US stocks edge higher despite no US-Canada deal - 3.9.2018

SP500 logs third straight weekly gain

US stock market ended mostly higher on Friday despite a break-off in US and Canada talks without a deal before the unofficial US deadline. S&P 500 gained 0.01% to 2901.52, closing 0.9% higher for the week. Dow Jones industrial average declined 0.1% to 25964.82. The Nasdaq rose 0.3% to 8109.54. The dollar strengthening accelerated: 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, jumped 0.4% to 95.056 and is higher currently. US markets are closed today for the Labor Day holiday. Stock index futures indicate higher openings today.

FTSE 100 opens higher

European stocks extended losses on Friday ahead of US-Canada trade meeting unofficial deadline. Both the EUR/USD and GBP/USD accelerated their declines and both pairs are lower currently. The Stoxx Europe 600 Index fell 0.8%, ending 0.3% lower for the week and with 2.4% loss for the month. The DAX 30 dropped 1% to 12364.06. France’s CAC 40 lost 1.3% and UK’s FTSE 100 ended 1.1% lower at 7432.42. Indices opened mixed today.

Chinese stocks fall as factory activity slows

Asian stock indices are extending losses today with President Trump looking set to enact US tariffs on $200 billion of Chinese exports this Thursday. Nikkei lost 0.7% to 22707.38 as yen climb against the dollar resumed. Chinese stocks are falling as activity in China's factories expanded at a slower rate in August, according to private Caixin PMI index: the Shanghai Composite Index is down 0.2% and Hong Kong’s Hang Seng Index is 0.8% lower. Australia’s All Ordinaries Index is down 0.14% as the Australian dollar turned higher against the greenback.

Brent advance continues

Brent futures prices are inching higher ahead of Iran sanctions. Prices fell Friday as services firm Baker Hughes reported on Friday the number of US oil drilling rigs in operation rose by 2 to 862 last week: Brent for October settlement lost 0.55% to close at $77.59 a barrel Friday.