Pound goes on rollercoaster ride after Brexit draft deal

NEW YORK - The British pound had a tumultuous session on Thursday as a draft Brexit deal between London and Brussels sparked both hope and skepticism in a volatile forex market.

Sterling soared to within a whisker of $1.30, striking five-month peaks, when news flashed across traders' screens that the European Union had reached a draft Brexit withdrawal deal with London.

The pound held on to most of those gains for a while, absorbing a bout of profit-taking, but then the currency plunged into negative territory when it dawned on investors that there was no guarantee of UK parliamentary backing for the agreement.

"After the initial relief that the UK government and EU have done a deal, markets are worried that it still does not have enough support to get through parliament on Saturday," independent economist Julian Jessop told AFP.

By the end of the European business day, the pound was pretty much back to where it started. It strengthened modestly after that.

Wall Street also finished higher, with analysts citing the Brexit deal despite opposition from key lawmakers that threaten its prospects.

'STILL CHANCE OF NO DEAL'

It is unclear how many of Prime Minister Boris Johnson's Conservative MPs will back the deal when he brings it to lawmakers for approval Saturday, and whether the opposition will try to vote it down or attempt to force a fresh referendum.

"There is still a chance for a no-deal Brexit – although the more likely scenario would be for the Prime Minister to follow the law and request the EU for a Brexit deadline extension, which then opens up more uncertainty," said Fawad Razaqzada at Forex.com.

Northern Ireland's hardline loyalist DUP said Thursday it was "unable to support" the draft deal.

A pre-emptive DUP announcement to the same effect issued ahead of the draft deal had already weighed on sterling, before news from Brussels gave the currency wings.

"The Brexit agreement dream has been shattered by the DUP, after reports have surfaced claiming they are still unwilling to back Johnson and his EU divorce agreement," said Sebastien Clements, a currency analyst at OFX.

While the pound stabilized late in the session, "all it takes is a leak from Westminster to restart the market chaos", he said.

EVEN WALL STREET LIKES IT

The London stock market, which usually moves in the opposite direction from sterling, enjoyed a small rise Thursday, becoming the day's star performer in otherwise lackluster European equity trading.

Wall Street also pushed higher, aided by strong earnings from Netflix and some other companies, and by optimism over Brexit.

Alan Skrainka of Cornerstone Wealth Management acknowledged there were doubts about the deal's prospects but said "this is really the first tangible sign of progress we've had in some time."

KEY FIGURES AROUND 5 A.M. FRIDAY

Pound/dollar: UP at $1.2891 from $1.2832

Euro/pound: UP at 86.31 pence from 86.29 pence

Euro/dollar: UP at $1.1127 from $1.1072

Dollar/yen: DOWN at 108.62 yen from 108.76 yen

New York - Dow: UP 0.1 percent at 27,025.88 (close)

New York - S&P 500: UP 0.3 percent at 2,997.95 (close)

New York - Nasdaq: UP 0.4 percent at 8,156.85 (close)

London - FTSE 100: UP 0.2 percent at 7,182.32 (close)

Paris - CAC 40: DOWN 0.4 percent at 5,673.07 (close)

Frankfurt - DAX 30: DOWN 0.1 percent at 12,654.95 (close)

EURO STOXX 50: DOWN 0.3 percent at 3,588.62 (close)

Tokyo - Nikkei 225: DOWN 0.1 percent at 22,451.86 (close)

Hong Kong - Hang Seng: UP 0.7 percent at 26,848.49 (close)

Shanghai - Composite: DOWN 0.1 percent at 2,977.33 (close)

Brent North Sea crude: UP 0.8 percent at $59.91 per barrel

West Texas Intermediate: UP 1.1 percent at $53.93 per barrel

source: news.abs-cbn.com

Asian shares buoyed by US jobs, trade talks in focus

TOKYO -- Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25 percent. Japan's Nikkei stock index rose 0.29 percent, while Australian shares were up 0.48 percent.

US Treasury yields inched higher as Friday's data on the US jobs market suggests the Federal Reserve may not need to cut interest rates further.

Sentiment toward the US economy deteriorated sharply last week after disappointing data on manufacturing and services suggested the trade war was taking a toll, and more rate cuts would be needed to avert a potential recession in the world's biggest economy.

The modest increase in US jobs has eased some of these concerns, but traders warn that downside risks loom large on the horizon. The US unemployment rate fell to 3.5 percent in September to reach the lowest since December 1969. Non-farm payrolls also grew in September, but slightly less than expected.

The focus will shift to the next round of US-China trade negotiations expected in Washington on Oct. 10-11 to see if the two sides can end a bruising year-long trade war that has hurt global growth and raised the risk of recession.

"Moderate job growth and subdued inflation in the United States is a positive for stocks," said Shusuke Yamada, head of FX and Japan equity strategy at Merrill Lynch Japan Securities in Tokyo. "However, the dollar is a little soft heading into US-China trade talks. I see some scope for yen gains, but it is not likely to be a big move higher."

US stock futures, fell 0.35 percent in Asia on Monday after the S&P 500 ended 1.4 percent higher on Friday.

In currency markets, the yen gained slightly and the yuan slipped after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump.

The yuan weakened about 0.20 percent in offshore trade to 7.1285 yuan per dollar. There is no onshore trading as Monday is the last day of China's holiday break.

The United States and China have slapped tariffs on each other's goods as part of a long-running dispute over Beijing's trading practices, which Washington says are unfair.

Central banks around the world have been easing policy to offset the negative impact from the trade war.

The Fed has already lowered interest rates twice this year, but a strong jobs market suggests further rate cuts may not be necessary.

The yield on benchmark 10-year Treasury notes rose to 1.5187 percent compared with its US close of 1.5140 percent on Friday.

Worries about political instability in Hong Kong could hurt market sentiment after China's army took the unusual step of issuing warnings to anti-government protesters in Hong Kong over the weekend.

Four months of often violent protests against Chinese rule has pushed the former British colony to the brink of recession and posed a serious challenge to Beijing's control of the city.

Spot gold, an asset that is often bought during times of uncertainty as a safe-haven, rose 0.26 percent to $1,508.19 per ounce.

The yen, also considered a safe-haven asset edged slightly higher to 106.78 versus the US dollar and gained to 72.20 per Australian dollar.

US crude dipped 0.34 percent to $52.63 a barrel as worries about oversupply regularly weigh on oil futures prices.

source: news.abs-cbn.com

Asian shares falter as US-China trade war, recession worries weigh

SHANGHAI -- Asian shares fell on Monday morning, while gold prices held firm as investors worried a prolonged Sino-US trade war could tip the world and US economies into recession.

In early trade, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.17 percent, after Wall Street broke a three-day winning streak to end lower on Friday.

Australian shares dipped about 0.1 percent while the South Korean market clawed back from early losses to rise 0.12 percent.

Markets in Japan and Singapore were closed for a holiday Monday.

US shares finished lower on Friday after US President Donald Trump said that Washington was continuing trade talks with Beijing, but that the US was not going to make a deal for now.

Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34 percent, the S&P 500 lose 0.66 percent and the Nasdaq Composite drop 1 percent.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

The uncertainty and lack of progress around the talks have kept financial markets on edge over recent months, with investors pulling out funds from riskier assets amid the slowdown in global growth and corporate profits.

Worries about the damaging effects of the trade war between the world's two biggest economies were underscored by a warning from Goldman Sachs of the rising risk of a US recession, and that it no longer expects a trade deal before the 2020 US presidential election.

Elsewhere, there was little positive news. Data last week showed the British economy unexpectedly shrank for the first time since 2012 in the second quarter, while German industrial production suffered its biggest annual decline in nine years. All of that raised global recession fears as the escalating Sino-US tariff war took a toll on trade and investment.

"Cross asset correlations and money flow continue to tell (us) that this funk in markets is a genuine result of fear and uncertainty from traders and investors," said Greg McKenna, strategist at McKenna Macro.

A flight to perceived safe-haven assets helped to lift the price of gold above $1,500 last week for the first time since April 2013. After giving up some gains on Friday, the precious metal was higher on Monday, rising 0.18 percent to $1,499.52 per ounce.

In currency markets, sterling matched its January 17, 2017 low against the US dollar, buying as little as $1.2015 in early Asian trade Monday before trimming losses. The British pound last bought $1.2028.

The UK currency came under pressure on Friday after the downbeat data on the British economy.

The dollar dropped 0.25 percent against the yen to 105.40, while the euro edged higher to $1.1203.

The dollar index, which tracks the greenback against a basket of 6 major rivals, was barely changed at 97.513.

Oil prices dipped, having risen sharply on Friday on a drop in European inventories and production cuts by the Organization of the Petroleum Exporting Countries.

US crude was down 0.53 percent to $54.21 a barrel and global benchmark Brent crude shed 0.51 percent to $58.23 per barrel.

source: news.abs-cbn.com

Asian shares steady after steep losses; Saudi comments lift oil

SHANGHAI -- Share markets in Asia got off to a steady start on Monday as investors tried to catch their breath following another week of escalating trade tensions between the United States and China.

In early trade, MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.6 percent after a steep 3 percent loss the previous week. US S&P 500 e-mini futures also turned higher, rising 0.5 percent following losses on Wall Street on Friday.

The Dow Jones Industrial Average fell 0.38 percent, the S&P 500 lost 0.58 percent and the Nasdaq Composite dropped 1.04 percent.

Australian shares jumped 1.4 percent after the center-right Liberal National Coalition pulled off a shock win in federal elections, beating the left-wing Labor Party.

Japan's Nikkei stock index added 0.4 percent, after data showed growth in the world's third-biggest economy unexpectedly accelerated in the first quarter.

The modest gains on Monday came even as financial markets remained on edge over the intensifying Sino-US trade war, with the Trump administration last week adding Huawei Technologies Co Ltd to a trade blacklist.

The repercussions of that move were evident as Alphabet Inc's Google suspended business with Huawei that requires the transfer of hardware, software and technical services except those publicly available via open source licensing.

Google's suspension of business with Huawei "signals that even though the trade talks are being characterized as being stalled, when we factor in China saying there is no point (in) US negotiators coming to Beijing in current circumstances as they did Friday, then the chance of a G20 deal seem more remote," Greg McKenna, strategist at McKenna Macro said in a note to clients.

Noting the festering trade war, continued uncertainty over Brexit and rising tensions between the United States and Iran, McKenna said investors are currently "headline trading."

"(It's) too soon to see the economic consequences of the battle escalating. And so belief can be suspended until that time," he said.

Oil markets, however, saw some active trade early on after Saudi Arabia's energy minister said on Sunday that there was consensus among the members of the Organization of the Petroleum Exporting Countries to maintain production cuts to "gently" reduce inventories.

Both US crude and Brent crude jumped more than 1 percent following the minister's comments, with West Texas Intermediate fetching $63.51 a barrel and Brent crude at $73.05 per barrel.

In currency markets, China's offshore yuan rebounded after touching its weakest level against the dollar since November on Friday. It was last trading at 6.9280 per dollar.

In onshore trading on Friday, the yuan weakened past the psychologically important 6.9 per dollar level to end at its softest level in 19 weeks. However, sources say the country's central bank is expected to use foreign exchange intervention and monetary policy tools to stop it weakening past the 7-per-dollar level in the near term.

On Monday, the dollar added 0.2 percent against the yen to 110.30 , and the euro was up 0.1 percent at $1.1165.

The dollar index, which tracks the greenback against a basket of 6 major rivals, was down a touch at 97.980.

The yield on benchmark 10-year Treasury notes rose to 2.4068 percent compared with a U.S. close of 2.393 percent on Friday, while the two-year yield touched 2.2187 percent, up from Friday's US close of 2.202 percent.

Spot gold was 0.1 percent higher at $1,278.42 per ounce.

source: news.abs-cbn.com

Dollar treads water as key central bank meetings loom

TOKYO -- The dollar trod water against its peers on Monday, as market participants awaited key central bank meetings this week, which could set the near-term course for currencies.

Central banks in focus include the Bank of Japan, which ends a two-day meeting on Tuesday, and the Federal Reserve, which concludes its policy meeting on Wednesday. The Bank of England also makes a policy decision on Thursday.

