SP500 records stretch intact

15/11/2019

Dollar strengthening reversed after Bullard comment

US stocks recorded another session of cautious trading on Thursday as US-China trade deal optimism subsides despite Washington confirming China ended a ban on American chicken . The S&P 500 gained 0.1% to fresh record 3096.63. The Dow Jones industrial average however slipped 0.01% to 27781.96 weighed by 7.3% drop in Cisco on disappointing outlook. Nasdaq composite index slid 0.04% to 8479.02. The dollar strengthening reversed as data showed initial jobless claims rose to nearly five month high, and St Louis Fed president Bullard said the “key risk” facing the US economy is a sharper-than-expected slowdown, despite the Fed’s recent interest rate cuts. 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, fell 0.2% to 98.14 but is higher currently. Futures on US stock indices point to higher openings.

FTSE 100 leads European indexes losses

European stock indexes retreat deepened on Thursday with weak data offering little support. EUR/USD slowed its decline yesterday as GBP/USD accelerated its climb with both pairs lower currently. The Stoxx Europe 600 index ended 0.4% lower. Germany’s DAX 30 lost 0.4% to 13180.23 as German Q3 GDP was reported at 0.1% after 0.1% decline in the second quarter and car maker Daimler fell 4.6% on negative outlook due to tougher new emission regulations. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 fell 0.8% to 7292.76 as UK retail sales’ quarterly growth slowed to lowest rate in sixteen months - 0.2% in the three month s to October.

FR40 falls below MA(50)    11/14/2019 Market Overview IFC Markets chart

Hang Seng falls for 6th consecutive session

Asian stock indices are still mixed today despite president Trump’s economic adviser Larry Kudlow remark US-China trade deal was close. Nikkei rose 0.7% to 23303.32 as yen resumed its slide against dollar. Chinese stocks are mixed after the Commerce Ministry emphasized that the cancellation of tariffs was important to concluding a deal: the Shanghai Composite Index is down 0.6% while Hong Kong’s Hang Seng Index is 0.1% lower. Australia’s All Ordinaries Index extended gains 0.9% despite resumed Australian dollar climb against the greenback.

Brent rebounding

Brent futures prices are edging higher today. Prices ended lower yesterday after Energy Information Administration report US crude oil inventories rose by 2.2 million barrels last week while gasoline stocks fell by 2.5 million: January Brent crude fell 0.1% to $62.28 a barrel on Thursday.




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