{"id":132474,"date":"2018-08-24T06:39:44","date_gmt":"2018-08-24T10:39:44","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132474"},"modified":"2018-08-24T06:39:44","modified_gmt":"2018-08-24T10:39:44","slug":"us-equities-slide-ahead-of-powells-speech","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/us-equities-slide-ahead-of-powells-speech\/","title":{"rendered":"US equities slide ahead of Powell\u2019s speech"},"content":{"rendered":"
August 24, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

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Nasdaq halts 5-session win streak<\/h2>\n<\/div>\n<\/div>\n

US stock market\u00a0<\/b>extended losses Thursday in thin trading. The\u00a0S&P 500\u00a0<\/em>lost 0.2% to 2856.98 with ten out of 11 sectors finishing in negative territory.\u00a0Dow Jones\u00a0<\/em>industrial average fell 0.3% to 25656.98. The\u00a0Nasdaq\u00a0<\/a>composite slid 0.1% to 7878.46. The dollar strengthening resumed: 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, jumped 0.5% to 95.586 but is lower currently. Stock index futures indicate mixed openings today.<\/p>\n

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The major event today is Federal Reserve Chairman Jerome Powell\u2019s speech at a gathering of central bankers in Jackson Hole, Wyoming. Investors are anxious to see what the Fed chief sees as the appropriate monetary policy of the world\u2019s biggest central bank after President Trump criticized Fed\u2019s policy of gradual rate hikes. Kansas City Federal Reserve President Esther George, a voting member of Fed\u2019s interest rate setting committee, said yesterday she thinks \u201ctwo more rate hikes could be appropriate\u201d this year. She also commented Trump was not first president to complain about higher rates.<\/p>\n<\/div>\n<\/div>\n

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DAX 30 opens higher than main European indices<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>continued the retreat on Thursday on mixed economic data. Both the\u00a0EUR\/USD<\/em>\u00a0and\u00a0GBP\/USD<\/a>\u00a0turned lower with both pairs higher currently. The Stoxx Europe 600 index lost 0.2%. Germany\u2019s\u00a0DAX 30\u00a0<\/a>fell 0.2% to 12365.58. France\u2019s\u00a0CAC 40\u00a0<\/em>ended flat and UK\u2019s\u00a0FTSE 100\u00a0<\/em>slipped 0.2% to 7563.22. Markets opened flat to 0.2% higher today.<\/p>\n

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Pound and euro were pressured by UK government release of the first round of documents detailing the expected impact of a \u201cno-deal\u201d Brexit, when the final deadline of March 2019 for the UK exit could pass without any trade agreement ratified. It was deemed as a signal that London is serious about walking away from talks if it doesn\u2019t get a satisfactory agreement with the European Union. In economic news the declines of preliminary manufacturing purchasing managers indexes for euro-zone and Germany in August showed factory activities expansions in the area and Europe\u2019s largest economy slowed more than expected. However expansion in Germany\u2019s services sector accelerated.<\/p>\n<\/div>\n<\/div>\n

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Asian indices mixed as US-China talks end without progress<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0mixed today with trade tensions still in focus as trade talks between mid-level US and Chinese officials ended on Thursday without any sign of major progress.\u00a0Nikkei\u00a0<\/em>ended 0.9% higher at 22601.77 helped by slowing yen slide against the dollar. Chinese stocks are higher after China\u2019s finance minister said government would increase its spending to support workers and also predicted bond issuance by local governments to support infrastructure investment this year: theShanghai Composite Index\u00a0<\/em>is 0.2% higher while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is down 0.5%. Australia\u2019s All Ordinaries Index rebounded 0.05% while Australian dollar turned higher against the greenback.<\/p>\n

\"USDJPY\"<\/p>\n

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Brent\u00a0<\/a>rebound continues<\/h2>\n<\/div>\n<\/div>\n

Brent futures prices\u00a0<\/b>resumed advancing today on expected Iran sanctions which could result in a 900,000 barrel to 1.6 million barrel reduction in Iran exports. Prices ended lower yesterday: Brent for October settlement closed less than 0.1% lower at $74.73 a barrel on Thursday.<\/p>\n

\nMarket 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 Nasdaq halts 5-session win streak US stock market\u00a0extended losses Thursday in thin trading. The\u00a0S&P 500\u00a0lost 0.2% to 2856.98 with ten out of 11 sectors finishing in negative territory.\u00a0Dow Jones\u00a0industrial average fell 0.3% to 25656.98. The\u00a0Nasdaq\u00a0composite slid 0.1% to 7878.46. The dollar strengthening resumed: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a […]<\/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-132474","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132474","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=132474"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132474\/revisions"}],"predecessor-version":[{"id":132480,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132474\/revisions\/132480"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=132474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=132474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=132474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}