World stocks climbed to record highs on Tuesday as easing tensions over North Korea and signs that Hurricane Irma was causing less damage than feared in the United States boosted risk appetite. Laura Frykberg reports.
The sight of Hurricane Irma... Left many in awe... Its downgrade, leaving markets feeling Just as inspired. World stocks hitting a record high on the relief it wasn't as bad as many feared. Also buoyed by easing tensions over North Korea. The MSCI World Index edging up 0.2 percent Building on Monday's 0.9 gain - its fourth-biggest so far this year. (SOUNDBITE) (English) CMC MARKETS, MARKET ANALYST, DAVID MADDEN SAYING: "Seeing as Hurricane Irma was downgraded to a category ones tropical storm, it appears that the destruction, and also in turn the cost, is coming in a lot less than what traders had penciled in." The good news spread to other major trading centers. The pan-European STOXX 600 rose 0.3 percent. Financial stocks and insurance firms maintaining their positive territory.. edging up 0.3 percent. But can this rally really last. (SOUNDBITE) (English) CMC MARKETS, MARKET ANALYST, DAVID MADDEN SAYING: "Seeing as the overall economic picture isn't as bad as expected, and we're now looking at mid 2018 before another rate rise by the Fed, I think this rally is here to stay." Oil also steadied on Tuesday. Thanks to less demand due to Hurricane Irma... And refinery restarts in the wake of last month's Hurricane Harvey. With Brent crude down 4 cents. And West Texas down by 3.