World stocks edge up

Dhaka,  Fri,  09 December 2016
Published : 23 Nov 2016, 15:59:20

World stocks edge up as investors play policy split 

World stocks edge up
World stocks edged up on Wednesday as investors are expecting a growth boost under the policies of US President-elect Donald Trump.

The investors also expecting an imminent rate hike from the Federal Reserve that should be reinforced by minutes released later in the day.

European stocks were flat on Wednesday, struggling to match the exuberance in Asia.

Asian stocks gained 0.7 per cent to strike a one-week high.

In US stocks, the Dow hit a record high up 0.35 per cent, the S&P 500 gained 0.22 per cent and the Nasdaq 0.33 per cent. 

With Japan on holiday, Australia's main index led the action in Asia with a rise of 1.35 per cent to a one-month top helped by strength in bulk commodity prices.

China's blue-chip CSI300 index advanced 0.5 per cent to a near 11-month peak as the yuan touched its lowest in six years.

In Bangladesh, DSE and CSE saw upward trend in early hours of trading on Wednesday, as the investors remained active on sector specific stocks.

The dollar perched near a 14-year high, as German bond yields plumbed new record lows.

The euro EUR= has been pushed near one-year lows. The split has been most stark in bond markets with yields on two-year German paper hitting record lows.

In Britain, sterling was a tad weaker at $1.2408 GBP= before a budget update where hopes for fiscal stimulus have been lowered as the government has stressed its limited borrowing room.

The dollar also kept most of its recent hefty gains on the yen at 111.05 JPY=, though it has met resistance around 111.35 in the last couple of sessions.

Elsewhere, oil prices declined as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.

Brent crude LCOc1 eased 10 cents to $49.03 a barrel, while US crude CLc1 lost 5 cents to $48.00.

Industrial metals advanced on talk of demand from China and the whole global reflation trade. 

Copper was near a 16-month high, while the iron ore futures surged 8.0 per cent on the back of higher steel prices, according to a news agency report.

-SRS-
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