The dollar index against a basket of 6 major currencies stood little changed at 94.662 after dipping slightly on Friday. Upbeat second quarter US gross domestic product data failed to lift the greenback, as markets had mostly priced in strong figures.

The US currency was 0.05 percent lower at 110.970 yen following a loss of about 0.2 percent on Friday.

Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo, said investors would be more interested in US GDP data that incorporates July, which is when tariffs against Chinese goods were activated.

"On the other hand, the two-year Treasury yield is rising, underscoring strong rate hike expectations in the market. This is limiting the dollar's losses, although movements are likely to be limited ahead of the BOJ meeting," Yamamoto said.

The two-year Treasury yield rose to a decade high of 2.69 towards the end of last week.

The financial markets are keen to see whether the BOJ is mulling taking steps to make its massive stimulus programme more sustainable.

The euro nudged up 0.05 percent to $1.1659, extending Friday's modest gains.

The pound was nearly flat at $1.3110.

Sterling posted its third straight weekly loss last week, hit by concerns about the progress of Brexit talks. It will be looking for some relief on Thursday, when the BoE is widely expected to raise interest rates for only the second time since the 2008 financial crisis.

The Australian dollar dipped 0.05 percent to $0.7398, trimming some of its gains after rising roughly 0.4 percent on Friday against a broadly sagging dollar.

source: news.abs-cbn.com

Dollar drops further on Trump's comments on currency, rate hike

NEW YORK - The dollar fell across the board on Friday, as the latest comments by U.S. President Donald Trump complaining about the strength of the greenback and the rise in U.S. interest rates squashed a rally that took it to a one-year high the previous session.

The U.S. currency extended losses in afternoon trading after CNBC reported that Trump was worried the Federal Reserve will raise interest rates twice more this year.

The dollar index, a measure of its value against a basket of six major currencies, erased three days of gains. Against the yen, the dollar recorded its largest daily fall since February.

The latest report, which cited a White House official, followed Trump's criticism on Thursday of the Fed's interest rate policy and the strong dollar, saying that it could hurt the U.S. economy.

Trump earlier told CNBC that a strong dollar put the United States at a disadvantage and he was ready to place tariffs on $500 billion of imported goods from China

Analysts said the rise in the U.S. dollar this year was due in part to the president's growth-oriented policies, which have bolstered the Federal Reserve's case for raising rates.

The fiscal stimulus provided by tax reform is expected to lead to additional inflation and tighter labor markets, said Mazen Issa, senior FX strategist at TD Securities in New York.

"The Fed is responding to the inputs that have been provided," he said.

In afternoon trading, the dollar index was 0.77 percent weaker at 94.417, after hitting a one-year high of 95.62 in the previous session.

source: news.abs-cbn.com

Dollar sags against yen as Syria concerns sap risk appetite

TOKYO - The dollar struggled against the yen on Thursday as investors sought shelter in the safe-haven Japanese currency on concerns over the possibility of Western military action against Syria.

The geopolitical tensions shifted some focus away from the US-China trade standoff, with the dollar last trading little changed at 106.810 yen after losing 0.4 percent overnight. The yen often draws demand in times of market turmoil and political tensions.

The dollar had risen to 107.400 yen on Tuesday after comments from Chinese President Xi Jinping calmed fears over a US-China trade war, which had gripped global financial markets over the past few weeks.

The respite for the greenback was short lived, however, as focus shifted to the possibility of wider military conflict in the Middle East.

Tensions increased after US President Donald Trump warned Russia on Wednesday of imminent military action in Syria over a suspected poison gas attack, declaring that missiles "will be coming" and lambasting Moscow for standing by Syrian President Bashar al-Assad.

"The yen has gained against the dollar on geopolitical concerns. The dollar has weakened against other currencies as well, but other factors are more at play, such as higher commodity prices and ECB monetary policy expectations," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

"As for the Syrian tensions, divisions are seemingly being drawn along Cold War era lines with the United States, Britain and France on one side and Russia on the other, suggesting any standoff could be prolonged," Yamamoto said.

The euro was up 0.05 percent at $1.2375 and on its fifth session of gains, supported this week as comments from European Central Bank officials reinforced views that the central bank is on track to normalize monetary policy.

Commodity-linked currencies were also buoyant against the dollar with crude oil prices at their highest since late 2014 due to the Syria tensions. The Canadian dollar reached a seven-week high of C$1.2545 per dollar overnight and last traded at C$1.2570.

The Australian dollar was steady at $0.7760 after touching $0.7773, the highest since Mar. 22.

The dollar index against a basket of six major currencies was down 0.1 percent at 89.457 after dipping overnight to a two-week trough of 89.355.

With attention on Syria the dollar did not receive much support from hawkish-sounding Federal Reserve meeting minutes.

All of the Fed's policymakers felt that the US economy would firm further and that inflation would rise in the coming months, minutes of the central bank's last policy meeting on March 20-21 released on Wednesday showed.

The Hong Kong dollar fell to a new 33-year low of 7.8500 per dollar early on Thursday morning, hitting the lower end of the monetary authority's targeted trading band, as the interest rate gap between US dollar and Hong Kong dollar widened further. 

source: news.abs-cbn.com

Dollar hits 16-month lows vs yen as trade, political woes take their toll

TOKYO - The dollar slipped to a 16-month low against the Japanese yen on Monday, pressured by lingering fears of a global trade war and caution towards political developments in Tokyo.

The US currency traded at 104.835 yen after falling to 104.560, its weakest since November 2016.

The dollar had already slumped 1.2 percent versus its Japanese peer last week as escalating trade tensions between the United States and China stoked concerns about global growth.

Global markets were shaken after US President Donald Trump moved to impose tariffs on Chinese goods, edging the world's 2 largest economies closer to a trade war.

Views that Japan's political scandal could deepen was also seen lifting the yen, with a key figure in a cronyism scandal gripping Prime Minister Shinzo Abe due to testify in parliament on Tuesday..

Economic measures dubbed "Abenomics" initiated by Abe has been a factor that has pulled the yen down over the past few years to the benefit of exporters. Any event that leads to a decline in the premier's support ratings is seen weakening his ability to keep Abenomics in place.

