{"id":100619,"date":"2017-01-12T06:45:31","date_gmt":"2017-01-12T11:45:31","guid":{"rendered":"http:\/\/countingpips.com\/?p=100619"},"modified":"2017-01-12T06:45:31","modified_gmt":"2017-01-12T11:45:31","slug":"trump-criticizes-drug-makers","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/01\/trump-criticizes-drug-makers\/","title":{"rendered":"Trump criticizes drug makers"},"content":{"rendered":"
January 12, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Nasdaq records seventh straight day of gains<\/h2>\n<\/div>\n<\/div>\n

US stocks <\/b>rebounded on Wednesday as oil prices jumped. The dollar slid as Trump\u2019s press conference yielded no clarity on president-elect\u2019s fiscal stimulus measures. The live dollar index<\/a> data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, closed 0.18% lower at 101.846. The S&P 500 advanced 0.3% settling at 2275.32 with the energy and utilities sectors the best performers. The Dow Jones industrial average rose 0.5% to 19954.28, led by gains in Merck and IBM shares. The Nasdaq Composite <\/a>index ended at a new record high up 0.2% at 5563.65, the seventh straight day of gains for the technology index.<\/p>\n

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While Trump\u2019s conference provided no details about his tax policies and infrastructure spending projects, Trump criticized biotechnology companies for high drug prices. Biotechnology stocks fell after his remark. Investors will be focusing on Federal Reserve officials\u2019 speeches and Delta Airlines earnings report scheduled today which kicks off the US reporting season. Today at 14:30 CET Federal Reserve District Presidents Evans and Lockhart will speak on economy in Naples, Florida. At the same time Initial Jobless Claims and Continuing Claims will be released, the outlook is negative for dollar. And at 19:15 CET Fed’s Bullard Speaks in New York on us economic outlook, at 19:45 CET Fed\u2019s Kaplan will speak on economy in Dallas. And at 16:30 CET the Energy Information Administration will release US Natural Gas Storage data.<\/p>\n<\/div>\n<\/div>\n

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Trump\u2019s comments weigh on drug stocks<\/h2>\n<\/div>\n<\/div>\n

European stocks <\/b>extended gains on Wednesday with drug stocks limiting markets\u2019 advance. Both the euro and British Pound strengthened against the dollar as US Treasury yields slipped after Trump\u2019s press conference. The Stoxx Europe 600 added 0.2%. Germany\u2019s DAX 30 outperformed rising 0.5% to 11646.17 . France\u2019s CAC 40 <\/a>ended marginally higher at 4888.71 and UK\u2019s FTSE 100 index gained 0.2% to 7290.49, recording an an all-time high for a tenth straight session helped by 2.1% rise in industrial production in November.<\/p>\n

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Oil and auto maker companies were the best performers. Volkswagen shares gained 3.4% after the German auto maker on Tuesday confirmed that it has agreed to pay $4.3 billion in penalties to the US Justice Department to settle charges that it used special software to cheat on diesel emissions tests. Porsche Automobil Holding rallied 4%, Daimler shares added 0.8%. In other economic news, UK trade deficit widened to \u00a34.2 billion ($5.096 billion) in November. Today at 11:00 CET November Industrial Production will be published in euro-zone, the outlook is positive for euro. And at 13:30 CET ECB monetary policy meeting minutes will be published.<\/p>\n<\/div>\n<\/div>\n

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Asian markets slip after Trump\u2019s news conference<\/h2>\n<\/div>\n<\/div>\n

Asian stocks<\/b> are retreating today after Trump\u2019s conference on Wednesday failed to provide additional details on president-elect\u2019s stimulus plans. Nikkei fell 1.2% to 19134.70 as yen continued strengthening against the dollar. Investors shrugged off the report the surplus in the current account rose 28% from a year earlier. Chinese stocks are also in negative territory with the Shanghai Composite Index down 0.5% and Hong Kong\u2019s Hang Seng index 0.6% lower as investors booked gains from previous session. Australia\u2019s All Ordinaries Index slid 0.04% as the Australian dollar edged still higher against the dollar.<\/p>\n

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Oil prices rise despite US inventory build<\/h2>\n<\/div>\n<\/div>\n

Oil futures <\/b>prices are edging higher today after the report of the Energy Information Administration US crude stocks climbed by 4.1 million barrels to 483.11 million barrels. However, record US refinery runs of 17.1 million barrels per day (bpd), up 418000 bpd on the week, indicated strong demand, supporting prices. March Brent crude closed 2.7% higher at $55.10 a barrel on Wednesday on London\u2019s ICE Futures exchange.<\/p>\n

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Nasdaq records seventh straight day of gains US stocks rebounded on Wednesday as oil prices jumped. The dollar slid as Trump\u2019s press conference yielded no clarity on president-elect\u2019s fiscal stimulus measures. The live dollar index data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-100619","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=100619"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100619\/revisions"}],"predecessor-version":[{"id":100626,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100619\/revisions\/100626"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=100619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=100619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=100619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}