The Dow struck a record high on Monday as the bulls ran on Wall Street at the start of a busy week that includes the July jobs report and earnings from Apple.
US markets have been bouyant as of the nearly 300 companies in the S&P 500 that have reported results thus far, more than three-fourths have bested earnings expectations, according to Wells Fargo Advisors.
Building on a record close on Friday, the Dowset a new all-time high of 21,916.67 points in morning trading on Monday.
"The Dow Jones has notched up another record-high as the bullish sentiment surrounding the equity benchmark knows no bounds," said the market analyst David Madden at CMC Markets.
"The momentum is clearly with the bulls, and at this stage it becomes a self-fulling prophecy -- the more new record highs it creates, the more it entices fresh buyers," he said.
Meanwhile, London's FTSE 100 stayed in positive territory on Monday thanks to share-price gains for the resources sector, as while official data showed that China's manufacturing activity had faltered in June, it was still expanding.
HSBC was also a big riser, gaining 1.8 per cent to £7.57 per share after the British banking giant announced a share buyback plan alongside a rise in first-half profits.
Meanwhile, Paris and Frankfurt pulled back.
Mr Madden said that "dealers are worried the European Central Bank could discuss the possibility of reducing the size of the stimulus package, in light of the good unemployment and core CPI data from the euro zone today."
Euro-zone unemployment hit an eight-year low in June, while euro-zone inflation steadied at 1.3 per cent in July.
Meanwhile, oil prices rallied to two-month highs, with New York futures inching past US$50 a barrel and the benchmark Brent contract reaching almost $53, before profit-taking set it.
Analysts said crude had been pushed higher by a mix of lower Saudi exports, a deep fall to US crude stockpiles, a weaker dollar and unrest in Opec member Venezuela.
"A whole series of supportive news drove Brent up by nearly 10 percent within a week to nearly $53 per barrel" on Monday, said the Commerzbank analyst Carsten Fritsch.
Support for oil was felt across the resources sector, with mining and utility companies enjoying solid share price gains Monday, also on back of well-received earnings updates.
In Asian stocks trading, Tokyo closed lower as the yen hardened against the dollar.
The yen's rise came as the dollar was dragged down by increasing US policy uncertainty after another failed attempt at healthcare reform.
The currency also took a hit from US growth data Friday which cast further doubt on any early interest rate increase from the Federal Reserve.
Renewed tensions following North Korea's latest launch of an intercontinental ballistic missile has also aided the yen, considered a safe bet in times of turmoil.
"There remains real appetite to sell the dollar... as it's becoming evident to all the greenback has problems, and the can of worms is barely open," said Stephen Innes, who heads Asia-Pacific trading at Oanda.
* Bloomberg
Company%20Profile
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Men from Barca's class of 99
Crystal Palace - Frank de Boer
Everton - Ronald Koeman
Manchester City - Pep Guardiola
Manchester United - Jose Mourinho
Southampton - Mauricio Pellegrino
The%20specs
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more from Janine di Giovanni
Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
CONFIRMED%20LINE-UP
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Tomb%20Raider%20I%E2%80%93III%20Remastered
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Company%20Profile
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
