By IFCMarkets
US stock market rally continued on Thursday supported by more positive data and all but two Dow components. The S&P 500 added 0.8% to record high 2930.75. Dow Jones industrial average rallied 1% to first record after January at 26656. TheNasdaq composite climbed 1% to 8028.23. The dollar weakening continued at faster pace despite the report the Philadelphia Fed manufacturing index jumped more than expected in September, rising to 22.9 from 11.9 in August: 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 0.7% to 93.865 and is lower currently. Futures on stock indices point to higher openings today.
European stocks extended gains on Thursday led by banking and mining shares. The EUR/USD rally accelerated andGBP/USD joined EUR/USD’s climb after surprise UK sales gain of 0.3% in August instead of an expected 0.2% decline. It is lower currently while the EUR/USD advance continues. The Stoxx Europe 600 index rose 0.5%. Germany’s DAX 30 advanced 0.9% to 12326.48. France’s CAC 40 rallied 1.1% and UK’s FTSE 100 added 0.5% to 7367.32. Indices opened 0.2% – 0.6% higher today
Asian stock indices are rebounding today led by Chinese shares. Nikkei ended 0.8% higher at 23869.93 helped by accelerating yen decline against the dollar. Chinese stocks are recovering from multi-day losses after Beijing pledged to accelerate infrastructure spending and issues directives to boost consumption: the Shanghai Composite Index is 2.5% higher and Hong Kong’s Hang Seng Index is up 1.7%. Australia’s All Ordinaries Index rebounded 0.4% despite Australian dollar’s persisting climb against the greenback.
Brent futures prices are gaining today after a pullback Thursday. Prices ended lower yesterday after President Trump tweeted for the Organization of the Petroleum Exporting Countries to “get prices down now!”: Brent for November settlement closed 0.9% lower at $79.83 a barrel on Thursday.
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