LONDON MARKET EARLY CALL: Higher Call As Hurricane Irma Downgraded

LONDON MARKET EARLY CALL: Higher Call As Hurricane Irma Downgraded

LONDON MARKET EARLY CALL: Higher Call As Hurricane Irma Downgraded

Canada's main stock index, which had fallen for five straight days, rose on Monday after Hurricane Irma weakened and North Korea refrained from conducting a missile test, with financial shares and Tahoe Resources leading the rally.

At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average .DJI was up 172.84 points, or 0.79 percent, at 21,970.63 and the S&P 500 .SPX was up 17.64 points, or 0.72 percent, at 2,479.07.

After a robust start in Asian trading, equities moved higher in Europe and then on Wall Street.

The announcement that the U.S. would call for a Monday vote on sanctions came at the start of North Korea's Foundation Day, the anniversary of the reclusive nation's 1948 founding, on Saturday. Among major indexes, the Nasdaq Composite suffered the biggest drop, ending the week down 1.2%, while the Dow industrials fell 0.9% and the S&P 500 index dropped 0.6%. "The market has gone back up to where we were in early August before these North Korea fears". The S&P 500 fell nearly 0.8 percent from August 7, the day of its last record high, and Friday. "Millions of homes lost power but not as many as had been widely thought and while damages are likely to run into the billions, they are not likely to run anywhere near the more extreme pre-storm estimates".

HCI Group jumped $5, or 16.3 percent, to $35.78 while Heritage Insurance gained $2.22, or 23.7 percent, to $11.59.

The two-year swap rate rose 2 basis points to 2.15 percent while the 10-year swaps rose 3 basis points to 3.05 percent.

Demand for safer assets, including gold, also weakened after storm Irma wreaked less damage than feared in Florida. Allstate and Chubb were up about 3 percent.

Advancing issues outnumbered decliners on the NYSE by 2,212 to 385.

"North Korea did not launch a new missile, and Hurricane Irma was downgraded, though still looks like it will cause considerable damage, and mess up all the economic data for the next month or so". The price of gold fell $14.20, or 1.1 percent, to $1,337 an ounce. Apple's stock snapped a four-day losing streak ahead of the company's expected unveiling of its latest iPhone.

The most severe United Nations sanctions so far against North Korea, imposed just weeks ago, introduced a complete ban on coal and iron exports, blocked worldwide sales of North Korean lead ore and seafood and imposed travel bans and asset freezes on individuals and companies.

However, it bounced back on Monday, surging above 108 yen from Friday s 10-month lows. South Korea's Kospi advanced 0.7 percent and Hong Kong's Hang Seng added 1 percent. The euro slid to $1.1964 from $1.12028. The benchmark Nikkei 225 index in Japan jumped 1.4 percent as the yen came off recent highs against the dollar, easing pressure on exporters.

ENERGY: Benchmark U.S. crude rose 69 cents, or 1.5 percent, to $48.17 a barrel in NY while Brent crude, used to price global oils, added 5 cents to $53.83 a barrel in London.

US inflation data later this week is unlikely to show a significant pick up in price pressures with the August reading forecast to have risen 1.6 percent on an annual basis versus 1.7 percent in July.

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