US stocks dip as trade worries linger

9/5/2019

Dollar trades in narrow range

US stock market added to previous session losses on Wednesday as investors worried about possible path of US-China trade talks. The S&P 500 lost 0.2% to 2879.42. The Dow Jones industrial average however edged up 0.01% to 25967.33. Nasdaq composite index slid 0.3% to 7943.32. The dollar strengthening resumed: 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, added 0.05% to 97.59 but is lower currently. Futures on US stock indexes point to lower openings today.

DAX 30 outperforms European indexes

European stocks recovered marginally on Wednesday after back-to-back losses. The EUR/USD turned slightly higher while GBP/USD continued sliding with both pairs higher currently. The Stoxx Europe 600 added 0.2%. Germany’s DAX 30 however rose 0.7% to 12313.16 , France’s CAC 40 gained 0.4%. UK’s FTSE 100 edged up 0.1% to 7271.00 amid reports that talks with opposition to break the Brexit deadlock may soon collapse.

EU50 falls below MA(50) 05/09/2019 Market Overview IFC Markets chart

Hang Seng leads Asian indexes losses

Asian stock indices are mostly falling today after President Donald Trump said China “broke the deal” at a rally Wednesday night. Nikkei extended losses 0.9% to 21402.13 as yen slide against the dollar accelerated amid higher demand for haven assets. Chinese stocks are falling after Commerce Ministry stated “China will have to take necessary countermeasures” if the US raises tariffs Friday as planned: the Shanghai Composite Index is down 1.5% and Hong Kong’s Hang Seng Index is 2.3% lower. Australia’s All Ordinaries Index however rebounded 0.4% erases previous session losses as Australian dollar continued sliding against the greenback.

Brent declining

Brent futures prices are edging lower today. Prices rose yesterday after the report US crude stockpiles fell above expected 4 million barrels while gasoline stocks declined by 0.6 million last week. July Brent crude added 0.7% to $70.37 a barrel on Wednesday.




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