By IFCMarkets
Stocks slip while bond yields keep advancing
US stocks slipped on Thursday led by technology shares. Dow Jones industrial average lost 0.2% to 24713.98. The S&P 500 slid less than 0.1% to 2720.13. The Nasdaq composite fell 0.2% to 7382.47. The dollar strengthening accelerated again: 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 92.446 but is lower currently. Stock indices futures indicate mixed openings today.
Bond yields continued to rise with 10-year Treasury note yield near 3.1%, a seven year high. Technology stocks followed Cisco’s lead which slumped 0.5% after downbeat report. In economic news initial jobless claims rose by 11,000 to 222,000 last week, the highest level in a month, but still near multi-decade lows. The Philadelphia Fed manufacturing index rose sharper than expected.
Energy shares lead European stocks higher
European stocks extended gains on Thursday led by energy. The euro continued the slide against the dollar while theBritish Pound extended gains, with both rising currently. The Stoxx Europe 600 index rose 0.7%. Germany’s DAX 30 gained 0.9% to 13114.61. France’s CAC 40 outperformed jumping 1% and UK’s FTSE 100 added 0.7% to 7787.97. Markets opened flat to lower today.
British Pound was buoyed by news Britain plans to stay in Europe’s customs union after Brexit on a temporary basis to avoid a hard border with Ireland.
Asian markets rebound
Asian stock indices are mostly higher today. Nikkei rose 0.4% to three-and-half month high 22930.36 helped by continued yen slide against the dollar. Chinese stocks are higher despite President Trump’s comment China had become “spoiled” and he doubted trade negotiations would be successful: the Shanghai Composite Index is 1.2% higher and Hong Kong’sHang Seng Index is up 0.5%. Australia’s All Ordinaries Index is down 0.1% as Australian dollar turned higher against the greenback.
Brent steady
Brent futures prices are steady today on strong demand. They ended marginally higher yesterday, breaching above $80 during the session: Brent for July settlement closed at $79.30 a barrel on Thursday.
Market Analysis provided by IFCMarkets
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