By IFCMarkets
US stock market extended losses on Friday amid concerns global growth risks are rising with no indication US and China trade dispute will be resolved soon. S&P 500 lost 1.9% to 2599.95, closing 1.2% lower for the week. Dow Jones industrial average fell 2% to 24100.51. The Nasdaq dropped 2.3% to 6910.66. The dollar strengthening accelerated after data showed both the retail sales and industrial production rose more than expected in November: 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 0.4% to 97.44 but is lower currently. Futures on stock indexes indicate lower openings today.
European stocks losses widened on Friday after weak data. The GBP/USD joined EUR/USD’s continued slide with both pairs higher currently. The Stoxx Europe 600 Index fell 0.6% but ended the week 0.5% higher. The DAX 30 lost 0.5% to 10865.77. France’s CAC 40 dropped 0.9% and UK’s FTSE 100 fell 0.5% to 6845.17.
Asian stock indices are mostly higher today after losses Friday following reports Chinese industrial output and retail sales slowed in November. Nikkei gained 0.6% to 21506.88 with yen resuming slide against the dollar. Chinese stocks are higher as traders bet on more stimulus measures: the Shanghai Composite Index is up 0.2% and Hong Kong’s Hang Seng Index is 0.02% higher. Australia’s All Ordinaries Index pared some of its Friday losses as it turned 1% higher as the Australian dollar turned higher against the greenback.
Brent futures prices are higher today. Prices ended lower on Friday: Brent for February settlement slid 1.9% to close at $60.28 a barrel Friday, a 2.7% loss for the week.
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