"With worries about the United States and China locking horns on trade issues and Japan's parliamentary testimony coming up on Tuesday, few participants are willing to buy the dollar," said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

"It really is typical 'risk off' trades dominating right now, with the yen and Swiss franc the big beneficiaries. But more speculators are jumping in, and any reversals could be sudden and violent."

The Swiss franc was little changed at 0.9467 franc per dollar after gaining 0.55 percent against the greenback last week.

The euro edged higher at $1.2364 after rising 0.5 percent last week.

The dollar index against a basket of 6 major currencies was steady at 89.453 and in close reach of a one-month low of 89.356 set last week.

The Australian dollar added 0.3 percent to $0.7714 and the New Zealand dollar gained 0.35 percent to $0.7250.

source: news.abs-cbn.com

Dollar starts new year in doldrums, Asia stocks in good cheer

SYDNEY - The euro stood within striking distance of its 2017 peak on an ailing US dollar on Tuesday, while Asian stocks began the new year close to their highest in a decade.

Sentiment was helped by news that North Korea had offered an olive branch to South Korea, with Kim Jong Un saying he was "open to dialogue" with Seoul.

Yet activity was sparse, with Japan on holiday and many investors on an extended break. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction firmer after rising by one-third in value last year to heights last visited in 2007.

Japan's Nikkei also had a bright 2017 with gains of 19 percent.

While Wall Street had ended Friday with modest losses, it was still a bumper year for US stocks.

The benchmark S&P 500 climbed 19.5 percent during 2017, while the Dow added 25.2 percent and the Nasdaq 28.2 percent, all the best yearly performances since 2013.

Still to come on Tuesday was the Caixin survey of Chinese manufacturing which is expected to show a slight slowdown as a punishing crackdown on air pollution and a cooling property market weigh on the world's second-largest economy.

The official Purchasing Managers' Index (PMI) released on Sunday dipped to 51.6 in December, from 51.8 in November, though the index of non-manufacturing rose to a three-month high of 55 from 54.8 in November.

In currency markets, the dollar remained out of favor having hit a three-month low against a basket of its peers on Friday. That brought its losses for 2017 to 9.8 percent, its worse performance since 2003.

Its pain was the euro's gain, with the single currency enjoying its strongest year against the dollar in 14 years. Early Tuesday, the euro was firm at $1.2013 and just off a three-month top of $1.2028.

Bulls were now eyeing the September peak of $1.2092, a break of which would take the euro to ground last trod in late 2014.

The euro had already broken major resistance on the yen to reach highs not seen since late 2015 at 135.51, leaving the dollar struggling at 112.74 yen.

A major hurdle for the dollar will be Wednesday's release of minutes from the Federal Reserve's December meeting when it raised interest rates. Two policymakers voted against the move amid doubts inflation would accelerate as hoped.

"With the market pricing in a 68 percent chance of a March hike and two hikes for 2018, there will close inspection to assess just how shaky their confidence is for any pick-up in inflationary trends," said Chris Weston, chief markets strategist at broker IG in Sydney.

"That said, the US dollar is underloved and oversold and it won't take much to promote a bout of profit-taking from the shorts."

The skid in the dollar, combined with strength in Chinese demand, has benefited commodities priced in the currency.

Copper stood tall at $7,251.50 a ton, having risen 31 percent in 2017 to a four-year top, while aluminium amassed gains of 34 percent.

Gold was 0.2 percent firmer at $1,305.62 an ounce, after advancing by 13 percent in 2017 for its best performance in 7 years.

Brent crude oil futures ended the year with a 17 percent rise, while US crude rose 12 percent on strong demand and declining global inventories.

Early Tuesday, Brent was steady at $66.62 a barrel while US crude eased 17 cents to $60.25.

source: news.abs-cbn.com

U.S. dollar heads for worst year since 2003

NEW YORK - The dollar fell to its lowest in over three months against a basket of major currencies on Friday, on track for its biggest annual drop since 2003, on doubts over durability of a pickup in U.S. economic growth in wake of last week's tax overhaul.

One of the most dramatic market developments in 2017 was the breath-taking rise of bitcoin and other cryptocurrencies. While they have pulled back at year-end, many of these digital currencies have surged in value this year.

The greenback may lag further against its peers in 2018 as investors expected other major central banks to reduce their stimulus while the Federal Reserve has signaled it would raise interest rates further, analysts said.

"The dollar will face more headwinds in 2018," said Chris Gaffney, president of Everbank in St. Louis, Missouri. "The Fed won't be going at it alone in terms of taking off more gas from the stimulus pedal."

Bets the European Central Bank might consider raising interest rates by the end of 2018 due to evidence of higher inflation and business activity in the euro have lifted the euro, which was poised for its best yearly performance versus the greenback in 14 years.

The euro hit a three-month peak at $1.2013, bringing its annual gain to 14.1 percent. It was last up 0.68 percent at $1.2022.

Euro's rally was a drag on the greenback in 2017. The index that tracks the dollar versus the euro and five other major currencies fell as low as 92.169, which the lowest since Sept. 22. It was on track for its steepest annual decline since 2003.

The dollar also weakened against the yen, sterling, Canadian dollar, Swedish krona and Swiss franc, which are the other index components this year.

The dollar index at a 14-year peak at the start of 2017 on hopes for U.S. President Donald Trump's pro-growth economic agenda. Barring the most dramatic rewrite of the U.S. tax code in 20 years enacted last week, Trump and Republican lawmakers have struggled to pass legislation.

Furthermore, many institutional investors close their books at the year-end, a deadline for taxation and performance reporting, a time seen leading to dollar selling pressure, analysts said.

Outside of traditional currencies, bitcoin and other cryptocurrencies rebounded after two days of losses tied partly to more regulators toughening rules on digital currencies in a bid to curb excessive speculation.

Bitcoin was last up 1.13 percent at $14,599.99 on the Bitstamp exchange. It was off the record highs near $20,000 touched 12 days ago but still headed for a gain of roughly 1,400 percent in 2017.

