By IFCMarkets
US stocks recovered on Monday on expectations of strong sales in the holiday season. The S&P 500 rose 1.6% to 2673.45. Dow Jones industrial gained 1.5% to 24640.24. The Nasdaq composite index rallied 2.1% to 7081.85. The dollar strengthening slowed: 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, rose 0.1% to 97.03 but is lower currently. Futures on three main US stock indices indicate mixed openings today.
European stocks extended gains on Monday helped by reports Italian government is considering a lower deficit of 2%, down from 2.4% in its budget plan submitted to the European Union. Both EUR/USD and GBP/USD slowed their slide and are currently lower. The Stoxx Europe 600 index gained 1.2%. The DAX 30 rallied 1.5% to 11354.72 and France’s CAC 40 added 1%. UK’s FTSE 100 rose 1.2% to 7000.
Asian stock indices are mostly higher today in cautious trading as investors await Trump- Xi Jinping meeting at G-20 summit this week. Nikkei rose 0.6% to 21952.40 helped by yen sharp decline against the dollar. Chinese shares are lower after President Trump’s comment he expects to move ahead with boosting tariff levels on $200 billion of Chinese goods to 25%: the Shanghai Composite Index is down 0.04% and Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index rebounded 1% despite resumed Australian dollar climb against the greenback.
Brent futures prices are edging lower today on data showing record Saudi Arabian crude oil production. Prices ended higher yesterday on report about a possible meeting of Russian and Saudi oil officials this week to discuss output cut agreement: January Brent crude jumped 2.9% to $60.48 a barrel on Monday.
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