By IFCMarkets
US stocks ended lower on Friday despite upbeat earnings reports. S&P 500 slipped 0.04% to 2767.78, closing 0.02% higher for the week. Dow Jones industrial average gained 0.3% to 25444.34. The Nasdaq fell 0.5% to 7449.03. The dollar strengthening reversed as existing home sales fell 3.4% in August: 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, slipped 0.2% to 95.686 and is lower currently. Futures on stock indices indicate mixed openings today.
European stocks retreat continued on Friday as Moody’s Investors Service downgraded Italy’s sovereign debt rating by one notch to just above sub-investment grade with stable outlook. Both the EUR/USD and GBP/USD turned higher and are currently rising. The Stoxx Europe 600 Index slid 0.1%, booking 0.6% gain for the week. The DAX 30 slid 0.3% to 11553.83. France’s CAC 40 retreated 0.6% while UK’s FTSE 100 gained 0.3% to 7049.80. Indices opened 0.3% – 1% higher today.
Asian stock indices are mostly higher today led by Chinese stocks after Friday’s recovery. Nikkei gained 0.4% to 22614.82 as yen continued its slide against the dollar. Chinese stocks are sharply higher after assurances by government officials about more stimuli such as tax cuts: the Shanghai Composite Index rallied 4.1% and Hong Kong’s Hang Seng Index 2.5% is higher. Australia’s All Ordinaries Index extended losses 0.6% despite Australian dollar slide against the greenback.
Brent futures prices are extending gains today as traders eye the start of Iran sanctions which US has vowed to re-impose on November 4. Prices gained on Friday as markets gauged likelihood of US action against Saudi Arabia after reports of disappearance of a dissident Saudi: Brent for December settlement rose 0.6% to close at $79.78 a barrel Friday, falling 0.8% for the week.
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