Dow futures jump 100 points as North Korea tensions ease, Irma weakens

NZ dollar falls as greenback recovers with weakening Irma

Official figures showed that inflation spiked up to 2.9 percent in the year to August, in a development that has stoked speculation the Bank of England may raise interest rates sooner than expected regardless of how the country's Brexit discussions shape up in coming months.

ENERGY: Benchmark U.S. crude rose 29 cents to $47.77 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, fell 18 cents to $53.60 a barrel in London. "It does appear that the worst-case scenario for Florida has been evaded", said Peter Cardillo, chief market economist at First Standard Financial in NY.

The Dow Jones Industrial Average jumped 259.58 points, or 1.19 percent, to 22,057.37.

The pan-European FTSEurofirst 300 index added 1.05 percent to close at 1,491.19 and MSCI's gauge of global stocks gained 0.87 percent.

That wiped out a month of losses linked to worldwide tensions as well as worries about the lingering effects of Hurricanes Harvey and Irma, which are expected to slow the US economy over the next few months.

The dollar's gains were also helped by news that China's central bank plans to scrap reserve requirements for financial institutions settling foreign exchange forward yuan positions with effect from Monday, according to four sources with direct knowledge of the matter who spoke to Reuters last Friday.

Shares of Florida insurers Heritage Insurance Holdings Inc HRTG.N, HCI Group Inc and Universal Insurance Holdings Inc all rose at least 13 percent or more.

Investors are so focused on the hurricane and the Federal Reserve's potential monetary tightening that they are missing the enormous boost the weaker dollar and low interest rates will give the US economy, said Jim Paulsen, chief investment strategist at the Leuthold Group in Minneapolis. He said investors are once again focused on strong economic growth in the USA and many other regions. XL Group advanced $2.15, or 5.6 percent, to $40.76 and Travelers gained $2.99, or 2.5 percent, to $122.75.

CURRENCIES: The euro was down 0.2 percent at $1.1930 while the dollar rose 0.4 percent to 109.83 yen.

And while a gridlocked federal government hasn't done much to stimulate the economy, Paulsen said the weakening dollar and falling interest rates could give USA businesses, especially technology companies, a big boost. Apple, which will unveil its newest iPhone on Tuesday, rose $2.30, or 1.4 percent, to $160.93 and Facebook rose $2.35, or 1.4 percent, to $173.30.

Benchmark U.S. crude rose 59 cents, or 1.2 percent, to $48.07 a barrel in NY while Brent crude, used to price global oils, added 6 cents to $53.84 a barrel in London.

Key US oil contract West Texas Intermediate sank 3.3 percent Friday while European benchmark Brent North Sea crude slid 1.3 percent in value. US gold futures fell about 1.3 percent to settle at $1,335.70 an ounce. Copper added 2 cents to $3.07 a pound.

The single currency fell below $1.20 after his comments to a low of $1.1935 before recovering partially. Natural gas rose 6 cents to $2.95 per 1,000 cubic feet.

In Europe, Germany's DAX was up 1.1 percent at 12,435 while the CAC 40 in France rose 1.1 percent to 5,167.

- The MSCI All-Country World Index climbed 0.8 percent to the highest on record. The benchmark Nikkei 225 index in Japan jumped 1.4 percent as the yen slipped, which eased pressure on exporters.



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