Culture minister tours Saudi pavilion at Expo 2025 Osaka    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Saud Abdulhamid makes history as first Saudi player in Serie A    Saudi Cabinet to hold special budget session on Tuesday    King Salman orders extension of Citizen's Account Program and additional support for a full year    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Irish PM apologizes for walking away from care worker    Several dead as Storm Bert wreaks havoc across Britain    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Ukraine losing ground in Russia's Kursk region, says military source    Hezbollah fires rocket barrages into Israel after deadly Beirut strikes    Al Ittihad claims top spot in Saudi Pro League after victory over Al Fateh    Do cigarettes belong in a museum?    Saudi Arabia joins international partnership initiative to boost hydrogen economy    Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Saudi Arabia allows licensed flour milling companies to export flour    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Stocks, dollar recover as markets try to move past Trump's policy stumble
Published in Alriyadh on 28 - 03 - 2017

Asian stocks advanced on Tuesday after Wall Street stabilized and the dollar was steady, as anxiety over Donald Trump's setback on healthcare reform gave way to tentative hopes for the U.S. president's planned stimulus policies.
European markets were also set for a stronger start, with financial spreadbetters expecting Britain's FTSE 100 .FTSE and France's CAC 40 .FCHI both to open 0.3 percent higher and Germany's DAX .GDAXI to start the day up 0.4 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.5 percent.
Japan's Nikkei .N225 closed up 1.1 percent, its biggest one-day gain in more than two weeks, while Australian stocks ended the day 1.3 percent higher, their strongest performance since Nov. 23.
South Korean stocks .KS11 climbed 0.4 percent after data showed the domestic economy grew at a slightly faster pace than initially thought in the fourth quarter of 2016, supported by strong construction activity.
Hong Kong's main Hang Seng .HSI added 0.5 percent.
China's market was one of the region's underperformers amid concerns about tightening liquidity conditions after the central bank refrained from injecting short-terms funds into the banking system for the third session in a row.
The CSI 300 .CSI300 index was about 0.2 percent lower and the Shanghai Composite .SSEC was down 0.4 percent
Overnight, the S&P 500 .SPX and the Dow Jones Industrial Average .DJI closed lower but narrowed their losses from earlier in the session, when both hit near-six-week lows. The Nasdaq .IXIC ended higher.
Stock markets, which went on a tear after Trump's November election win, got an added lift from the Federal Reserve's less-hawkish-than-expected stance in mid-March. But doubts about Trump's ability to keep his promises of fiscal stimulus, including tax reform, halted the rally.
Trump's failure late last week to garner enough support for a plan to repeal the Affordable Care Act, former President Barack Obama's signature health care bill, even with a Congress controlled by the leader's Republican party, further dented sentiment.
While that blow stoked concerns about the president's ability to enact stimulus policies, these began to recede overnight as investors looked with renewed, albeit tentative, optimism to the U.S. government's next policy steps.
"Markets appear reluctant to take the Trump disappointment too much further at this stage," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote.
"With U.S. economic growth showing signs of improvement and the (Fed) clearly embarked on a monetary tightening cycle, the significant correction that has already occurred in bonds and the U.S. dollar may already reflect an adequate wind-back of the market's Trump exuberance."
Tim Condon, economist at ING Financial Markets, said in the Reuters Global Market Forum chatroom that he "would not anticipate any more Democrat support for Republicans' tax reform than for ObamaCare reform."
But "the good news for investors is that the global economy is picking up," Condon said. "I view the current selling as a buying opportunity."
The U.S. 10-year bond yield US10YT=RR, which hit a one-month low on Monday, rose to 2.3836 percent on Tuesday.
The dollar was little changed at 110.63 yen JPY=D4 after recovering from its lowest level since November on Monday.
The dollar index .DXY inched up to 99.226 after slumping to a 4-1/2-month low on Monday.
The euro EUR=EBS was steady at $1.0861 on Tuesday, after touching its highest point since November on Monday.
Sterling GBP=D3 was flat at $1.2554, with Prime Minister Theresa May due to formally notify the European Union of Britain's intention to leave the club on Wednesday. It hit a seven-week high on Monday.
In commodities, the return of risk appetite and the dollar's relative weakness helped lift oil from a level close to the 3-1/2-month low seen last week, but gains were capped by lingering concerns about whether OPEC-led output cuts can offset surging U.S. production.
U.S. crude CLc1 gained 0.5 percent to $47.98 a barrel, after dropping as much as 1.9 percent on Monday.
Global benchmark crude LCOc1 rose 0.5 percent to $50.99.
Gold XAU= was flat at $1,253.83 an ounce on Tuesday, after pulling back from the one-month-high touched on Monday.
(Reporting by Nichola Samina


Clic here to read the story from its source.