Financial markets around the world will be closed on Monday on New Year's Day.

source: news.abs-cbn.com

Asia shares inch ahead, Turkish lira takes a dive

SYDNEY - Asian share markets inched higher on Monday as the flow of economic news remained generally supportive for global growth, while political uncertainty caused some early ructions in currencies.

Liquidity was lacking with Japan and South Korea on holiday and a partial holiday in the United States where stocks will be open but bonds will be closed. Chinese markets are set to re-open after a week-long break.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, having rebounded by 1.7 percent last week. Australian stocks also put on 0.45 percent.


E-Mini futures for the S&P 500 were trading 0.04 percent firmer, while futures for the Treasury 10-year note added 1 tick.

Yields had initially spiked higher on Friday in reaction to firm US wage numbers, only to retreat as fresh jitters over North Korea bolstered safe havens.

Annual growth in average hourly earnings accelerated to a relatively rapid 2.9 percent in September, though that was biased upward by bad weather.

The gain outweighed a 33,000 drop in nonfarm payrolls as hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring.

The pick up in wages boosted already high expectations that the US central bank will raise rates at its December meeting, and that further hikes are likely in 2018.

Minutes of the Federal Reserve's last meeting are due on Wednesday and may well show enough support for a move by year end. A host of Fed speeches are also due this week.

In currency markets, the dollar was a shade softer at 93.772 against a basket of competitors. It also edged down to 112.52 yen, having been as high as 113.43 on Friday.

The euro was a fraction firmer at $1.1741, perhaps aided by TV pictures of hundreds of thousands of people in Catalonia's capital Barcelona demonstrating against moves to declare independence from Spain.

Catalan leader Carles Puigdemont is expected to address the region's parliament on Tuesday, when he could unilaterally declare independence.

Another early mover was the Turkish lira, where the dollar surged 4 percent at one point to the highest in seven months amid a diplomatic spat with Washington.

The U.S. mission in Turkey and subsequently Turkish mission in Washington mutually reduced visa services after a U.S. mission employee was detained in Turkey last week.

The pound popped higher on reports British Prime Minister Theresa May could sack Foreign Secretary Boris Johnson as she tries to reassert her authority after a series of political disasters.

Sterling had been undermined by speculation that May herself could be ousted ahead of crucial Brexit talks between Britain and the EU. The initial spike could not be maintained, however, and the pound soon steadied around $1.3083.

The New Zealand dollar hit a four-month low on Monday after a final vote count in the country's tight general election released over the weekend failed to identify a clear winner.

In commodity markets, gold held at $1,277.18 an ounce and off a two-month low touched on Friday.

Oil prices were little changed after losses last week put paid to a five-week winning streak amid concerns of over supply.

Brent futures were flat at $55.62 a barrel, while US crude rose 12 cents to $49.41.

source: news.abs-cbn.com

Dow at record, European stocks up as Yellen pledges gradual rate hikes

NEW YORK - European and US stocks scored solid gains Wednesday, with the Dow ending at a fresh record, as investors welcomed congressional testimony by Federal Reserve Chair Janet Yellen reiterating the pledge to gradual interest rate increases.

Sentiment also got a boost from higher oil prices following US inventory data showing a big drop in petroleum supplies.

Yellen, appearing in a twice-annual hearing on Capitol Hill, reaffirmed the US central bank's plan for gradual rate hikes, as long as the economic data remains solid.

But Yellen noted that inflation lags the Fed's 2 percent target.

The overall impression "eased some of the rate-hike concerns that surfaced last week following the release of the FOMC minutes from the June meeting, which initially left the impression that the Fed plans to press on with a tightening of policy despite the persistence of below-target inflation data," said Briefing.com.

The Dow rose 0.6 percent to finish at its first record since June 19.

European equities also closed strong, with Paris, London and Frankfurt all winning at least one percent.

But the dollar retreated against the pound and yen after Yellen adopted a more dovish line than some expected.

"At the end of the day, the Fed is still telling us rates will rise again but September is off the table," said Kathy Lien, managing director of BK Asset Management.

Oil prices pushed higher after US inventory data showed a 7.6 million barrel decline in petroleum inventories.

That lifted shares of BP rose 1.9 percent, Italian oil giant Eni added 1.7 percent and Dow-member Chevron was up 0.8 percent.

Technology shares were also were strong, with Facebook jumping 2.3 percent, Google-parent Alphabet 1.5 percent and Microsoft 1.7 percent.

Amazon gained 1.3 percent as it hailed a successful Amazon Prime shopping day on Wednesday, saying it attracted more new members to the subscription service than on any previous day.

Airline shares were lifted after American Airlines said second-quarter revenue per seat mile had risen 5 to 6 percent from the year-ago period, a better range than previously.

American Airlines rose 4.2 percent, Delta Air Lines gained 2.2 percent and United Continental 4.7 percent.

KEY FIGURES AROUND 2045 GMT (4:45 a.m. Thursday in Manila)

New York - DOW: UP 0.6 percent at 21,532.14 (close)

New York - S&P 500: UP 0.7 percent at 2,443.25 (close)

New York - Nasdaq: UP 1.1 percent at 6,261.17 (close)

London - FTSE 100: UP 1.2 percent at 7,416.93 (close)

Frankfurt - DAX 30: UP 1.5 percent at 12,626.58 (close)

Paris - CAC 40: UP 1.6 percent at 5,222.13 (close)

Tokyo - Nikkei 225: DOWN 0.5 percent at 20,098.38 (close)

Hong Kong - Hang Seng: UP 0.6 percent at 26,043.64 (close)

Shanghai - Composite: DOWN 0.2 percent at 3,197.54 (close)

Euro/dollar: DOWN at $1.1415 from 1.1463

Pound/dollar: UP at $1.2885 from $1.2844

Dollar/yen: DOWN at 113.17 yen from 113.89

Oil - Brent North Sea: UP 22 cents at $47.74 per barrel

Oil - West Texas Intermediate: UP 45 cents at $45.49 per barrel

source: news.abs-cbn.com

Asian shares track US, European gains, dollar hovers near 7-week high

SINGAPORE - Asian shares climbed on Tuesday, following positive leads from Europe and the US as oil's longest stretch of daily price gains in over five years lifted energy shares and investor rotation out of technology into financials continued.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent while Japan's Nikkei jumped 0.5 percent, thanks to a weaker yen.

