Asian stocks, US futures push higher

Adam Haigh, Bloomberg 

US and European futures climbed and Hong Kong shares surged after reports the city’s chief executive would withdraw a contentious extradition bill. Treasury yields ticked higher.

Having traded mixed for most of Wednesday on low volumes, gains in Hong Kong helped Asian stocks push higher as the session progressed. The yen slipped amid the improved investor sentiment.

The pound edged higher as the chances of a no-deal Brexit being delayed increased.

Australia’s dollar climbed after growth came in line with estimates, easing fears of a further deterioration in the outlook.

Momentum Metropolitan reports solid growth, but warns of limits to cost cutting

Thanks in part to steep cost cutting and new business growth, Momentum Metropolitan (previously known as MMI Holdings) has seen a sharp increase in its profitability.

The insurer hiked its diluted normalised headline earnings by 53% to R3.1 billion for the year ended 30 June 2019 thanks to efficiency improvements and lower life insurance claims – but also because the “operating basis changes and investment variances” in the previous year.