By IFCMarkets
US stock market snapped three session winning streak Friday despite positive data. The S&P 500 lost 0.6% to 2859.53, ending 0.8% lower for the week notwithstanding announcement US and Canada reached a deal to end tariffs on aluminum and steel products from Canada. Dow Jones industrial slid 0.4% to 25764. The Nasdaq fell 1% to 7816.28. The dollar strengthening continued on the University of Michigan report consumer sentiment rose to a 15-year high in May. 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, gained 0.7% to 97.97 and is higher currently. Futures on US stock indexes point to mixed openings today.
European stocks pulled back on Friday. Both the EUR/USD and GBP/USD continued sliding but are higher currently. The Stoxx Europe 600 Index fell 0.4% Friday. The DAX 30 lost 0.6% to 12238.94. France’s CAC 40 edged down 0.2% while UK’s FTSE 100 slipped 0.1% to 7348.62 weighed by news opposition Labour Party withdrew from talks due to deepening fractures in Prime Minister Theresa May’s government.
Asian stock indices are mixed today. Nikkei gained 0.2% to 21301.73 after surprisingly strong first-quarter economic growth while yen’s decline against the dollar continued. China’s markets are lower after reports Google revoked Huawei Technologies’ Android license: the Shanghai Composite Index is down 0.4% and Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index jumped 1.7% despite the Australian dollar climb against the greenback after governing conservative party looks set to form a majority government.
Brent futures prices are extending gains today. Prices ended higher on Friday : Brent for July settlement added 0.6% to close at $72.21 a barrel Friday, rising 2.3% for the week.
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