By IFCMarkets
Dow is back in positive territory for 2018
US stock indices added to previous session gains on Monday led by banking shares. The S&P 500 gained 0.9% to 2784.17,.Dow Jones industrial rallied 1.3% to 24776.59 closing above the 50-day moving average. The Nasdaq composite index rose 0.9% to 7756.20. The dollar rebounded: live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched up 0.06% to 94.066 and is higher currently. Stock index futures indicate higher openings today.
Treasury yields rose on the Federal Reserve data consumer borrowing expanded in May with total consumer credit increasing $24.6 billion to $3.9 trillion, up 7.6%. This is the fastest pace of credit growth since November.
FTSE 100 leads European indices gains
European stocks advanced fifth straight session on Monday. The GBPUSD turned lower while EURUSD continued its climb and both pairs are moving higher currently. The Stoxx Europe 600 index rose 0.6%. The DAX 30 gained 0.4% to 12543.89 and France’s CAC 40 added 0.4%. UK’s FTSE 100 rose 0.9% to 7687.99. Indices opened 0.1% – 0.2% higher today.
Pound ended lower after sudden resignation Sunday night of David Davis, who led the UK’s Brexit discussions with the European Union. UK’s foreign minister quit too after Brexit minister David Davis’s resignation in protest at May’s plans to keep close trade ties with the European Union after Britain leaves the bloc.
Asian indices mixed
Asian stock indices are mostly higher today. Nikkei gained 0.7% to 22196.89 as yen climb against the dollar continued. Chinese stocks are advancing after report China’s consumer inflation picked up in June: the Shanghai Composite Index is up 0.4% and Hong Kong’s Hang Seng Index is 0.4% higher. Australia’s All Ordinaries Index is down 0.4% as the Australian dollar continues its march higher against the greenback.
Brent up on shortage concerns
Brent futures prices are higher today on potential supply shortages concerns after reports hundreds of oil workers in Norway were set to strike later in the day. Prices ended higher Monday over Libya and Venezuela disruptions concerns. September Brent crude settled 1.2% higher at $78.07 a barrel on Monday.
Market Analysis provided by IFCMarkets
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
