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Sunday October 22nd, 2017 11:43AM

Global stocks mostly rise as Irma, North Korea worries fade

By The Associated Press
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TOKYO (AP) — Global shares were mostly higher Tuesday, encouraged by optimism on Wall Street as Hurricane Irma weakened and made way for recovery efforts and a North Korean holiday passed without new missile launches.

KEEPING SCORE: France's CAC 40 edged up 0.3 percent to 5,191.40 in early trading, while Germany's DAX rose 0.4 percent to 12,521.93. Britain's FTSE 100 was also up, gaining 0.2 percent to 7,428.48. U.S. shares were set to drift higher, with Dow futures adding 0.2 percent to 22,052 and S&P 500 futures gaining 0.1 percent to 2,487.60.

ASIA'S DAY: Japan's benchmark Nikkei 225 gained 1.2 percent to finish at 19,776.62, as a weaker yen helped boost sentiment. Australia's S&P/ASX 200 was up 0.6 percent at 5,746.40, while South Korea's Kospi edged up 0.3 percent to 2,365.47. Hong Kong's Hang Seng inched down but was little changed at 27,944.98, while the Shanghai Composite gained nearly 0.1 percent to 3,379.49.

IRMA FEARS: Irma wreaked havoc along the entire Florida peninsula and was still dropping rain and causing power outages and some damage around the Southeast. But the storm had weakened considerably from its peak, relieving investors' worries. Insurers and travel companies did well in U.S. markets Monday, while home improvement stocks declined on expectations of less business from storm repairs.

NORTH KOREA: Tensions between the U.S. and North Korea have been on investors' minds recently. North Korea observed the 69th anniversary of its founding, but did not test another intercontinental ballistic missile, as South Korea's government had warned it might.

THE QUOTE: "This morning's announcement that the U.N. has agreed on more economic sanctions against North Korea has not phased markets," said Ric Spooner, chief market analyst for CMC Markets in Sydney.

ENERGY: Benchmark U.S. crude slipped 8 cents to $47.99 a barrel. It added 59 cents, or 1.2 percent, to $48.07 a barrel in New York on Monday. Brent crude, used to price international oils, lost 13 cents to $53.71 a barrel in London.

CURRENCIES: The dollar rose to 109.54 yen from 108.48 yen late Monday. The euro slid to $1.1974 from $1.2016.

___

Follow AP Business Writer Yuri Kageyama on Twitter at twitter.com/yurikageyama

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
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