By IFCMarkets
US stock market ended marginally lower while the dollar strengthened on Friday as President Donald Trump signed the tax overhaul into law. Markets in US and Europe were closed for Christmas holiday on Monday. The live dollar indexdata show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched up 0.05% to 93.31 Friday. S&P 500 slipped 0.05% to 2683.34 as durable goods orders rose 1.3% in November, less than a 2% expected increase. The US broad market index gained 0.3% for the week. Dow Jones industrial average fell 0.1% to 24754.06. The Nasdaq composite lost 0.1% to 6959.96. Futures indicate lower market openings after Christmas holiday.
European stocks retreated on Friday as political uncertainty after Catalonia separatists won regional elections overshadowed positive French GDP and German GfK report. Financial markets in Europe were closed on Monday. Both the euro and British Pound ended lower against the dollar Friday. The Stoxx Europe 600 index lost 0.1%. The DAX 30 fell 0.3% to 13072.79. France’s CAC 40 dropped 0.4% and UK’s FTSE 100 slipped 0.2% to 7592.66.
Asian stock indices are mixed today. Nikkei ended 0.2% lower at 22887.27 on yen strength against the dollar despite data showing Japan’s core consumer prices rose for the 11th straight month, up 0.9% on year, and household spending jumped in November. Chinese stocks are higher: the Shanghai Composite Index is up 0.8%. Hong Kong’s and Australia’s markets are closed today.
Oil futures prices are higher today on market tightening hopes as OPEC and major producers limit production according to the crude output curb agreement extended for all of 2018. Prices ended higher Friday as Baker Hughes reported US active rig count remained steady last week.
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