By IFCMarkets
SP500 closes above January 26 record
US stock market rallied on Friday as Powell confirmed the Fed would stick to gradual rate hikes as US economy is strong.S&P 500 gained 0.6% to 2874.69, closing above January 26 record, ending 0.9% higher for the week. Dow Jones industrial average rose 0.5% to 25790.35. The Nasdaq jumped 0.9% to 7945.98. The dollar weakened: 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 0.5% to 95.100 but is higher currently. Stock index futures point to higher openings today.
DAX 30 opens higher than main European indices
European stocks rebounded on Friday after upbeat Powell speech. Both the EUR/USD and GBP/USD turned higher but both pairs are lower currently. The Stoxx Europe 600 Index gained less than 0.1%, ending 0.7% higher for the week after two consecutive declines. The DAX 30 rose 0.2% to 12394.52. France’s CAC 40 gained 0.2% and UK’s FTSE 100 added 0.2% to 7577.49. Investor confidence was buoyed by reports President Trump told the US could buy some of Italy’s debt. UK markets are closed today for a holiday. Indices opened 0.3% – 0.7% higher today.
Chinese stocks lead Asian indices gains
Asian stock indices are rising today. Nikkei rose 0.9% to 10-week high 22799.64 despite continued yen climb against the dollar. Chinese stocks are gaining as yuan rose against the dollar after China’s central bank revived a “counter-cyclical factor” Friday in its daily fixing to support the currency: the Shanghai Composite Index is up 1.9% and Hong Kong’s Hang Seng Index is 2.2% higher. Australia’s All Ordinaries Index is up 0.4% as the Australian dollar turned lower against the greenback.
Brent extends gains
Brent futures prices are inching higher ahead of Iran sanctions. Prices rose Friday as investors weighed the likely impact of sanctions on Iran’s crude exports: Brent for October settlement rose 1.5% to close at $75.82 a barrel Friday, jumping 5.6% for the week.
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