By IFCMarkets
Dollar strengthening accelerates on strong housing and manufacturing data
US stock market extended the rebound to third session in a row on Thursday on upbeat earnings reports of Walmart, Cisco. The S&P 500 advanced 0.9% to 2876.32. The Dow Jones industrial average gained 0.8% to 25862.68. Nasdaq composite index rose 1% to 7898.05. The dollar accelerated strengthening on better than expected new home construction and Philadelphia Fed’s manufacturing index report. 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 97.827 but is lower currently. Futures on US stock indexes point to lower openings today.
DAX 30 still ahead other European indices
European stocks rally continued on Thursday. GBP/USD and EUR/USD continued sliding. Euro is higher currently while Pound is down against the dollar. The Stoxx Europe 600 index rose 1.2% led by chemicals shares. Germany’s DAX 30 jumped 1.8% to 12310.32. France’s CAC 40 advanced 1.4% and UK’s FTSE 100 gained 0.8% to 7353.51.
Shanghai Composite plunges on harsh Beijing rhetoric
Asian stock indices are mixed after vows by Beijing officials and media to never bow to US pressure as the trade war with the United States will only make China stronger. Nikkei recovered 0.9% to 21250.09 despite resumed yen climb against the dollar notwithstanding Bank of Japan governor Kuroda’s comment the BOJ may keep low rates well over year. Chinese shares are falling as Beijing vowed to promptly introduce countermeasures to US moves as needed to ensure that the economy operates within a reasonable range: the Shanghai Composite Index is down 2.5% and Hong Kong’s Hang Seng Index is 1.3% lower. Australia’s All Ordinaries Index extended gains 0.6% as Australian dollar slowed its decline against the greenback.
Brent steady
Brent futures prices are little changed today. Prices extended gains yesterday on rising Middle East tensions: July Brent crude added 1.2% to $72.62 a barrel on Thursday.
Market Analysis provided by IFCMarkets
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