LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Global Markets: Stocks, Canadian dollar up on NAFTA deal, safe-haven assets hit

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Oct 01, 2018
11:45 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

A pact between the United States and Canada to rescue the trilateral NAFTA accord with Mexico drove up global stock markets and the Canadian dollar on Monday, while safe-haven assets took a hit.

The new United States-Mexico-Canada Agreement (USMCA) announced on Sunday preserves a $1.2 trillion open-trade zone that was on the brink of collapse after nearly a quarter century.

The Dow Jones Industrial Average rose 190.3 points, or 0.72 percent, to 26,648.61, the S&P 500 gained 12.93 points, or 0.44 percent, to 2,926.91 and the Nasdaq Composite added 12.05 points, or 0.15 percent, to 8,058.40.

MSCI`s gauge of stocks across the globe gained 0.20 percent.

"You`ve had this trade stuff hanging over the markets for a while, so any good news is positive," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

In currencies, the British pound rose against the U.S. dollar on a Bloomberg report that the UK government was proposing a compromise on the Irish border issue in Brexit talks.

The Canadian dollar strengthened against the U.S. dollar at a four-month high and the Mexican peso hit its highest in over seven weeks after the new trade agreement.

USMCA is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.

It also effectively maintains the current auto sector and largely spares Canada and Mexico from the prospect of U.S. tariffs on their vehicles, although it will make it harder for global auto makers to build cars cheaply in Mexico.

Shares of Ford jumped 1.6 percent, while General Motors gained 1.3 percent. Auto-part makers also climbed and the S&P 1500 auto parts & equipment index rose 0.38 percent, marking its first increase in seven sessions.

Industrial stocks jumped 1.1 percent and were on track for their best day in five weeks.

The pan-European FTSEurofirst 300 index rose 0.22 percent. Italian stocks, which started the day with gains, closed down 0.5 percent.

On Friday, Italian stocks, bonds and the euro had all sold off on worries over a budget proposal from Italy`s new anti-establishment government and fears that the European Union could reject the plan.

The euro on Monday was also hit by worries about a rise in Italy`s fiscal deficit, dropping below the $1.16 mark.

Also casting a shadow on markets were two surveys on Sunday that showed growth in Chinese manufacturing sputtered in September as domestic and export demand softened.

MSCI`s broadest index of Asia-Pacific shares outside Japan closed 0.18 percent lower.

Following the trade deal news, yields on U.S. government bonds rose from Friday`s close as traders sold the safe-haven debt for riskier assets.

"There is a pretty significant risk-on tone following the new NAFTA agreement," said Mike Lorizio, senior fixed income trader at Manulife Asset Management in New York.

Gold dipped on the increased appetite for riskier assets. Spot gold dropped 0.2 percent to $1,189.79 an ounce. U.S. gold futures fell 0.23 percent to $1,193.40 an ounce.

Benchmark Brent oil neared its highest since November 2014 on Monday, driven by concern about a supply crunch once U.S. sanctions against Iran come into force next month.

U.S. crude rose 1.94 percent to $74.67 per barrel and Brent was last at $84.24, up 1.83 percent on the day.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Stock Market Outlook: Focus will be on these - Check what share bazaar experts, analysts opined

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

Andhra Pradesh trade body to promote IP rights, registration for MSMEs

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

Life Insurance Coverage Calculator: Simple cover calculation in just 3 steps - EXPLAINED

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

US continues to see drop in new Covid cases

West Bengal Elections: PM Narendra Modi launches blistering attack on Mamata Banerjee - Top quotes

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved