News & Publications
Africa Market and Lombard Fund News
Market Buzz- 30th October 2017
30 Oct 2017
Asian stock markets were mixed Monday as investors waited to find out who U.S. President Donald Trump will pick to head the Federal Reserve. Tokyo's Nikkei 225 index lost 0.1percent to 21,995.15 and the Shanghai Composite Index shed 0.7percent to 3,392.03. Hong Kong's Hang Seng was flat at 28,448.81. Australia's S&P-ASX 200 rose 0.3percent to 5,922.20. Seoul's Kospi advanced 0.3percent to 2,502.59 and benchmarks in New Zealand, Taiwan and Jakarta also rose.Singapore declined.
Investors expect Trump to announce his choice for Fed chair as early as Monday. News reports Friday suggested Trump most likely would not offer Janet Yellen a second term and was instead leaning toward Jay Powell, a Fed board member who until recently was the only Republican on the board. Analysts see Powell as a safe choice who would follow Yellen's monetary strategy. U.S. stocks set new records on Friday as Microsoft and Alphabet soared following strong third-quarter reports, as did online retail giant Amazon.
Intel made its biggest gains in three years, while Microsoft had its biggest jump in two years and Alphabet, Google's parent company, made its largest move in more than a year after each company's results were better than Wall Street expected. The S&P's 500 index rose 0.8percent to a record 2,581.07. The Dow Jones industrial average gained 0.1percent to 23,434.19. The Nasdaq composite made its biggest gain since November as it soared 2.2percent, to a record 6,701.26. Investors are looking ahead to a week of potentially market-moving Asian data. China and other countries in the region are due to report its monthly manufacturing indexes, along with Korean trade, factory production and inflation.
Tokyo will report its economic indicators for September, while the Bank of Japan is due to announce interest rate policy on Tuesday. Benchmark U.S. crude advanced 3 cents to $53.93 per barrel. The contract soared $1.26 on Friday to close at $53.90. Brent crude, used to price international oils, lost 1 cent to $60.12 in London. It jumped $1.09 the previous session to $60.13.
« Previous Next »