Market may rise on positive Asian cues


Canada's main stock index rose on Monday on the weakening of Hurricane Irma overnight and North Korea refraining from a missile test to mark its 69th anniversary, with financial stocks and Tahoe Resources leading the rally.

The S&P 500 finished at a fresh record on Monday (Sep 11) as USA stocks rallied after Hurricane Irma avoided a worst-case scenario, yielding less damage than feared.

The all-country index is up 14.6 percent year-to-date and the S&P 500 has gained 11.2 percent so far this year.

The Dow Jones Industrial Average was up more than 260 points, or 1.2%, and traded above 22,000 for the first time since September 1.

The Toronto Stock Exchange's S&P/TSX composite index closed up 54.98 points, or 0.37 percent, at 15,040.30.

Gains for the Toronto market came as the S&P 500 posted a record high close.

"I think now we've found a point where the market is just gaining a little bit of a footing after some of these expectations recalibrated", he said.

Benchmark U.S. crude rose 59 cents, or 1.2 percent, to $48.07 a barrel in NY while Brent crude, used to price worldwide oils, added 6 cents to $53.84 a barrel in London.

The dollar added 0.5 percent against its perceived safe-haven Japanese counterpart to 108.42 yen JPY= , moving away from a 10-month nadir of 107.32 yen touched on Friday.

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Gold prices fell early on Monday after hitting its highest in over a year in the previous session, as the dollar recovered from last week's lows and as lack of geopolitical developments dented safe-haven appeal. The consumer price index and weekly jobless claims are set for release on Thursday, while retail sales, industrial production and consumer sentiment are all slated for Friday.

Risk appetite also returned to the markets as the chances of Federal Reserve interest rate increases this year receded after the USA was struck by the first back-to-back major storms since 1964. Shares of the bank listed on the mainland were off 0.51 percent while Hong Kong-listed shares fell 1.19 percent.

In Asian trading on Monday, there was some relief that damage to Florida from hurricane Irma may be slightly less severe than expected after a late change in course.

Advancing issues outnumbered declining ones on the NYSE by a 3.73-to-1 ratio; on Nasdaq, a 2.56-to-1 ratio favored advancers.

The index had risen on Monday as 10-year U.S. Treasury yields rose 8 basis points to 2.125 percent, their biggest daily in almost two months.

- Gold sank 1.1 percent to settle at $1,335.70 an ounce for the biggest tumble in two months.

The CBOE volatility index.VIX, a widely-followed measure of market anxiety, fell 1.36 points to 10.76.

In currency markets, the Canadian dollar was trading at an average price of 82.45 cents USA, up 0.02 of a USA cent.

Gold reached a 12-month high of around $1,356 per oz last week in the aftermath of North Korea´s purported hydrogen bomb test.