Dollar Rallies As Irma, North Korea Fears Calm

The FTSE 100 rose nearly 0.5% or 35.99 points to 7,413.59 points

The FTSE 100 rose nearly 0.5% or 35.99 points to 7,413.59 points

The New Zealand dollar fell as fears around the United States dollar eased with the weakening strength of Hurricane Irma, the lack of further weapons testing by North Korea and less demand for safe havens such as the yen and gold.

The United States and its allies had been preparing for another long-range missile launch in time for the 69th anniversary of North Korea's founding on Saturday.

Stocks rose sharply by the closing bell on Monday, Sept. 11, as Hurricane Irma's preliminary damage wasn't as devastating as some had predicted and North Korea didn't perform any nuclear tests over the weekend.

Irma caused severe flooding in many Florida cities and left more than 6 million homes and businesses without power, but damage appeared to be less than expected. That relieved investors, especially in the wake of Hurricane Harvey, whose devastation is estimated to dent third-quarter economic growth. The S&P 500 and the Nasdaq Composite jumped 1%.

The FTSE 350 non-life insurance index jumped 2.1 percent, leaving it on track for its biggest one-day gain since April, with shares in Lancashire Holdings, Beazley, Esure and Hiscox all rising between 2.9 percent to 10.3 percent.

With investors less anxious about Irma's impact, insurers Universal Insurance Holdings and HCI Group surged more than 12 per cent, while Heritage Insurance soared 21 per cent.

Dembele buzzing after winning Barcelona debut alongside Messi
Goals from Ganso, Wissam Ben Yedder and Nolito saw Sevilla claim a 3-0 win over Eibar at the Estadio Ramón Sánchez Pizjuan. Following Messi's third strike with the points all but secured, Ernesto Valverde drafted on the 20-year-old.

Everest Re Group and XL Group saw their shares soar 4.3% and 5%, respectively, and were among the best performers in the S&P 500. "And that's really helping the sector", said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "I don't think we're at a level where valuations themselves are going to cause a correction". Apple's stock snapped a four-day losing streak ahead of the company's expected unveiling of its latest iPhone.

Tesla rose 5.50% on news that China is studying when to ban the production and sale of cars using traditional fuels.

Advancing issues outnumbered declining ones on the NYSE by a 4.02-to-1 ratio; on Nasdaq, a 2.45-to-1 ratio favored advancers.

USA stock-index benchmarks rallied on Monday, as Hurricane Irma hit Florida with less force than expected and North Korea failed to conduct another nuclear missile test over the weekend, helping to lure investors into buying assets perceived as risky like equities.

The kiwi traded at 89.97 Australian cents from 90.11 cents in NY and fell to 78.56 yen from 78.68 yen.

The blue chip FTSE 100 index was up 0.6 percent at 7,413.59 points, while mid caps gained 0.4 percent. Eight of the index's 10 main groups advanced.

Latest News