Global shares gain

Tuesday, 22 October 2013 00:07 - - {{hitsCtrl.values.hits}}

(Reuters): Global shares hovered at five-year highs on Monday while the dollar edged up against the yen as investors looked ahead to a deluge of U.S. data for clues on when the Federal Reserve will begin scaling back its stimulus. Many in the markets think the Fed will be wary of trimming its $85 billion-a-month bond-buying programme, which has supported riskier assets like shares, until the economic impact of a 16-day partial U.S. government shutdown becomes clearer. “We’re opening with a slightly positive tone ..., on the back of last week’s decision to extend (U.S. fiscal) deadlines which is seen pushing back tapering from the Fed, a view which continues to support risky assets,” said Richard McGuire, senior rate strategist at Rabobank. European shares touched a fresh five-year high in early trade, though moves were limited ahead of the U.S. data, which begins with home sales numbers on Monday and includes the keenly watched non-farm payrolls report on Tuesday. Expectations the Fed would have to delay lifted the broad S&P 500 index to a record closing high on Friday, marking its best weekly gain in three months as stronger-than-expected corporate earnings added to the positive tone. n the currency market the greater prospect of a Fed delay weighed on the dollar against most currencies, as it would act to keep rates on U.S. debt lower than those offered by other major nations. However, the U.S. currency rose against the safe-havens of the yen and the Swiss franc on expectations for a strong jobs report. Aainst a basket of six major currencies, the dollar was steady at 79.70 not very far from Friday’s low of 79.478, its weakest point since February.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.