* Stocks edge up on stimulus hopes
* Pound choppy on Brexit uncertainty
* Crude climbs on new output cut commitment
(Updates with open of U.S. markets, changes dateline; previous
LONDON)
By Chuck Mikolajczak
NEW YORK, Sept 9 (Reuters) - A gauge of global stocks
advanced on Monday as investors banked on the likelihood of
stimulus measures from the world's central banks to reverse
slowing growth, while the pound hit a six-week high in choppy
trading on wavering hopes for Britain's ability to leave the
European Union with a deal.
After two straight weeks of gains, stocks on Wall Street
were modestly higher, buoyed by gains in energy .SPNY and
financial .SPSY shares. Market participants saw last week's
break by major U.S. indexes out of their August range as a
positive sign.
Earlier, data showed Japan's economy grew at a slower pace
than initially estimated in the second quarter as the U.S.-China
trade war prompted a downward revision of business spending,
intensifying calls for the central bank to deepen stimulus this
month. Still, barring a major announcement on trade developments
between the United States and China, stock movements were likely
to be muted ahead of the next policy announcement by the Federal
Reserve on Sept. 18.
Federal Reserve Board Chairman Jerome Powell said the
central bank would continue to "act as appropriate" to sustain
U.S. economic expansion. "Barring any surprise news, this should be a quiet week in
the equity market as most investors are on hold until next week
for the FOMC (Federal Open Market Committee) meeting," said
Shawn Gibson, chief investment officer of asset management firm
Liquid Strategies in Atlanta.
The Dow Jones Industrial Average .DJI rose 72.29 points,
or 0.27%, to 26,869.75, the S&P 500 .SPX gained 3.58 points,
or 0.12%, to 2,982.29 and the Nasdaq Composite .IXIC added
7.05 points, or 0.09%, to 8,110.13.
European shares advanced, holding at the highest level in
over a month, after data showed a surprise rise in German
exports and on firmer expectations of new stimulus by the
European Central Bank later this week.
The pan-European STOXX 600 index .STOXX lost 0.29% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.10%.
Sterling hit a six-week high of $1.2382 GBP= as investors
saw the likelihood of a "no-deal" Brexit lessening and data that
indicated Britain's economy picked up more than anticipated in
July. British Prime Minister Boris Johnson will try for a second
time on Monday to call a snap parliamentary election, but is set
to be thwarted once more by opposition lawmakers who want to
ensure he cannot take Britain out of the European Union without
a divorce agreement in place. Sterling's gains were briefly pared sharply as John Bercow,
speaker in Britain's House of Commons, announced he would stand
down from the role. Sterling GBP= was last trading at $1.2359, up 0.64% on the
The dollar index .DXY fell 0.18%, with the euro EUR= up
0.31% to $1.1061.
Oil prices jumped after the new Saudi energy minister,
Prince Abdulaziz bin Salman, confirmed expectations that there
would be no radical change in his country's oil policy.
U.S. crude CLcv1 rose 2.71% to $58.05 per barrel and Brent
LCOcv1 was last at $62.79, up 2.03% on the day.
Global assets in 2019 http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>