Stock Markets Higher As Bankers Gather

US President Donald Trump on Thursday berated top members of his Republican party, days after threatening to shut down the government and rip up a key trade deal with Canada and Mexico

(APP - UrduPoint / Pakistan Point News - 25th Aug, 2017 ) as a much-anticipated central bankers' meeting got under way and traders digested ongoing ructions in Washington. US President Donald Trump on Thursday berated top members of his Republican party, days after threatening to shut down the government and rip up a key trade deal with Canada and Mexico.

His ongoing battle with Capitol Hill has fanned fears the tycoon will not be able to push through his promised tax cuts, deregulation and infrastructure spending programme, which many believe would help fire up the US economy.

Heads of central banks from around the world are descending on Jackson Hole, Wyoming, for their annual symposium Friday, with investors focusing on Federal Reserve boss Janet Yellen and European Central Bank (ECB) head Mario Draghi.

Their remarks will be pored over for clues about plans for monetary policy in two of the world's biggest economies. "With announcements expected from both in the coming months, investors will be looking to their speeches at Jackson Hole -- a platform used to prepare markets for policy changes by previous Fed Chairs Alan Greenspan and Ben Bernanke -- for similar policy signals," said Oanda senior market analyst Craig Erlam.

The euro has rallied in recent weeks on speculation the ECB will begin to wind down its crisis-era stimulus measures as the eurozone continues to improve, while still-soft US inflation has dented expectations of further Fed interest rate hikes this year.

The euro drifted higher against the Dollar in afternoon trading. A closely-watched survey released Friday showed that German business morale dipped slightly in August but stayed close to last month's all-time high --adding to a run of good news for Europe's powerhouse economy.

The Munich-based Ifo institute said its business confidence index fell to 115.9 points this month after reaching an all-time peak of 116 points in July, although the outcome was better than forecast.

Frankfurt stocks pushed 0.2 percent higher. London shares rose 0.3 percent and Paris 0.2 percent. Wall Street opened higher, with the Dow climbing 0.2 percent in the first minute of trading. In Asia on Friday, Tokyo's Nikkei stocks index ended 0.5-percent higher on a weaker Yen.

Hong Kong jumped 1.2 percent, marking a fourth-straight day of gains, while Shanghai rallied 1.8 percent. Energy firms in both cities were lifted by rocketing profits at PetroChina and subsequent dividend payouts.

Seoul's main index rose 0.1 percent, with market heavyweight samsung Electronics losing more than one percent after company heir Lee Jae-Yong was jailed for five years for bribery, perjury and other crimes linked to the corruption scandal that brought down ousted president Park Geun-Hye.

Elsewhere, oil prices gained as Hurricane Harvey barrelled towards the crude-rich Texas coastline, causing the closure and evacuation of platforms. The Gulf Coast is home to around half the United States' refining capacity.

"As refineries and terminals start slowing or shutting down operations, gasoline prices spiked on fears... of damage to facilities," said Sukrit Vijayakar of energy consultancy Trifecta.