Australian shares advanced 1.4 percent, while South Korea's KOSPI was little changed

Overnight on Wall Street, the S&P 500 index and the Dow Jones Industrial Average posted gains of 0.2 percent and 0.6 percent, respectively, led by financials and energy shares. The Nasdaq lost 0.5 percent, as the rotation away from technology names continued.

US markets are closed on Tuesday.

European markets posted even stronger gains, with the FTSEurofirst 300 jumping as much as 1.2 percent following steep losses last week.

In currency markets, the dollar stood at 113.36 yen early on Tuesday, within a hair of a 7-week high of 113.47 touched on Monday.

The dollar jumped after a private index of June domestic manufacturing activity rose more than expected while other data showed government outlays on construction projects in May at their highest in more than four years.

That sent two-year US Treasury yields surging to their highest level since November 2008.

"Expectations towards the Federal Reserve hiking interest rates later this year had perhaps sunk too low," said Shin Kadota, a senior strategist at Barclays in Tokyo. "We are now seeing such lowered expectations being reversed a little."

The dollar index, which tracks the greenback against a basket of trade-weighted peers, slipped about 0.1 percent to 96.122 early on Tuesday, but held on to most of Monday's 0.6 percent gain.

The euro rose 0.1 percent to $1.1373 on Tuesday.

Sterling also gained 0.1 percent to $1.2944, but failed to make up most of Monday's 0.7 percent loss after poorer-than-expected data from Britain's manufacturing sector.

Crude futures rose for a ninth straight session on Tuesday, their longest run of gains since February 2012, after data showed slowing US output.

US crude was fractionally higher at $47.07 a barrel, adding to Monday's 2.2 percent rise.

Global benchmark Brent was slightly lower at $49.63 early on Tuesday. On Monday, it closed up 3.7 percent, its biggest one-day gain since December 2016. Gold inched up from its lowest level in more than seven weeks hit on Monday on the dollar's strength. Spot gold was up 0.25 percent at $1,233.36 an ounce on Tuesday.

source: news.abs-cbn.com

Asia stocks tread water as China manufacturing in focus

HONG KONG - Asian stocks were steady in a cautious start on Wednesday after a weak session on Wall Street, while the sterling stumbled as a new poll found British Prime Minister Theresa May's Conservative Party risks falling short of an overall majority in next month's national election.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat. Early trade in Australia and Japan was mixed.

China's stock markets are in focus as they reopen after a long weekend with the official survey on manufacturing likely to set the tone for markets there and possibly the rest of the region. The PMI survey, due at 0100 GMT (9 a.m. in Manila), is expected to show factory activity in China expanded at its slowest pace in eight months in May, according to a Reuters poll.

Analysts at ANZ expect the PMI report to influence base metals trading as well.

On Tuesday, US stocks inched lower, with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors offset gains in technology shares.

In currency markets, the pound fell to $1.2791, near a one-month low of $1.2775 touched on Friday. The pound also slipped to 0.8738 pound per euro, near Friday's eight-week low of 0.8750.

New constituency-by-constituency modelling by YouGov showed the Conservative Party might lose 20 of the 330 seats it holds while the opposition Labour Party could gain nearly 30 seats, The Times said.

The dollar fell to two-week lows against the safe-haven yen as investors turned cautious amid political worries in Europe as well as weaker stock and commodity markets after a long US holiday weekend.

The dollar fell to near two-week low of 110.665 yen and last traded at 110.85 yen.

In commodities, oil prices remained soft, as concerns lingered about whether the extension of output cuts by OPEC and other producing countries will be enough to support prices.

US crude futures slipped about 0.1 percent to $49.61 a barrel. Global benchmark Brent was flat at $51.84 per barrel.

Gold edged lower to $1,262 an ounce.

source: news.abs-cbn.com

Global Markets: Euro slips on Greece bailout, Italian vote concerns; stocks drift

SINGAPORE - The euro came under pressure on Tuesday after a media report that Greece may forego its next bailout payment if creditors cannot strike a debt relief deal, while Asian stocks were shackled by holidays in some regional markets and the United States and UK.

The common currency slid 0.2 percent to $1.1136 in its third session of declines after a German press report Athens may opt out of its next bailout payment.

Euro zone finance ministers failed to agree with the International Monetary Fund on Greek debt relief or to release new loans to Athens last week but did come close enough to aim to do both at their June meeting.

"The bailout payments are necessary to meet existing debt repayments due in July, so if Greece were to forgo this bailout payment the probability of a default would spike, reopening the discussion around a Grexit from the Euro-zone," said James Woods, global investment analyst at Rivkin in Sydney.

However, Woods cautioned against reading "too much into it" without more details or confirmation, adding that it is unlikely that Greece would opt out of the bailout payment at this stage.

A statement by European Central Bank President Mario Draghi reiterating the need for continued stimulus, and the prospect of early Italian elections also weighed on the euro.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat early on Tuesday.

Japan's Nikkei slipped almost 0.1 percent.

China, Hong Kong and Taiwan markets are closed for holidays on Tuesday.

European blue-chip stocks fell 0.2 percent on Monday, with Italy's banking index sliding 3.4 percent, its biggest loss in nearly four months, after two lenders sought help to cover a capital shortfall.

Sterling retreated 0.2 percent to $1.281 after British Prime Minister Theresa May's lead over the opposition Labour Party dropped to 6 percentage points in the latest poll to show a tightening race since the Manchester bombing and a U-turn over social care plans.

The dollar inched back 0.1 percent to 111.15 yen in early trade.

The dollar index, which tracks the greenback against a basket of trade-weighted peers, advanced 0.2 percent.

In commodities, oil prices climbed in light trade but failed to make up last week's losses as concerns lingered about whether the extension of output cuts by OPEC and other producing countries will be enough to support prices.

US crude futures added 0.4 percent to $50 a barrel.

Gold was steady at $1,266.89 an ounce.

source: news.abs-cbn.com

US stocks, dollar tumble as investors rethink 'Trump trade'

NEW YORK - Stocks on major markets and the US dollar sold off while bond yields fell on Wednesday as investors fled risky assets amid uncertainty about US President Donald Trump's ability to deliver on his tax and banking reforms and infrastructure spending.

