{"id":105796,"date":"2017-05-09T07:47:54","date_gmt":"2017-05-09T11:47:54","guid":{"rendered":"http:\/\/countingpips.com\/?p=105796"},"modified":"2017-05-09T06:48:46","modified_gmt":"2017-05-09T10:48:46","slug":"us-stocks-inch-higher-following-centrist-macrons-win","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/05\/us-stocks-inch-higher-following-centrist-macrons-win\/","title":{"rendered":"US stocks inch higher following centrist Macron\u2019s win"},"content":{"rendered":"
May 9, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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SP 500 and Nasdaq close at record highs<\/h2>\n<\/div>\n<\/div>\n

US stocks <\/b>edged higher on Monday. The dollar strengthened as euro retreated following the expected win by establishment candidate Macron in Sunday\u2019s runoff for the French presidential election: 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, rose 0.6% to 99.159. The Dow Jones <\/a>average rose less than 0.1% to 21012.28. S&P 500 <\/em>ended up less than a point at record high 2399.38 led by energy stocks. The Nasdaq <\/em>composite index gained 0.03% closing at record high 6102.66.<\/p>\n

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There were no major economic data to guide markets on Monday. Cleveland Fed President Loretta Mester, a nonvoting Federal Reserve member, said she would be \u201ccomfortable\u201d with reducing Fed\u2019s balance sheet this year and warned the central bank could fall behind on interest-rate hikes if it delayed too long on normalizing rates. Separately, St. Louis Fed President James Bullard, also a nonvoting Fed member, said the Fed\u2019s benchmark federal-funds rate is close to where a famous mathematical rule recommends it should be. Today at 16:00 CET Job Openings and Labor Turnover Summary results and March Wholesale Inventories will be published, the tentative outlook is negative for dollar. At 19:00 CET Fed’s Rosengren Speaks at New York University Conference on Risk Management. At 22:15 CET Federal Reserve Bank of Dallas President Robert Kaplan will speak in Dallas.<\/p>\n<\/div>\n<\/div>\n

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Investors book profits after Macron win<\/h2>\n<\/div>\n<\/div>\n

European stocks <\/b>closed lower on Monday after Emmanuel Macron won the French presidential election on Sunday. Both the euro<\/em> and British Pound <\/em>slid against the dollar. The Stoxx Europe 600 index edged lower 0.1% as investors booked gains following centrist Macron\u2019s defeat of far-right euroskeptic Marine Le Pen in the French runoff vote. The DAX 30 <\/em>fell 0.2% to close at 12694.55. France\u2019s CAC 40 <\/em>lost 0.9% and UK\u2019s FTSE 100 <\/a>outperformed adding less than 0.1% to 7300.86.<\/p>\n

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Indices retreated with shares in Paris falling from a nine-year high after Emmanuel Macron, a pro-market favorite, won the French presidential election on Sunday. With French presidential election uncertainty resolved investors will focus next on outcomes in the French parliamentary elections on June 11 and 18. In economic news, German manufacturing orders added to the list of recent positive data: orders increased by 1.0% on the month in March, more than expected. And today March Trade Balance came in better than expected in Germany while the Industrial Output declined less than expected.<\/p>\n

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Asian markets mixed as South Korea elects president<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b> are mixed today as investor are watching the South Korea presidential election amid escalating tensions over North Korea’s accelerating development of weapons. Liberal Moon Jae-in is widely expected to win the presidency. Nikkei <\/em>ended 0.3% lower at 19843.00 today with yen extending losses against the dollar. Chinese stocks pared earlier losses amid liquidity concerns after Macau said it would introduce further restrictions to curb money laundering: the Shanghai Composite Index <\/em>is up 0.1% and Hong Kong\u2019s Hang Seng Index is 1.2% higher. Australia\u2019s ASX All Ordinaries Index is 0.4% lower despite the Australian dollar\u2019s extended losses against the greenback.<\/p>\n

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Oil prices recover on OPEC deal extension talk<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices <\/b>are gaining today after ending higher in previous session following reports Saudi Arabia\u2019s oil minister said a deal to cut production could be extended into 2018. Saudi Arabia\u2019s oil minister Khalid Al-Falih said on Monday he\u2019s confident the deal to limit production will be extended into second half of the year, and possibly into next year as well. OPEC plans to make a decision on whether to extend the production-cut agreement at its next meeting in Vienna on May 25. June Brent crude added 0.5% to $46.43 a barrel on Monday on London\u2019s ICE Futures exchange.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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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 SP 500 and Nasdaq close at record highs US stocks edged higher on Monday. The dollar strengthened as euro retreated following the expected win by establishment candidate Macron in Sunday\u2019s runoff for the French presidential election: the live dollar index data show the ICE US Dollar index, a measure of the dollar\u2019s strength […]<\/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-105796","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/105796","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=105796"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/105796\/revisions"}],"predecessor-version":[{"id":105801,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/105796\/revisions\/105801"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=105796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=105796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=105796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}