By IFCMarkets
US stock market recovered Friday as the Group of Seven industrialized nations met in Canada against the background of trade tension rising as European partners and Canada condemn imposition of US tariffs on their steel and aluminum exports. S&P 500 rose 0.3% to 2779.03, ending 1.6% higher for the week. Dow Jones industrial average added 0.3% to 25316.53. The Nasdaq edged up 0.1% to 7645.51. The dollar rebounded as wholesale inventories rose 0.1% in April while no change was expected: 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 0.1% to 93.54 but is lower currently. Stock index futures point to higher openings today.
European stock indices ended lower Friday. Both the euro and British Pound turned lower against the dollar but are rising currently. The Stoxx Europe 600 Index slipped 0.2%, ending 0.5% lower for the week. The DAX 30 fell 0.4% to 12766.55. France’s CAC 40 however closed marginally higher while UK’s FTSE 100 edged 0.3% lower to 7681.07. Indices opened 0.3% – 0.4% higher today.
Asian stock indices are mixed today ahead of US-North Korea summit Tuesday in Singapore. Nikkei ended 0.5% higher at 22804.04 helped by resumed yen weakness against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.5% while Hong Kong’s Hang Seng Index is 0.4% higher. Australia’s All Ordinaries Index is down 0.2% as the Australian dollar resumed its climb against the greenback.
Brent futures prices are extending losses today on rising Russian and US oil output. Prices fell Friday on rising US crude oil output as Baker Hughes reported the number of active US rigs drilling for oil rose by 1 to 862 last week. Brent for August settlement lost 1.1% to close at $76.46 a barrel Friday, ending 0.4% lower for the week.
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