On Wall Street later electric car maker Tesla, gadget firm Fitbit and insurance provider AIG will report results. MSCI’s gauge of stocks across the globe was just below an all-time peak. “This phase of the risk rally is based on growth data, but even more on subdued inflation measures.” “That will do nothing to hurt ebullient global risk appetite,” said Ruskin. Improving data in other major economies has also served to push the greenback down nearly 11 percent from January peaks, benefiting commodities and emerging markets.Ī swathe of manufacturing surveys (PMIs) out on Tuesday had underlined how the improvement in activity had broadened out from the United States to Asia and Europe.Īlan Ruskin, head of G10 forex at Deutsche Bank, noted the top five PMIs were all Northern European economies and every index in Europe was now in expansionary territory above 50. inflation along with political turmoil in Washington has lessened the possibility of another Federal Reserve rate hike this year, lowering bond yields across the globe. President Donald Trump was close to a decision on how to respond to what he considers China’s unfair trade practices. There was a note of caution over reports that U.S. Those gains balanced losses in basic materials and energy to leave MSCI’s broadest index of Asia-Pacific shares outside Japan steady near its highest since late 2007. The MSCI tech index for Asia also climbed 0.9 percent to ground not trod since early 2000, bringing its gains for the year to a heady 40 percent. Murata Manufacturing firmed 4.9 percent and Taiyo Yuden 4.4 percent, helping Tokyo’s Nikkei up 0.47 percent. “The firm comfortably topped its forecast and produced stellar numbers for its revenue and profit.”Īmong Asia’s Apple suppliers, LG Innnotek jumped 10 percent and SK Hynix, the world’s second-biggest memory chip maker, rose 3.8 percent. “It is all about Apple,” said Naeem Aslam chief market analyst at Think Markets. tech and internet stocks that have been driving the stock market rally all year. It helped dispel one of the few nagging doubts of the corporate earnings season so far - that Amazon’s lacklustre results last week might have revealed some tiredness among the giant U.S. E-Mini futures for the Dow were up 0.2 percent despite a lower Europe as disappointing results from Societe Generale and Commerzbank weighed on the bank stocks.Īpple reported better-than-expected iPhone sales, revenue and earnings per share and signalled its upcoming 10th-anniversary phone is on schedule. That should help carry the Dow through the 22,000 mark when trading resumes in New York. Shares in the world’s most valuable company surged 6 percent after-hours to a record of more than $159 each, taking its market capitalisation above $830 billion. ![]() LONDON, Aug 2 (Reuters) - Asian technology stocks hit 17-year peaks and Wall Street’s Dow index looked set to break 22,000 points later on Wednesday, as blockbuster earnings from Apple rippled out to component makers globally.
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