Stocks notch back to back records - 19.11.2019

Dollar weakening unabated

US stocks ended at new highs Monday despite reports Beijing is pessimistic over a trade deal after President Trump’s denial of agreement to roll back tariffs. The S&P 500 finished 0.05% higher at 3122.03. Dow Jones industrial added 0.1% to new record 28036.22. The Nasdaq composite gained 0.1% to 8549.94. The dollar weakening continued at steady pace as the National Association of Home Builders index of builder confidence edged one point lower in November, though still near the highest level for 2019. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.2% to 997.81 and is lower currently. Futures on US stock indices point to higher openings.

FTSE 100 gains while other European indexes slip

European stock indexes pulled back on Monday as doubts a US-China deal is close resurfaced. The advance of both EUR/USD and GBP/USD was intact yesterday with both pairs climbing currently. The Stoxx Europe 600 index ended 0.1% lower led by auto shares down 2.3%. The DAX 30 lost 0.3% to 13207.01. France’s CAC 40 slid 0.2% while UK’s FTSE 100 added 0.1% to 7307.70.

DE30 rises in the channel 11/19/2019 Market Overview IFC Markets chart

Hang Seng leads Asian Indexes gains

Asian stock indices are mixed today. Nikkei pulled back 0.5% to 23292.65 as yen’s climb against the dollar continued. Markets in China are rising led by technology shares after Washington issued a 90-day extension of a license on Monday allowing US companies to continue doing business with Chinese telecom giant Huawei. The Shanghai Composite Index is up 0.5% and Hong Kong’s Hang Seng Index is 1.3% higher. Australia’s All Ordinaries Index turned 0.7% higher as Australian dollar’s decline against the greenback continued as recent policy meeting minutes showed central bank is prepared to ease monetary policy further to support economic growth.

Brent down

Brent futures prices are little changed today. Prices fell yesterday after Energy Information Administration monthly report forecast that crude oil production from seven major US shale plays will climb by 49,000 barrels a day in December to 9.133 million barrels a day : January Brent crude closed 1.4% lower at $62.44 a barrel on Monday.