By IFCMarkets

US stocks pulled back on Tuesday despite positive data. The S&P 500 slipped 0.1% to 3074.67. The Dow Jones industrial average however gained 0.1% to new record 27492.63. Nasdaq added 0.02% to 8434.68. The dollar strengthening was intact as the Institute of Supply Management’s service sector activity index rose to 54.7% in October, up from 52.6% in September. 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 0.3% to 97.90 and is higher currently. Futures on US stock indices point to lower openings.

European stock market advanced third straight session on Tuesday. Both the EUR/USD and GBP/USD continued their slide yesterday with both pairs higher currently. The Stoxx Europe 600 ended 0.2% higher led by mining stocks. The German DAX 30 added 0.1% to 13148.50. France’s CAC 40 rose 0.4%. UK’s FTSE 100 advanced 0.3% to 7388.08 as services sector contraction halted in October.

Asian stock indices are mixed today against the backdrop of reports Chinese negotiators want the removal of 15% tariffs on about $125 billion worth of goods that went into effect September 1 and the $250 billion of import duties. Nikkei rose 0.2% to 23303.82 despite yen reversing its slide against the dollar. Chinese stocks are mixed as China’s central bank cut its base interest rate on a one-year loan by 0.05% to 3.25%: the Shanghai Composite Index is down 0.6% while Hong Kong’s Hang Seng index is 0.2% higher. Australia’s All Ordinaries Index turned 0.6% lower despite Australian dollar resuming its slide against the greenback.

Brent futures prices are falling today. Prices rose yesterday: January Brent rose 1.3% to $62.96 a barrel on Tuesday. Trade group the American Petroleum Institute late Tuesday report indicated US crude supplies rose by 4.3 million barrels last week. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.

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