Reports that Trump asked then-Federal Bureau of Investigation Director James Comey to end a probe into the former national security adviser have raised questions over whether Trump tried to interfere with a federal investigation.

US stock market declines accelerated in afternoon trading, and major US indexes ended near session lows. The Dow Jones industrial average fell 372 points, and both the Dow and S&P 500 suffered their worst percentage drops since Sept. 9.

The CBOE Volatility index, the most widely followed barometer of expected near-term stock market volatility, ended above the 15 level in its highest close since April 13. The US dollar index has now erased its post-election gains.

A small but growing number of Trump's fellow Republicans called on Wednesday for an independent probe of possible collusion between his 2016 campaign and Russia.

The news came after a tumultuous week at the White House when Trump unexpectedly fired FBI director Comey and reportedly disclosed classified information to Russia's foreign minister about a planned Islamic State operation.

Optimism over pro-growth economic policies under Trump helped drive a sharp rally in US stocks after the Nov. 8 US election. Even with Wednesday's declines, the S&P 500 stock index is up 10.2 percent since last November's US elections though.

"It's certainly a day when the chickens are coming home to roost," said Donald Selkin, chief market strategist at Newbridge Securities in New York.

"The (equity) bull market is not over by any means, but between the political stuff and the fact that the next earnings season is three months away, there's going to be a lack of motivation."

The Dow Jones Industrial Average was down 372.82 points, or 1.78 percent, to end at 20,606.93, the S&P 500 index lost 43.64 points, or 1.82 percent, to 2,357.03 and the Nasdaq Composite dropped 158.63 points, or 2.57 percent, to 6,011.24.

The Nasdaq had its worst day since June 24. Both the Dow and S&P 500 fell below their 50-day moving averages for the first time since April 21.

While previous threats to Trump's plans have rattled investors, they had failed to cause any significant pull back in stocks. The VIX last week closed at 9.77, its lowest close since December 1993.

Bank stocks, which outperformed in the post-election rally, were the worst hit on Wednesday. The S&P 500 financial sector tumbled 3 percent.

At nearly 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data.

MSCI's gauge of stocks across the globe fell 1.2 percent, while European shares ended down 1.4 percent.

"It's registering with more investors that it's going to be hard to get back on track with the latest allegations," Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

Prices of bonds, seen as safe-haven assets, rallied, while yields were on track for their biggest daily percentage drops since July.

Benchmark 10-year notes gained a full point in price to yield 2.22 percent, the lowest since April 21, and down from 2.33 percent late on Tuesday.

The dollar index, which tracks the US currency against six peers and had scaled a 14-year peak of 103.82 on Jan. 3, fell 0.6 percent to its lowest level since Nov. 9, surrendering all of its "Trump bump" gains. The dollar also fell by nearly 2 percent against the yen.

In commodity markets, safe-haven gold hit a two-week high, while oil prices were higher. Spot gold rose for a fifth day and was up 1.8 percent at $1,258.38 an ounce.

Brent crude gained 1.1 percent to settle at $52.21 per barrel, while US light crude rose 0.8 percent to settle at $49.07.

source: news.abs-cbn.com

Euro, shares rally on relief as Macron wins French presidency

Euro hits 6-month high vs dollar, 1-yr high vs yen

TOKYO, May 8 (Reuters) - The euro firmed and U.S. stock futures hit a record high on Monday after centrist Emmanuel Macron comfortably won the French presidential election.

The euro rose to as high as $1.1024, its highest in about six months, before stepping back to $1.0998, flat from late U.S. levels last week.

The common currency hit a one-year high of 124.58 yen and a five-month high of 1.08865 Swiss franc .

"Emmanuel Macron's victory gives markets a much-deserved breather from European politics," said Bill Street, head of investments for Europe, the Middle East and Africa at State Street Global Advisors in London.

"This result, combined with last week's preliminary Greek debt agreement, will be enough to support a short-term relief rally. Looking forward, Macron only offers upside surprises."

The S&P 500 mini futures gained 0.2 percent to hit a record high of 2,403.75 in early trade before giving up the gains to trade flat.

The Nikkei futures pointed to a rise of 1.4 percent in the Nikkei average to 1 1/2-year high when Japanese stock market reopen at 9:00 a.m. (0000GMT) after five-day Golden Week holidays.

"Political risk in Europe has been considered as a major market theme this year. But in the Netherlands (anti-EU party leader Geert) Wilders lost in March. The French election is now out of the way," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

"And in Germany the ruling Christian Democrats are recovering. The political risks in Europe have receded," he said.

Pollsters' projections gave Macron a winning margin of around 65 percent to 35 - a gap wider than the 20 or so percentage points that pre-election surveys had suggested.

The centrist's emphatic victory brought comfort to investors and European allies alike, who had been nervous of the risk of another populist upheaval to follow Britain's vote to quit the EU and Donald Trump's election as U.S. president - neither of which had been predicted by pollsters or bookmakers.

Still, the euro's rise was slight compared with its 2 percent surge after the first-round results on April 23, when polls had been much tighter, when there had been fears that French voters would be left with a choice between two eurosceptic, radical candidates.

Stock markets had a welcome surprise on Friday from solid U.S. employment numbers. Nonfarm payrolls surged by 211,000 last month after a paltry gain of 79,000 in March, and the unemployment rate dropped to 4.4 percent, near a 10-year low and well below the most recent Federal Reserve median forecast for full employment..

The hiring rebound supports the U.S. central bank's contention that the pedestrian 0.7 percent annualised economic growth in the first quarter was likely "transitory," and its optimism that economic activity would expand at a "moderate" pace.

U.S. 10-year Treasury futures dipped on Monday suggesting the 10-year Treasury yield could tick higher from its closing level last week of around 2.35 percent.

Crude oil prices extended their rebound from Friday's five-month lows, as investors bet key producers could extend output cuts beyond an agreed June cut-off.

Saudi Arabia's OPEC governor said on Friday there was an emerging consensus among member and non-member countries on the need to extend the output-control agreement beyond June to help clear the supply glut.

