By IFCMarkets
US stock market was closed on Monday for Memorial Day holiday. The three main US stock market indexes ended marginally higher on Friday, retreating in three out of five trading sessions las week. The dollar resumed strengthening yesterday: 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, rose 0.2% to 97.72 and is higher currently. Futures on US stock indices point to higher openings today.
European stocks extended gains on Monday as pro-EU parties retained the majority in elections with euro-skeptic parties winning not as many seats as expected. Both EUR/USD and GBP/USD turned lower and are down currently. The Stoxx Europe 600 index added 0.2% with auto shares gaining 1.5%, lifted by news Fiat Chrysler proposes a merger with its French rival Renault. The DAX 30 gained 0.5% to 12071.18. France’s CAC 40 edged up 0.4%. UK markets were closed for Spring Bank Holiday.
Asian stock indices are rebounding today ahead of reopening of US markets following thin trading Monday as US and UK markets were closed for a holiday. Nikkei closed 0.4% higher at 21260.14 with yen little changed against the dollar as President Trump pointed to the continuing “unbelievably large” US trade imbalance with Japan, saying also a trade deal was coming later this year. Markets in China are mixed: the Shanghai Composite Index is down 0.1% while Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index rebounded 0.6% despite Australian dollar’s resumed climbing against the greenback.
Brent futures prices are edging lower today while OPEC supply cuts, US sanctions on crude exports from Iran and Venezuela provide support. Prices rose yesterday: July Brent crude rose 2.1% to $70.11 a barrel on Monday.
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