By IFCMarkets

US stock market erased previous session losses on Thursday supported by more positive data following Federal Reserve’s quarter point rate hike and signal for another hike in December. The S&P 500 gained 0.3% to 2914. Dow Jones industrial average added 0.2% to 26439.93. The Nasdaq composite climbed 0.7% to 8041.97. The dollar strengthening accelerated boosted by data showing initial jobless claims rose less than expected last week, remaining near multi-decade low and orders for durable goods rose 4.5% in August, faster than forecast: 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 0.7% to 94.966 and is rising currently. Futures on stock indices indicate lower openings today.

European stocks extended gains on Thursday despite concerns Italy’s budget report, scheduled to be presented at 16:00 GMT, might be delayed. The EUR/USD slumped weighed by Italy’s government announcement it has planned a budget deficit of 2.4% of gross domestic product for next year, triple what the previous government had planned. GBP/USD decline also accelerated and both pairs are lower currently. The Stoxx Europe 600 index rose 0.4%. Germany’s DAX 30 advanced 0.4% to 12435.59 supported by report harmonized consumer price inflation rose to 2.2% over year in September, above a 1.9% forecast. France’s CAC 40 climbed 0.5% and UK’s FTSE 100 added 0.5% to 7545.44. Markets opened 0.1% – 0.5% lower today

Asian stock indices are mostly higher today led by Japanese shares. Nikkei jumped 1.4% to 24120.04 hitting 27-year high lifted by sharp yen decline against the dollar overnight which continues. Chinese stocks are recovering: the Shanghai Composite Index is 1.1% higher and Hong Kong’s Hang Seng Index is up 0.05%. Australia’s All Ordinaries Index rebounded 0.4% supported by Australian dollar’s turn lower against the greenback.

Brent futures prices are gaining today on concerns the sanctions imposed by the United States on Iran would have on Iran’s crude exports. Prices ended higher yesterday after a report the sale of US domestic reserves wouldn’t be used to undercut a rally in crude: Brent for November settlement closed 0.8% higher at $81.72 a barrel on Thursday.

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