Giovedi, 23 Novembre, 2017

ECB's Mario Draghi says global recovery is firming up, euro climbs

S&P 500 Futures Drift Lower as Comsumer Staples Weigh Jackson Hole Meeting Sets Wall Street on Edge
Sveva Terracina | 28 Agosto, 2017, 12:46

Gold prices have edged higher up $4 or 0.3% trading at $1,289 an ounce.

United States stocks have been choppy this week amid caution ahead of Jackson Hole and uncertainty over the direction of Washington policy under President Donald Trump.

US stocks closed mixed on Friday after President Donald Trump's chief economic adviser Gary Cohn said the Trump administration's agenda and calendar will revolve around tax reform starting next week.

Mark Hamrick, a senior economic analyst for Bankrate.com, said the remarks are likely to have little impact on the debate in Washington, where the banking rules known as Dodd-Frank are viewed as anathema by many Republicans.

A government shutdown would occur when the debt ceiling, a self-imposed legislative limit on how much debt the USA can have, gets hit and lawmakers have not agreed to extend the limit. The single currency climbed as high as US$1.1941 (RM5.09), the strongest since January 2015, and was up 1.1 per cent at US$1.1924 at the close of trading. Hong Kong's Hang Seng gained nearly 1 percent.

Japan's Nikkei was little changed, but Japanese property and casualty insurers' shares skidded as investors fretted about the broader impact of US storm.

There are no domestic data releasing today, so focus will be on U.S. Federal Reserve Chief Janet Yellen and European Central Bank President Mario Draghi's speeches later this afternoon.


"Mario Draghi is also set to speak, with markets hoping he will reveal details of the ECB's tapering plans".

The dollar meanwhile added to its best week against the Japanese yen in seven as it hovered at 109.64 yen.

While ECB stimulus has pushed euro zone growth to over 2 percent, the fastest since 2011, inflation is expected to undershoot the bank's target at least through 2019, a dilemma for its policymakers who, unlike those at the Fed, only have an inflation mandate.

In a talk aimed broadly at defending the merits of globalisation, Mr Draghi said it's crucial to make sure open policies on trade and global finance should be safeguarded with regulations created to make globalisation fair, safe and equitable. It is poised to end the week 0.15 percent lower. Some have speculated that he might attempt to jawbone the euro back from recent peaks, given that a strong currency can counter inflation, which would offset much of the work done by the European Central Bank.

Oil prices continued rising during the day on the news that the heart of the U.S. oil industry is going to get hit by Hurricane Harvey that threatens to become the worst storm to hit the USA in 12 years.

Energy stocks will be in focus as the industry braces for Hurricane Harvey which may become the biggest storm to hit the US mainland in more than a decade. They're on track for a weekly fall of 1.55 percent.

At 6.00 a.m. ET, U.S. crude hovered around $47.74 per barrel, while Brent stood at $52.36. Copper remained near a three-year high hit on Thursday on signs of stronger demand in top consumer China while inventories in London warehouses fell. The Nasdaq Composite Index reversed gains to finish down 0.1% at 6,265.65.

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