US congressional elections in focus - 6.11.2018

SP500, Dow rise while Nasdaq slips

US equities moved higher on Monday with focus turning to midterm congressional elections. The S&P 500 added 0.6% to 2738.31. Dow Jones industrial rose 0.8% to 25461.70. The Nasdaq composite index however lost 0.4% to 7328.85 led by Apple down another 2.8%. The dollar strengthening reversed despite solid data: services sector activities expansion slowed less than forecast as the ISM services index slipped to 60.3 in October from 61.6 in September. 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, slid 0.2% to 96.294 but is higher currently. Futures on stock indices point to higher openings today.

DAX 30 opens higher than other European indices

European stocks pulled back on Monday. Both EUR/USD and GBP/USD turned higher and are gaining currently. The Stoxx Europe 600 index slid 0.2%. The DAX 30 lost 0.2% to 11494.96 and France’s CAC 40 inched lower 0.01%. UK’s FTSE 100 however rose 0.1% to 7103.84 buoyed by report Prime Minister Theresa May reached a customs deal with the European Union. Indices opened flat to 0.2% higher today.

Nikkei best performer among Asian indices

Asian stock indices are mixed today. Nikkei rose 1.1% to 22147.75 as yen continued slide against the dollar. Chinese shares are mixed: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s All Ordinaries Index extended gains 1% despite the Australian dollar continued climb against the greenback as the central bank left interest rates unchanged at 1.5%.

Brent up

Brent futures prices are extending gains today. Prices edged higher yesterday: January Brent crude rose 0.5% to $73.17 a barrel on Monday.