By IFCMarkets
US stock market extended losses on Friday. S&P 500 fell 0.7% to 2833.28, ending 0.5% lower for the week. Dow Jonesindustrial average lost 0.8% to 25313.14. The Nasdaq dipped 0.7% to 7839.11. The dollar strengthening accelerated as core consumer price index inched up to 2.4% over year in July from 2.3% in June: 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, jumped up 0.8% to 96.322 and is higher currently. Stock index futures indicate lower openings today.
European stocks pulled back on Friday. Both the euro and British Pound extended losses against the dollar and both currencies are lower currently. The Stoxx Europe 600 Index fell 1.1%, ending 0.9% lower for the week. The DAX 30 slumped 2% to 12424.35. France’s CAC 40 lost 1.6% and UK’s FTSE 100 dipped 1% to 7667.01. Investor confidence was undermined by report the European Central Bank has grown increasingly concerned about potential contagion from Turkey’s problems, especially in the banking sector. Indices opened 0.2% – 0.6% lower today.
Asian stock indices are falling today as investors worry about global effects of continuing plunge in Turkish asset prices.Nikkei tumbled 2% to 21857.43 as yen climb against the dollar accelerated boosted by rising haven demand. Chinese stocks are lower: the Shanghai Composite Index is down 0.3% and Hong Kong’s Hang Seng Index is 1.5% lower. Australia’s All Ordinaries Index is down 0.4% as the Australian dollar’s slide against the greenback slowed.
Brent futures prices are inching lower today as ongoing slump in emerging markets weighs on expectations for fuel demand. Prices rose Friday on International Energy Agency forecast upgrade for global oil demand growth by 110,000 barrels a day to 1.5 million barrels for 2019: Brent for October settlement rose 1% to close at $72.81 a barrel Friday, ending 0.6% lower for the week.
Market Analysis provided by IFCMarkets
Free Reports:
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.