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U.S stocks rise on luxury earnings; rand at record low - BNN Bloomberg

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Stocks rose as investors found confidence in strong earnings from Cartier maker Richemont and signs that U.S. lawmakers are making progress on a deal to raise the debt-ceiling.

Richemont gained 7.8 per cent to a record, fueling a broad rally across European luxury stocks. S&P 500 futures traded higher after President Joe Biden and House Speaker Kevin McCarthy postponed a meeting on the debt ceiling that was planned for Friday. The delay reflects progress in staff-level discussions, according to people familiar with the talks.

Globally, stock markets have seesawed this week on mixed U.S. economic data and ongoing worries about the debt ceiling. While tech stocks have continued to outperform, with the Nasdaq 100 Index climbing one per cent so far this week, there's plenty of skepticism about the industry. Meanwhile, South Africa's rand sank 1.6 per cent against the dollar to the lowest level on record. President Cyril Ramaphosa is starting an investigation into allegations that the country supplied weapons and ammunition to Russia.

“There's a chink of light — inflation is beginning to show some signs of easing, boosting hopes the Fed's rate hiking cycle is near an end and this means companies can start prioritizing growth, rather than servicing debt,” said Angeline Ong, a financial analyst at IG Group.

 

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