Global stocks rise, investors cool to impeachment talk
By Herbert Lash NEW YORK (Reuters) - The dollar rose and stocks on Wall Street lifted a gauge of global equities on Wednesday on robust U.S.
By Herbert Lash
NEW YORK (Reuters) - The dollar rose and stocks on Wall Street lifted a gauge of global equities on Wednesday on robust U.S. housing data and the notion a strong economy would overcome any investor skittishness over a possible impeachment of President Donald Trump.
European shares cut losses and U.S. stock indexes turned higher early in the session after Trump said a trade deal with China could happen sooner than expected.
Trump made the remarks to reporters a day after delivering a stinging rebuke to China's trade practices at the United Nations General Assembly, saying he would not accept a "bad deal."
Stocks in Europe were pressured by political uncertainty after Democrats in the U.S. House of Representatives moved to launch a formal impeachment inquiry of Trump.
But Wall Street shrugged off an impeachment investigation, with the benchmark S&P 500 posting its biggest daily gain in two weeks. Yields on U.S. Treasury long-dated debt rose after falling for seven straight sessions.
The White House released a summary of a telephone call between Trump and Ukraine's president, who said he was not pushed to investigate former Vice President Joe Biden, the front-runner for the 2020 Democratic presidential nomination.
"As long as the economy remains firm, we don't think the drama out of Washington will impact the staying power of this bull market," said Ryan Detrick, senior market strategist at LPL Financial.
MSCI's gauge of stocks across the globe <.MIWD00000PUS> rose 0.01%. The pan-European STOXX 600 index <.STOXX> closed down 0.58% while in London, the FTSE 100 index <.FTSE> fell 0.02%.
Michael Antonelli, market strategist at Robert W. Baird in Milwaukee, said good economic data is fighting with political noise and good data is winning.
Sales of new U.S. single-family homes rebounded more than expected in August, the latest sign that lower mortgage rates were starting to boost the struggling housing market.
"The impeachment is not a big issue until you get into a recession. It's a big deal politically, but it's not a big deal economically," said Stan Shipley, fixed income strategist, at Evercore ISI in New York.
The Dow Jones Industrial Average <.DJI> rose 162.94 points, or 0.61%, to 26,970.71. The S&P 500 <.SPX> gained 18.25 points, or 0.62%, to 2,984.85 and the Nasdaq Composite <.IXIC> added 83.76 points, or 1.05%, to 8,077.38.
The dollar benefited from a sharp pullback for the pound
The dollar index <.DXY> rose 0.71%, with the euro
Most yields on 10-year euro zone bonds yields rose in late trade following Trump's comment U.S.-China trade.
Germany's 10-year Bund yield rose 2 bps at -0.58%
Yields on U.S. 10-year Treasury notes
Oil prices fell for a second day as U.S. crude inventories unexpectedly surged 2.4 million barrels in the week to Sept. 20, according to the Energy Information Administration, instead of declining 249,000 barrels as analysts expected. [EIA/S]
Crude prices fell after Trump said on Tuesday he saw a path to peace with Iran, easing supply fears after the Sept. 14 attack on Saudi Arabia's oil facilities that halved its output. The kingdom and the United States have blamed Iran for the attack.
Brent crude futures
U.S. gold futures
(Reporting by Karin Strohecker, additional reporting by Saikat Chatterjee in London, Stanley White in Tokyo and Swati Pandey in Sydney; Editing by Bernadette Baum and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
BAGHDAD (Reuters) - Rockets hit near U.S. forces and contractors in Iraq on Wednesday, including an air base north of Baghdad and a military base at Baghdad International Airport, the Iraqi army and security officials said. The army reported at least three rockets hit Balad air base, where U.S
By Silvia Ognibene and Silvia Aloisi FLORENCE, Italy (Reuters) -Italian police have arrested a Chinese couple accused of running a leather goods business which exploited immigrant workers it employed to make handbags for a Burberry supplier, according to an arrest warrant seen by Reuters. Tax police in Florence said in a statement that the two Chinese nationals were arrested on Wednesday as part of an investigation into alleged labour exploitation and tax fraud and that restrictive measures had been imposed on two other family members, including a ban on them leaving Italy
WASHINGTON (Reuters) - The United States on Wednesday blacklisted four Nicaraguans, including a daughter of President Daniel Ortega, as Washington warned it would continue to use diplomatic and economic tools against members of the leftist government engaged in repression. The U.S. State Department called on Ortega to release detained presidential candidates as well as other civil society and opposition leaders arrested over the past week in what Washington called "an increasing wave of repression." "There are costs for those who are complicit in the regime's repression.