By IFCMarkets
US stocks recovered part of previous day losses Friday led by energy shares. S&P 500 added 0.2% to 2754.88, ending 0.9% lower for the week. Dow Jones industrial average rose 0.5% to 24580.89. The Nasdaq however lost 0.3% to 7692.82. The dollar weakening continued as both the manufacturing and services PMIs for June declined: 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, fell 0.3% to 94.52 but is higher currently. Stock index futures point to lower openings today.
European stock indices turned higher on Friday buoyed by report composite PMI for euro-zone rose in June. Both the euro and British Pound continued their climb against the dollar but are lower currently. The Stoxx Europe 600 Index gained 1.1%, however ending 1.1% lower for the week. The DAX 30 rose 0.5% to 12579.72. France’s CAC 40 ended 1.3% higher and UK’sFTSE 100 jumped 1.7% to 7682.27. Indices opened 0.4% – 0.6% lower today.
Asian stock indices are lower today after reports President Donald Trump plans to bar Chinese companies from investing in US technology firms and block additional technology exports to China. Nikkei ended 0.8% lower at 22338.15 weighed by yen rise against the dollar. Chinese stocks are falling despite a cut by the central bank in banks’ reserve requirements: theShanghai Composite Index is down 1% and Hong Kong’s Hang Seng Index is 1.3% lower. Australia’s All Ordinaries Index is down 0.2% despite the Australian dollar turn lower against the greenback.
Brent futures prices are lower today after OPEC press conference details Saturday to increase crude oil output by 1 million barrels per day in the second half of 2018. Prices rose Friday: Brent for August settlement gained 3.4% to close at $75.55 a barrel Friday, ending 2.9% higher for the week.
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