February 24, 2018

German inflation picks up more than expected, still below European Central Bank target

02 September 2017, 01:25 | Frank Carlson

FTSE 100 rebounds as fears over North Korea ease

German bond yields drop after North Korea missile test, euro surge

Gasoline futures surged and crude oil was down, as flooding and damage from Tropical Storm Harvey shut almost a quarter of United States refinery capacity, curbing demand for crude while raising the risk of fuel shortages.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, leaving it a modest 0.6 percent firmer for the month so far. It was on track to end August with a fall of nearly 18 bps - its biggest monthly fall in six months.

Overall the biggest mover among the G10 group of developed economy currencies was the New Zealand dollar, down 1 percent against its USA equivalent after a poor batch of business confidence data.

Investors also awaited President Donald Trump's first speech specifically on tax reforms, a key contributor to the rally in stocks since his victory in November.

The Dow Jones Industrial Average rose 27.06 points, or 0.12 percent, to close at 21,892.43, the S&P 500 gained 11.29 points, or 0.46 percent, to finish at 2,457.59 and the Nasdaq Composite added 66.42 points, or 1.05 percent, to end at 6,368.31.

"They are somewhat concerned about the euro's strength and the source piece backed that up again", said Citi strategist Josh O'Byrne. The pan-European STOXX 600 .stoxx closed 0.7 percent higher.

Concerns about rising tensions with North Korea, and risks surrounding the USA government's need to raise the debt ceiling next month, however, remained forefront in investors' minds.

Cancer-killing drug approved, but will you be able to afford it?
Most patients with ALL recover through other treatments such as radiation, chemotherapy and stem cells. The FDA based its decision on a clinical trial involving 63 patients with B-cell ALL.

The kiwi dollar fell below 1.10 to the Aussie dollar overnight and was 0.93 percent lower at $0.7137 in midday in Europe. "But there was already some expectation that the euro would be a bit soft going into the numbers on Friday so we are a bit weaker".

The 10-year notes were last down 3/32 in price to yield 2.145 percent, up from 2.136 percent on Tuesday.

"The stronger euro weighs on growth and inflation, although not immediately, and this complicates the ECB's exit strategy", said Commerzbank strategist Rainer Guntermann.

"The ECB meeting is coming up next week and there are rising risks of verbal intervention from Mario Draghi", said Deutsche Bank strategist George Saravelos.

Inflation in the currency bloc, targeted by the European Central Bank at just below 2 percent, accelerated to 1.5 percent in August from 1.3 percent, data showed on Thursday.

The dollar index .dxy , which measures the greenback against a basket of six major currencies, was 0.65 percent higher at 92.852. Brent eased 29 cents to $50.57 a barrel, while US crude fell 14 cents to $45.82.

Gold steadied as a stronger dollar pushed the metal off Tuesday's 9-1/2-month high, but the precious metal remained above $1,300 on renewed tensions between Washington and North Korea.

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