{"id":122826,"date":"2018-03-09T07:36:07","date_gmt":"2018-03-09T12:36:07","guid":{"rendered":"http:\/\/countingpips.com\/?p=122826"},"modified":"2018-06-01T15:42:16","modified_gmt":"2018-06-01T15:42:16","slug":"equities-rebound-on-canada-mexico-exemption","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/03\/equities-rebound-on-canada-mexico-exemption\/","title":{"rendered":"Equities Rebound on Canada, Mexico Exemption"},"content":{"rendered":"
March 9, 2018<\/div>
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By\u00a0IFCMarkets<\/a><\/p>\n

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Nasdaq logs fifth straight gain<\/h2>\n<\/div>\n<\/div>\n

US stock indices\u00a0<\/b>recovered on Thursday as President Trump signed orders to impose import tariffs on steel and aluminum but exempted Canada and Mexico.\u00a0Dow Jones\u00a0<\/em>industrial average advanced 0.4% to 24895.21. The\u00a0S&P 500<\/em>rose 0.5% to 2738.97. The\u00a0Nasdaq\u00a0<\/a>composite added 0.4% to 7427.95. The dollar accelerated strengthening: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.6% to 90.099. Stock indices futures indicate mixed openings today.<\/p>\n

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Market sentiment was buoyed by tariff exemption granted to Canada and Mexico while they renegotiate the North American Free Trade Agreement with US. The tariffs of 25% on imported steel and 10% on aluminum will go into effect on March 23, and Trump also decreed that tariffs can be modified for certain countries such as Australia, which he referred to as a \u201clong-term partner.\u201d Another positive development was the news Trump accepted invitation to meet North Korean leader Kim Jong Un.<\/p>\n

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Euro slides as 2019 inflation forecast downgraded<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>ended at one-week high on Thursday as euro retreated from three-week high.\u00a0British Pound\u00a0<\/em>joinedeuro\u2019s\u00a0<\/em>slide against the dollar. The Stoxx Europe 600 index climbed 1.1%. Germany\u2019s\u00a0DAX 30\u00a0<\/a>rose 0.9% to 12355.57. France\u2019s\u00a0CAC 40\u00a0<\/em>jumped 1.3% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>added 0.6% to 7203.24. Indices opened 0.1% – 0.2% lower today.<\/p>\n

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The euro retreated as European Central Bank President Mario Draghi emphasized more dovish elements of the bank\u2019s monetary policy statement, including a commitment to maintaining rates at present and low levels if needed. The ECB reiterated that the current \u20ac30 billion a month stimulus program will \u201crun until the end of September 2018, or beyond, if necessary.\u201d It also slightly reduced its 2019 inflation forecast to 1.7% from 1.9%. These dovish developments overshadowed the hawkish omission from the statement of the pledge to expand or extend quantitative easing if the economic outlook deteriorated, and the upgrade of euro-zone 2018 growth forecast to 2.4% from 2.3%. The ECB left its refinancing rate at 0%. In economic data German manufacturing orders fell more than expected in January, dropping 3.9%, compared with forecasts of a 1.5% decline. And the Bank of France said the country\u2019s economy is likely to expand by 0.4% in the first quarter, down from 0.6% in the fourth quarter of 2017.<\/p>\n

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Hang Seng still paces Asian indices<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are extending gains today on news North Korean leader Kim Jong Un and President Donald Trump agreed to meet by May.\u00a0Nikkei\u00a0<\/em>rose 0.5% to 21469.50 as yen accelerated its slide against the dollar with the Bank of Japan keeping rates unchanged and giving no hint of future plans. Chinese stocks are extending gains as China’s consumer inflation hit 4-year high: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.6% higher and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is up 1%. Australia\u2019s All Ordinaries Index is 0.3% higher despite Australian dollar turning higher against the greenback.<\/p>\n

\"AU200\"<\/p>\n

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Brent\u00a0<\/a>lower on rising US output<\/h2>\n<\/div>\n<\/div>\n

Brent futures prices\u00a0<\/b>is extending losses. Prices fell yesterday on continued gains in US crude production. The Energy Information Administration on Wednesday reported that US crude production continued to climb to a fresh weekly record – up 86,000 barrels in the last week to 10.369 million barrels a day. Brent for May settlement fell 1.1% to close at $63.61 a barrel on Thursday.<\/p>\n

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Market Analysis provided by\u00a0IFCMarkets<\/a><\/p>\n

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\u00a0IFCMarkets Nasdaq logs fifth straight gain US stock indices\u00a0recovered on Thursday as President Trump signed orders to impose import tariffs on steel and aluminum but exempted Canada and Mexico.\u00a0Dow Jones\u00a0industrial average advanced 0.4% to 24895.21. The\u00a0S&P 500rose 0.5% to 2738.97. The\u00a0Nasdaq\u00a0composite added 0.4% to 7427.95. The dollar accelerated strengthening: the\u00a0live dollar index\u00a0data show the ICE […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-122826","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122826","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=122826"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122826\/revisions"}],"predecessor-version":[{"id":122834,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122826\/revisions\/122834"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=122826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=122826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=122826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}