By IFCMarkets
US stock indices recovered on Thursday led by technology and industrial shares. The dollar strengthening persisted: 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, ended 0.2% higher at 93.524. Dow Jones industrial average added 0.3% to 24211.48. The S&P 500 rose 0.3% to 2636.98. The Nasdaq outperformed gaining 0.5% to 6812.84.
Developments in US tax bill negotiations are the main drivers of recent stock market moves. The Senate late Wednesday agreed to begin formal negotiations with the House, spurring hopes the final tax overhaul will be completed by December 22. Today investors will focus on nonfarm payroll report due at 14:30 CET, the outlook is positive for dollar.
European markets ended marginally higher on Thursday led by telecom and utility shares. The euro extended losses against the dollar while British Pound rose. The Stoxx Europe 600 index added 0.03%. Germany’s DAX 30 rose 0.4% to 13045.15. France’s CAC 40 gained 0.2% while UK’s FTSE 100 dropped 0.4% to 7320.75. Indices opened mixed today.
Losses in healthcare and materials stocks dragged markets as positive data and fresh hopes German coalition government talks may get renewed buoyed market sentiment. The head of the German Social Democratic Party said he’s open to discussing a renewal of a grand coalition to govern the country. The SPD’s three-day party conference began Thursday. Data Thursday indicated the euro-zone economy recovery continues: Eurostat reported the final reading on third quarter GDP came in at 0.6%, in line with expectations.
Asian stock indices are higher today on strong Chinese data. Nikkei jumped 1.4% to 22811.08 helped by continued yen weakness against the dollar. Chinese stocks are rising after report exports surged 12.3% percent in November from a year earlier, more than double the forecast, while imports climbed almost 18%: the Shanghai Composite Index is 0.7% higher and Hong Kong’s Hang Seng Index is up 1.2%. Australia’s All Ordinaries Index is up 0.3% with Australian dollar little changed against the greenback.
Oil futures prices are edging higher today on report China’s crude oil imports rose to 9.01 million barrels per day in November, the second highest on record. Prices rose yesterday: Brent for February settlement rose 1.6% to end the session at $62.20 a barrel on Thursday.
Market Analysis provided by IFCMarkets
Free Reports:
Note:
This 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 а 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.