By IFCMarkets
US stocks extended losses Friday led by financial shares. S&P 500 fell 0.3% to 2712.97, slipping 0.5% for the week. Dow Jones industrial average however ended marginally higher at 24715.09. The Nasdaq composite lost 0.4% to 7354.34. The dollar strengthened: 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, rose 0.2% to 93.644 and is higher currently. Stock indices futures point to mixed openings today.
European stock indices pulled back Friday led by Italian stocks on news the coalition government plan included tax cuts and increases in fiscal spending. Both the British Pound and euro fell against the dollar with the slide continuing currently. The Stoxx Europe 600 Index lost 0.3%, ending 0.6% higher for the week. The DAX 30 lost 0.3% to 13077.72. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 edged 0.1% lower to 7778.79. Markets opened 0.2% – 0.4% higher today.
Asian stock indices are mostly higher today after Treasury Secretary Steven Mnuchin said Sunday that the Trump administration would “put the trade war on hold,” and delay tariffs on Chinese imports to the US. Nikkei ended 0.4% higher at 22865.86 helped by accelerating yen slide against the dollar. Chinese stocks are higher: the Shanghai Composite Indexis up 0.7% and Hong Kong’s Hang Seng Index is 0.7% higher. Australia’s All Ordinaries Index is down 0.1% with Australian dollar extending gains against the greenback.
Brent futures prices are pulling back today on rising US output. Prices closed lower Friday as Baker Hughes reported the number of active US drilling rigs was unchanged at 844 last week. Brent for July settlement lost 1% to close at $78.51 a barrel Friday.
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