clear
Friday November 17th, 2017 12:18PM

World markets mostly higher on Trump's safe pick to lead Fed

By The Associated Press
Related Articles
  Contact Editor

HONG KONG (AP) — Most world stock markets were higher Friday as investors welcomed news that the next Fed chief will be Jerome Powell, seen as a safe choice ensuring continuity at the world's most influential central bank.

KEEPING SCORE: European shares were mostly higher in early trading. Germany's DAX added 0.4 percent to 13,493.52 and Britain's FTSE 100 climbed 0.3 percent to 7,578.30. France's CAC 40 was nearly flat at 5,509.88. Wall Street was poised to open higher, with Dow futures up 0.1 percent to 23,471.00 and broader S&P 500 futures edging up less than 0.1 percent to 2,578.10.

FED CHIEF: President Donald Trump chose Fed Governor Powell to lead the Federal Reserve after current Chair Janet Yellen's term ends in February. Powell, a policymaker at the U.S. central bank since 2012, is expected to follow Yellen's cautious approach to raising interest rates. His selection wasn't a surprise for Wall Street, which had him as the front-runner.

TAX PLAN: Markets are assessing the $1.5 trillion tax cut plan unveiled by U.S. House Republicans. Under the plan, corporate rates will be cut, personal rates for most Americans will be lowered and some prized deductions will be reduced or eliminated. Attention was also turning to the latest U.S. payroll and unemployment data due out later in the day and its implications for the Fed's interest rate policy.

QUOTEWORTHY: "Currency and stock markets have adopted a largely 'wait and see response' both to news that Jerome Powell will be nominated as Fed Chair and to the release of US tax reform proposals," said Ric Spooner, chief analyst at CMC Markets in Sydney. "The announcements were largely as expected and the impact of both will depend on further developments."

CHINA DATA: The country's service sector showed lackluster expansion last month, according to the latest Caixin purchasing managers' index, which rose from a 21-month low but remained weaker than average. Caixin's composite index covering both services and manufacturing fell to its lowest since July 2016. The figures add to concerns about slowing growth in the world's No. 2 economy.

ASIA'S DAY: Hong Kong's benchmark Hang Seng index rose 0.3 percent to finish at 28,603.61 while the Shanghai Composite in mainland China lost 0.3 percent to 3,371.74. South Korea's Kospi gained 0.5 percent to 2,557.97 and Australia's S&P/ASX 200 advanced 0.5 percent to 5,959.90. Southeast Asian benchmarks were mostly lower but Taiwan's index rose. Japan markets were shut for a holiday, which thinned Asian trading volumes.

CURRENCIES: The dollar climbed to 114.11 yen from 114.08 yen in late trading Thursday. The euro slipped to $1.1642 from $1.1659.

