials last week bolstered hopes the Fed is done hiking US interest rates.
Bloomberg’s dollar index fell 0.21 percent on Monday, as their emerging-market currencies index climbed to a nine-month high and their Asian equities gauge headed for its highest close in two months.
Treasuries edged lower in Asia ahead of a US 20-year auction that will help gauge whether investors are confident 2023’s selloff is over once and for all, the New York-based news agency reported.
The US Treasury market is poised to post a monthly gain in November, ending a six-month losing streak, with Australian and New Zealand bonds sliding for the month.
European equity futures were little changed Monday and their US peers ticked lower after the S&P 500 climbed above 4,500 on Friday to cap its third straight weekly gains.
Japanese shares hit a 30-year high on Monday as strong earnings and offshore demand fuelled a three-week winning streak, according to Reuters, while the yuan pushed down the US dollar.
Gold prices fell then quickly parred some of the losses as stocks worldwide rallied - Shutterstock
Japan's Nikkei ran into profit-taking at the peak but was still up 8.2 percent for the month so far with the Topix not far behind, Reuters reported.
Stocks worldwide show signs of infliction as gold prices rise slightly on weaker US dollar
All three main indexes on Wall Street ended slightly higher Friday, while observers said they expected this week to see light trading as the US heads into the Thanksgiving holiday.
In Asia, Hong Kong rose after Friday's hefty loss fuelled by a 10 percent collapse in e-commerce titan Alibaba. But the market heavyweight gained more than one percent Monday.
Shanghai, Sydney, Seoul, Taipei, Jakarta and Wellington all gained, though Tokyo fell, having briefly hit a 33-year high in the morning, while Mumbai, Singapore, Bangkok and Manila were also in the red.
London opened in negative territory, while Paris and Frankfurt were both higher, Agence France-Presse (AFP) reported.
Stocks Worldwide: Markets Summary by AFP and Bloomberg
Tokyo - Nikkei 225: DOWN 0.6 percent at 33,388.03 (close)
Hong Kong - Hang Seng Index: UP 1.9 percent at 17,778.07 (close)
Shanghai - Composite: UP 0.5 percent at 3,068.32 (close)
London - FTSE 100: DOWN 0.2 percent at 7,492.88
Dollar/yen: DOWN at 148.94 yen from 149.64 yen on Friday
Euro/dollar: UP at $1.0918 from $1.0916
Pound/dollar: UP at $1.2475 from $1.2465
Euro/pound: DOWN at 87.52 pence from 87.55 pence
New York - Dow: FLAT at 34,947.28 (close)
S&P 500 futures fell 0.2 percent as of 6:28 a.m. London time. The S&P 500 rose 0.1 percent on Friday
Nasdaq 100 futures fell 0.3 percent. The Nasdaq 100 was little changed
Euro Stoxx 50 futures were unchanged
Japan’s Topix index fell 0.8 percent
Hong Kong’s Hang Seng Index rose 1.5 percent
China’s Shanghai Composite Index rose 0.4 percent
Australia’s S&P/ASX 200 Index rose 0.1 percent
