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Category: Stockmarket / Currency / Futures / Markets / US Elections

Wall St, peso gain as Clinton seen edging Trump in debate

Wednesday, 28 Sep 2016 06:45:42 | Sue Lannin

The Mexican peso jumped after traders judged Hillary Clinton the winner of the debate. (Jewel SAMAD / AFP)

US stocks gained after Hillary Clinton was seen as emerging the winner out of yesterday's presidential debate with Donald Trump.

Markets at 8:30am (AEST):

  • ASX SPI 200 futures -0.1pc to 5,401
  • AUD: 75.65 US cents, 68.35 euro cents, 76.96 Japanese yen, 58.9 British pence, $NZ1.05
  • US: Dow Jones +0.7pc to 18,228, S&P 500 +0.6pc to 2,160, Nasdaq +0.9pc to 5,306
  • Europe: EuroStoxx -0.2pc to 2,971, FTSE 100 -0.2pc to 6,808, DAX -0.3pc to 10,361
  • Commodities: Iron ore -0.4pc to $US56.20/tonne, Brent crude -2.4pc to $US46.22/barrel, spot gold -0.8pc $1,327/ounce

The S&P 500 Index gained around two-thirds of a per cent as investors judged that the prospect of a Trump presidency had diminished following the first debate, where he was hit with accusations of racism, sexism and tax dodging.

The greenback fell more than 2 per cent against the Mexican peso after the presidential debate, with that cross-rate widely accepted as the purest expression of Trump risk according to one investment manager.

Gold also dipped on the debate outcome, as investors saw less need for a safe haven.

Travel companies gained but energy stocks lost ground on a fall in the oil price.

Deutsche Bank picked up from record lows on hopes that a record fine by US authorities could be lowered, although that was not enough to push the German market into the black.

The giant European bank is facing a $US14 billion fine over selling products associated with US subprime mortgages, and there are fears it will struggle to raise the capital needed to pay the fine while still complying with regulatory requirements.

Those fears saw Deutsche Bank shares plunge more than 7 per cent yesterday.

However, the US Justice Department said banks being investigated for mortgage bond fraud only have themselves to blame for "the cloud of uncertainty" that hangs over them because they failed to co-operate.

In futures trade, the ASX SPI 200 was down slightly despite the US gains, having had the chance to respond to the presidential debate while it was occurring yesterday.

Crude prices dropped after Iran's oil minister said it was not on the country's agenda to agree to a production freeze at the OPEC talks in Algiers.

Saudi Arabia also said it does not expect to agree to production cuts.

West Texas crude oil fell $US1.26 to $US44.67 a barrel.

The Australian dollar was higher against the greenback at around 76.65 US cents.

AustraliaPlus


 

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