rainn.png
Monday January 27th, 2020 5:57AM

Global shares rise as worries recede on Iran, US tensions

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares mostly rose Friday as worried receded that the United States and Iran might be stepping closer to the edge of war.

France's CAC 40 slipped 0.2% to 6,031.15, while Germany's DAX added nearly 0.1% in early trading to 13,505.63. Britain's FTSE 100 was little changed, down less than 0.1% at 7,593.34. U.S. shares were set to drift higher with Dow futures up 0.1% at 28,969. S&P 500 futures were up 0.2% at 3,280.70.

Japan's benchmark Nikkei 225 edged up 0.5% to finish at 23,850.57. Australia's S&P/ASX 200 rose 0.8% to 6,929.00. South Korea's Kospi gained 0.9% to 2,206.39. Hong Kong's Hang Seng is up 0.3% at 28,638.20, while the Shanghai Composite inched down nearly 0.1% to 3,092.29.

On Wall Street, money flowed into riskier investments, such as technology stocks, and trickled out of traditional hiding spots for investors when they’re nervous, such as gold. A measure of fear in the stock market had its largest drop in a week.

Stocks have been rallying after investors took comments from President Donald Trump and Iranian officials to mean no military escalation is imminent in their tense conflict. Markets had tumbled on the threat of war after the United States killed a top Iranian general in a drone strike.

Diminishing worries about a U.S.-Iran war put more of the market’s focus on the economy, corporate profits and other inputs that directly affect stock prices.

“The market is in pretty solid shape,” said Matt Hanna, portfolio manager at Summit Global Investments. “We could see some volatility in the beginning of 2020” following a well-worn path of choppy first halves for stocks during presidential election years, “but we don’t see any sort of recession on the horizon.”

Across markets, worries about a recession have faded since last year as central banks cut interest rates and pumped stimulus into the global economy. The United States and China also moved toward an interim deal in their trade war. China confirmed on Thursday that its chief envoy in tariff talks with Washington will visit next week to sign their “Phase 1” trade deal.

“Risk appetite continues to improve as investors judged the U.S.-Iran tensions to not be as concerning as thought while focusing on the upcoming leads including U.S.-China trade and a potential payrolls surprise into the end of week," said Jingyi Pan, market strategist at IG in Singapore.

The spotlight will move next to Friday’s labor report, and economists expect it to show employers added 160,000 jobs last month. They also forecast the unemployment rate to hold at its low level of 3.5%. The numbers are key because a strong job market has been propping up the economy and allowing U.S. households to continue to spend, even as manufacturing weakens due to tariffs and trade wars.

ENERGY:

Benchmark U.S. crude fell 8 cents to $59.48 a barrel. It slipped 5 cents to $59.56 a barrel on Thursday. Brent crude, the international standard, rose2 cents to $65.39 a barrel.

CURRENCIES:

The dollar rose to 109.59 Japanese yen from 109.36 yen on Thursday. The euro fell to $1.1097 from $1.1114 .

