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Asian stocks gained at the start of the week following a fresh all-time high in their U.S. counterparts Friday, as the Federal Reserve reaffirmed a slow and gradual pace of policy tightening. The dollar ticked lower and the yen climbed.
The biggest advances were in Hong Kong and Japan, while stocks also rose in China. Equities in Australia and South Korea were little changed. The yuan pared some of Friday’s gains spurred by the People’s Bank of China move to restrain the influence of market forces that have been driving the currency lower versus the greenback. Treasury yields steadied and oil slipped after its first weekly advance in two months.
Global equities are grinding upward despite trade talks in Washington between the world’s two largest economies yielding little visible progress toward a resolution. Investors have fully priced in a rate increase next month and see an above-60% probability of another move by the Fed’s meeting in December.
Elsewhere, the Mexican peso climbed after people familiar with the discussions said a Nafta deal with the U.S. could come as soon as Monday. Australia’s bond yields jumped after a political upheaval ended in a change of prime ministers.
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