Markets Round Up on 17th October 2017
Stock Markets
On Monday U.S. stock markets posted modest gains, extending a record-setting run into a sixth straight week. Financial and technology companies notched some of the biggest gains as the S&P climbed 0.2% to 2557.64.
Overnight Asian shares rose as commodities held onto most overnight gains made on the back of better-than-expected China producer prices.
Markets in London were subdued with sterling initially getting off to a positive start after hopes that the Brexit negotiations were going to accelerate. However this hope didn’t last long as the new deputy governor indicated he was not in favour of raising rates “in the coming months” Even with inflation coming it at its highest level for more than five years driven up by increases in transport and food prices, Sterling remained weak boosting the UKs leading index to close not far off all time closing highs at 7516.2 (down 0.1% on the day) while the FTSE 250 fell 0.4% to 20,131.
European stocks steadied, helped by some well-received earning updates from companies including food group Danone and education firm Pearson with the DAX up 0.1% and the French CAC up 0.2%.
Currency
The pound is at €1.1212 Euros, $1. 3175 US Dollars.
Commodities
Oil prices clung to this month’s high with Brent at $57.75 after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters while Asian shares held firm on optimism about upcoming earnings and tension rose between the United States and Iran.
Gold turned lower to $1284.11, a one-week low on speculation that the eventual successor to U.S. Federal Reserve Chair Janet Yellen will favour higher interest rates.
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