  • Associated Categories: Associated Press (AP), AP National News, Top General short headlines, AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
As Iran and US take step back from the brink, Canada grieves
Canadians are struggling to come to terms with how the killing of an Iranian general last week in a U.S. drone stroke may have led to the deaths of dozens of their citizens in a plane crash
4:06AM ( 13 minutes ago )
Iran denies missile hit plane, calls on West to share data
Iran is denying a missile hit a Ukrainian airplane that crashed near Tehran this week and is calling on the U.S. and Canada to release data backing their allegations
4:00AM ( 19 minutes ago )
Global shares rise as worries recede on Iran, US tensions
Global shares have risen as worries receded the United States and Iran might be stepping closer to the edge of war
3:59AM ( 20 minutes ago )
Associated Press (AP)
Iran says Boeing can probe plane crash amid new allegations
Iran's state media say authorities have invited Boeing to take part in the investigation into a Ukrainian jetliner that crashed, killing all 176 people on board
2:53AM ( 1 hour ago )
US employers expected to have added 160,000 jobs in December
The U.S. job market appears to be entering 2020 on a solid footing
2:38AM ( 1 hour ago )
After Super Bowl, sports books preparing for XFL bets
The NFL playoffs and the upcoming Super Bowl are front and center for many football fans
2:32AM ( 1 hour ago )
AP Business
Asian shares rise after US stocks set records as fears fade
Asian shares are rising as worries recede that the United States and Iran might be stepping closer to the edge of war, and U.S. indexes hit records overnight
11:19PM ( 5 hours ago )
In Ohio, Trump to hold 1st campaign rally of election year
President Donald Trump is heading into his first campaign rally of the year flush with cash, chafing at impeachment and hoping to capitalize on his order to take out Iran's top general
4:52PM ( 11 hours ago )
US stocks set records as fear recedes from market; gold dips
Stocks around the world climbed on Thursday, and U.S. indexes hit records as markets continued a rally sparked after the United States and Iran appeared to step away from the edge of war
4:32PM ( 11 hours ago )
AP Business - Economy
Stocks open higher on Wall Street ahead of China trade deal
Stocks are opening broadly higher on Wall Street as traders welcome news that China's top trade official will head to Washington next week to sign a preliminary trade deal with the U.S. Technology companies and banks led the way higher
9:43AM ( 18 hours ago )
AP Business - Financial Markets
Puerto Rico earthquake aftermath deepens as govt seeks help
Puerto Rico is struggling to recover from from a 6.4-magnitude earthquake that killed one person, injured nine others and severely damaged infrastructure on the southwest coast. More than 2,000 people are in shelters, nearly one million are without power and hundreds of thousands are without water
7:30PM ( 8 hours ago )
Trump proposes sweeping rollback of environmental oversight
It's a dramatic rollback of environmental oversight by the Trump administration
5:13PM ( 11 hours ago )
California could be 1st state to sell own prescription drugs
California could become the first state with its own prescription drug label
2:15PM ( 14 hours ago )
AP Business - Industries
US consumers took it easy on their credit cards in November
US consumer borrowing slowed to $12.5 billion in November as credit card use fell
3:27PM ( 1 day ago )
Warren's new bankruptcy plan could spark a clash with Biden
Elizabeth Warren is promising to remake the nation’s consumer bankruptcy system if elected president
8:54PM ( 2 days ago )
Eurozone inflation hits 6-month high before oil price spike
Inflation across the 19-country eurozone spiked to a six-month high in December even before the recent spike in oil prices in the wake of the U.S.-sanctioned killing of Iranian general, Qassem Soleimani, official figures showed Tuesday
6:07AM ( 2 days ago )
AP Business - Financial Services
As Iran and US take step back from the brink, Canada grieves
Canadians are struggling to come to terms with how the killing of an Iranian general last week in a U.S. drone stroke may have led to the deaths of dozens of their citizens in a plane crash
4:06AM ( 13 minutes ago )
Iran denies missile hit plane, calls on West to share data
Iran is denying a missile hit a Ukrainian airplane that crashed near Tehran this week and is calling on the U.S. and Canada to release data backing their allegations
4:00AM ( 19 minutes ago )
Ghosn's lawyer slams minister's gaffe on proving innocence
A lawyer for Carlos Ghosn, Nissan's former chairman who skipped bail in Japan and fled to Lebanon, has slammed a gaffe by the Japanese justice minister who said that Ghosn should “prove" his innocence
3:39AM ( 40 minutes ago )
Iran denies missile downed plane, calls for data
An Iranian official is denying a missile hit a Ukrainian airplane that crashed near Tehran and is calling on both the U.S. and Canada to release data backing their allegations
3:29AM ( 50 minutes ago )
Australians leave homes as heat, winds escalate fire danger
Thousands of people are fleeing their homes and helicopters are dropping supplies to towns at risk of wildfires as hot, windy conditions threaten already fire-ravaged southeastern Australian communities
3:22AM ( 58 minutes ago )