By IFCMarkets
US stock market edged higher on Tuesday closing off session highs. The S&P 500 inched up 0.01% to 2546.16. Dow Jones added 0.4% to 23675.64. The Nasdaq gained 0.5% to 6783.91. The dollar weakening slowed ahead of Federal reserve’s expected decision today to raise interest rates the fourth time this year by quarter percentage point. 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 96.97 and is lower currently. Futures on stock indexes indicate higher openings today.
European stocks extended losses on Tuesday. Both the EUR/USD and GBP/USD continued their climb and both are higher currently. The Stoxx Europe 600 lost 0.8%. The German DAX 30 slipped 0.3% to 10740.89. France’s CAC 40 fell 1.0% and UK’s FTSE 100 lost 1.1% to 6701.59. Italian budget will be discussed at a EU Commission meeting today, earlier Italy’s Deputy Prime Minister Matteo Salvini said they have reached an agreement with Brussels.
Asian stock indices are mixed today. Nikkei lost 0.6% to 20987.92 with yen slowing its climb against the dollar as data showed Japan’s exports slowed sharply in November due to weaker demand from China. Chinese stocks are mixed: the Shanghai Composite Index is down 1.1% while Hong Kong’s Hang Seng index is 0.2% higher. Australia’s All Ordinaries Index slipped 0.2% as the Australian dollar continued its climb against the greenback.
Brent futures prices are edging lower today on signs of building global supply glut. Prices fell yesterday after US Energy Information Administration forecast a rise of 134,000 barrels a day in US shale oil production for January to 8.166 million barrels a day in its monthly Drilling Productivity report. February Brent crude fell 1.1% to $59.61 a barrel on Monday.
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