Brent futures traded at $49.54 per barrel, up 44 cents or 0.9 percent. (Reporting by Hideyuki Sano; Additional reporting by Jemima Kelly in London; Editing by Eric Meijer)

source: news.abs-cbn.com

Asian stocks steady, euro pressured by French election worries

HONG KONG - Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds.

Political concerns have been at the front and center of investors' minds over the past week or so, with markets wary about the outcome of the French elections in the wake of Brexit.

The premium investors demand to hold French bonds instead of German debt rose to its highest since late 2012 after a poll showed the far-right Marine Le Pen narrowing the gap with more centrist opponents.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat in opening trades on Tuesday and held below a 19-month peak hit last Thursday. The index is up more than 11 percent since Dec. 23.

Australian stocks were down with investors watching first half results from the world's biggest miner by market value, BHP Billiton later in the day. The company has been struggling to find a way forward after a 12-day strike at its Chilean copper mine Escondida.

In currency markets, the euro eased to $1.06090, having moved little on Monday, due partly to the absence of U.S. investors because of a holiday. It has fallen 1.75 percent so far this month.

Against the yen, the euro traded at 120.15 yen, off from lows of 119.65 yen on Monday.

Fears that cooperation on the left could lead to a run-off between Socialist candidate Benoit Hamon or hard-left candidate Jean-Luc Melenchon and Le Pen, eliminating three main moderate candidates, have dogged the euro since Friday when the two leftists said they were discussing such cooperation.

In a morning note, ANZ strategists noted that widening European bond spreads represented a tightening in financial conditions at a time when the European central bank is low on fire-power.

Oil prices were broadly steady after having suffered the first weekly decline in five weeks as the market weighed rising US drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut.

Brent futures were steady at $56.18 a barrel, while US West Texas Intermediate crude for April delivery added 0.4 percent to $53.60 a barrel.

source: news.abs-cbn.com

Asian stocks at 19-month highs on robust Wall Street

HONG KONG - Asian stocks edged up to fresh 19-month highs on Thursday, helped by an extended rally on Wall Street and strong US data though the dollar stepped back after a recent bounce.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, rising to its highest since July 2015. It is up by a tenth so far this year partly underpinned by more optimistic earnings expectations and a gradual unwinding of bearish emerging market bets.

Australian stocks advanced 0.4 percent in early deals with looming jobs data the key event risk on the day. A strong showing would set the market up for further gains with technical indicators helping.

"The index has now closed above the key technical resistance level at 5,800 which is a bullish sign opening up further gains in the coming months back towards 6,000," said James Woods, global investment analyst at Rivkin Securities in Sydney.

The Australian employment data is due at 00:30 GMT with market expectations centering around 10,000 jobs being created.

Wall Street pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by robust economic data and optimism that President Donald Trump will cut corporate taxes.

That optimism was not shared in the currency markets with the dollar's recent bounce running out of steam as investors took profits even as fresh data showed a pick up in inflationary pressures.

US consumer prices recorded their biggest increase in nearly four years in January, backing expectations for the Federal Reserve to raise interest rates at a steady pace over the course of the year.

Fed Chair Janet Yellen, in her second day of economic testimony before Congress, offered no additional insight on the timing of the central bank's next rate hike after her comments a day earlier had hinted at a fairly hawkish policy stance.

Traders may also be leaning towards a rate increase delayed beyond the Fed's March meeting, with the futures markets only pricing a 27 percent chance of a tightening next month.

The dollar index, which measures the currency against a trade-weighted basket of six major peers, slipped to 101.02. It rallied to a one-month high of 101.76 on Wednesday.

In commodity markets, oil prices softened as record high U.S. crude and gasoline inventories fed concerns about a global glut. U.S. crude was down 0.15 percent at $53.03 a barrel and Brent was flat at $55.75 a barrel.

source: news.abs-cbn.com

Asia rises after Dow tops 20,000 for first time

TOKYO - Asian stocks gained early on Thursday, cheered by the Dow Jones Industrial Average breaching past the 20,000-level threshold for the first time though concerns about US President Donald Trump's protectionist stance kept the dollar on the defensive.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.3 percent.

Australian stocks added 0.4 percent and Japan's Nikkei brushed aside a stronger yen to rise 1.1 percent.

The Dow closed atop the 20,000 mark for the first time overnight as solid earnings and optimism over Trump's pro-growth initiatives revitalized a post-election rally.

Safe-haven US Treasuries were duly sold as risk aversion ebbed and the benchmark 10-year note yield rose to a four-week high on Wednesday. Subdued investor demand at a five-year auction also hurt Treasuries.

The dollar, which often draws support from higher Treasury yields, failed to follow suit, with an index tracking the greenback against a basket of major currencies sliding to a seven-week low of 99.335 on Wednesday.

Unlike equities, the currency markets focused more on Trump's trade protectionism and the negative impact it could have on the dollar.

"The problem that the greenback is having right now is two fold - first Trump has been talking down the currency and second, his policies make foreign investors nervous," wrote Kathy Lien, managing director of FX strategy for BK Asset Management.

"Until the market comes to terms with the risk/benefits of Trump policy, the dollar may have a tough time mimicking the one way moves in stocks and bonds."

The dollar was little changed at 113.420 yen after losing 0.45 percent overnight. It had soared to a 10-month high of 118.660 in mid-December at the apex of the dollar-boosting Trump trade, when market focus was on bets of more fiscal stimulus and reflationary measures under the new administration.

The euro was steady at $1.0748 after gaining 0.2 percent the previous day. The common currency had risen to a 1-1/2-month high of $1.0775 on Tuesday against the struggling dollar.

The pound hovered near a six-week high of $1.2640 touched earlier on Thursday. Sterling has drawn its latest boost from expectations that British Prime Minister Theresa May's upcoming meeting with Trump would pave the way for a rapid U.S. trade deal.

In commodities, crude oil prices bounced amid the dollar's weakening after falling the previous day on data showing a build in US crude inventories.

US crude was up 0.5 percent at $53.02 a barrel after losing 0.8 percent the previous day.

source: news.abs-cbn.com