Tokyo stocks close up as N.Korea, Irma worries ease

Violet Powell
September 13, 2017

Gold prices edge lower on Tuesday morning as risk sentiment improves after Hurrican Irma and North Korea tensions eased.

European shares rose in early trading.

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.

Indonesian shares were marginally lower, while benchmark indexes in Malaysia, Singapore and Taiwan were up between 0.1 percent and 0.4 percent. Wall Street was poised to open higher.

The S&P 500 rose 1.1 percent to mark its biggest gain since late April and the Nasdaq Composite also climbed 1.1 percent to close just below the record closing high it set on September 1 while the Dow rallied 1.2 percent.

PYONGYANG PARTY: North Koreans observed the country's 69th founding anniversary with celebrations that included laying flowers and bowing at statues and portraits of past leaders.

NORTH KOREA: Tensions between the USA and North Korea have been on investors' minds recently, but North Koreans observed the 69th anniversary of the country's founding, but did not test another intercontinental ballistic missile, as South Korea's government had warned it might. Attention now moves to the United Nations, where the United States has called for a vote later Monday on new sanctions.

Hurricane Irma was downgraded to a Category 1 storm early Monday after tearing a destructive path across South Florida on Sunday, leaving about 6 million residents without power.

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Elsewhere in the group, Roma and Atletico battled to a 0-0 draw, which is just about the best result for Chelsea . A fantastic headed finish from the Spaniard, making it five goals in four games for club and country.

Crude oil prices finished higher on Monday, 11 September 2017 as investors assessed the impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey's extent of damage to oil refineries on the Gulf Coast.

MARKET INSIGHT: "This weekend was a case of the dog that didn't bark, or at least, not very loudly", said Rob Carnell, head of Asia research at ING.

Higher U.S. Treasury yields also bolstered the dollar, as the benchmark U.S. 10-year note yield rose to 2.135 percent from its close of 2.125 percent on Monday, and 2.061 percent on Friday. Australia's S&P/ASX 200 was up almost 0.9 percent at 5,763.20 in early trading, while South Korea's Kospi inched up but was little changed at 2,359.45.

The euro was little changed at $1.1955 after shedding 0.7 percent overnight.

CURRENCIES: The dollar strengthened as the latest developments gave traders less reason to flee to the yen, traditionally considered a haven.

The S&P Utilities.SPLRCU and Real Estate.SPLRCREC sectors were the laggards of the day, with 1.8 percent and 1.3 percent declines as investors shied away from interest rate- sensitive stocks.

ENERGY: Benchmark U.S. crude rose 16 cents to $48.23 a barrel, while Brent crude, used to price global oils, was up 26 cents to $54.10 a barrel in London. Brent crude, used to price worldwide oils, lost 1 cent to $53.83 a barrel in London.

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