ENERGY: Oil futures extended gains. U.S. benchmark crude oil rose 36 cents to $54.90 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 24 cents to settle at $54.54 a barrel on Thursday. Brent crude, the standard for international oil prices, picked up 43 cents to $61.05 a barrel in London.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
World markets mostly higher on Trump's safe pick to lead Fed
Most world stock markets were higher Friday as investors welcomed news that the next Fed chief will be Jerome Powell, seen as a safe choice ensuring continuity at the world's most influential central bank
5:18AM ( 16 minutes ago )
The Latest: Catalonia loses most jobs in Spain in October
Catalonia has lost the highest number of jobs of Spain's 17 autonomous communities during the tumultuous past month, according to monthly statistics issued by Spain's Ministry of Employment and Social Security
4:37AM ( 56 minutes ago )
Spanish judge mulls arrest warrant for ex-Catalan leader
A Spanish judge is deliberating on whether to issue an international arrest warrant for Catalonia's ousted leader after she jailed nine former members of the region's separatist government a day earlier
4:19AM ( 1 hour ago )
Associated Press (AP)
Female lawmakers allege harassment by colleagues in House
One current and three former female members of Congress tell The Associated Press they have been sexually harassed or subjected to hostile sexual comments by their male colleagues while serving in the House
3:30AM ( 2 hours ago )
Questions arise over departure of first woman to lead Fed
Fed Chair Janet Yellen makes history again at Fed, but for being denied a second term in spite of a growing economy and record stock market
3:15AM ( 2 hours ago )
Neighbors say alleged Walmart shooter was often angry, rude
Police have released little information about the suspect in a Colorado Walmart shooting that left three people dead, but neighbors described him as loner who sometimes cursed at them for minor transgressions and who often seemed angry
3:06AM ( 2 hours ago )
AP Business
Asia shares muted as investors assess Fed pick, US tax plan
Asian stocks were drifting in holiday-thinned trading as investors digested news about the Fed's next chief and a U.S. tax cut plan
10:45PM ( 6 hours ago )
GOP tax plan may offer little aid for many in middle class
House Republicans say their tax plan would help middle class, but benefits still skewed toward wealthy and business
8:12PM ( 9 hours ago )
Starbucks to launch credit card, sell Tazo; sales disappoint
Starbucks announces deals to sell its Tazo tea brand to Unilever and launch a credit card with Chase.
6:58PM ( 10 hours ago )
AP Business - Economy
US stocks are mixed on tax proposals and shaky forecasts
US stocks are mixed as House Republicans' tax cut proposals give smaller companies a boost, but home improvement retailers and homebuilders fall as the plan calls for reducing the tax deduction for interest on mortgage payments
3:39PM ( 13 hours ago )
GOP tax plan would slash corporate rate, help wealthiest
House Republicans unveil a tax cut plan that would slash the rate for businesses and also lower taxes for most Americans. But it would limit a cherished deduction for homeowners
1:33PM ( 16 hours ago )
Losses for tech and consumer products companies hit stocks
US stocks are slipping as consumer products and technology companies move lower
12:00PM ( 17 hours ago )
AP Business - Financial Markets
Officials disagree on Puerto Rico power restoration timeline
Officials in the U.S. and Puerto Rico are giving different views on when power will be fully restored to the U.S. territory
8:58PM ( 8 hours ago )
Bill introduced allowing Hawaii's foreign fishermen onshore
Hawaii's lawmakers in DC introduce bill that would allow the 700 foreign fishermen to come onshore when boats are docked
8:00PM ( 9 hours ago )
Energy chief Perry: Fossil fuels can prevent sexual assault
Energy Secretary Rick Perry says he thinks using fossil fuels to power electricity can help prevent sexual assault
5:02PM ( 12 hours ago )
AP Business - Industries
The Latest: Bank of England latest to ease crisis measures
Bank of England Governor Mark Carney says the global economy is "firing on most cylinders" and that, as a result, it's no surprise that many central banks are easing up on some of their crisis-era stimulus measures
9:07AM ( 20 hours ago )
Asian shares mostly lower as investors await next Fed leader
Asian shares mostly lower as investors await Trump pick for Federal Reserve chair
2:50AM ( 1 day ago )
Asian markets mixed as market await next Fed leader
Asian stock markets are mixed as investors were waiting for the announcement on the next Federal Reserve leader, shrugging off the results of Fed meeting that met their expectations
12:03AM ( 1 day ago )
AP Business - Financial Services
Drought may have aided storm that walloped Maine, Northeast
Drought conditions, recent rainfall and an unusual storm path in Maine may have contributed to the large numbers of trees that toppled during a storm that walloped the Northeast this week
8:27PM ( 1 day ago )
US moves to end ban on new uranium mining near Grand Canyon
U.S. officials say they've proposed ending the Obama administration's ban on new uranium mining leases on public land outside Grand Canyon National Park
7:45PM ( 1 day ago )
S&P 500 pares earlier gain; smaller stocks sink
Stocks around the world pushed higher again on Wednesday, led by companies that pull oil and other commodities from the ground
3:24PM ( 1 day ago )
AP Business - Utilities
The Latest: Catalonia loses most jobs in Spain in October
Catalonia has lost the highest number of jobs of Spain's 17 autonomous communities during the tumultuous past month, according to monthly statistics issued by Spain's Ministry of Employment and Social Security
4:37AM ( 57 minutes ago )
Spanish judge mulls arrest warrant for ex-Catalan leader
A Spanish judge is deliberating on whether to issue an international arrest warrant for Catalonia's ousted leader after she jailed nine former members of the region's separatist government a day earlier
4:19AM ( 1 hour ago )
AP source: Mueller's probe draws in Democrat, Republican
AP source: Mueller's investigation looking at a Democratic lobbyist and a former GOP congressman for their involvement in an influence campaign on behalf of Ukrainian interests tied to Paul Manafort
3:52AM ( 1 hour ago )
Week 10 preview: Bedlam at its best; Heisman RB rebounds
The first College Football Playoff rankings are out and seven games matching ranked teams this weekend have the potential to make the second rankings look much different
3:49AM ( 1 hour ago )
US considering returning NKorea to list of terror sponsors
As Trump prepares for Asia trip, US considers returning North Korea to list of state sponsors of terrorism
3:36AM ( 1 hour ago )