By IFCMarkets
US stock market ended lower on Thursday paring earlier sharp losses as traders wondered what would be the impact of a Huawei executive arrest on US-China relations. The S&P 500 lost 0.2% to 2695.95. The Dow Jones industrial average slid 0.3% to 24947.67. Nasdaq composite index however advanced 0.4% to 7188.26. The dollar weakening resumed as data showed factory orders fell 2.1% in November while unit labor costs rose less than initially estimated: 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, slid 0.1% to 96.75 but is higher currently. Futures on stock indexes point to lower openings today.
European stocks plunged on Thursday on US-China relations deterioration concerns. EUR/USD’s and GBP/USD continued climbing but are lower currently. The Stoxx Europe 600 index dropped 3.1%. Germany’s DAX 30 sank 3.5% points to 10810.98. France’s CAC 40 tumbled 3.2% and UK’s FTSE 100 fell 3.2% to 6704.05.
Asian stock indices mostly higher today on trade tensions easing hopes. Nikkei rose 0.8% to 21678.68 with yen resuming slide against the dollar. Chinese stocks are marginally higher as yuan fell: the Shanghai Composite Index is up 0.03% while Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index rebounded 0.4% with Australian dollar slide slowing against the greenback.
Brent futures prices are extending losses as OPEC tentatively agreed to an oil output cut but will discuss output figures with non-OPEC producers during their meeting today. Prices ended lower yesterday: Brent for February settlement closed 2.4% lower at $59.51 a barrel on Thursday despite the Energy Information Administration report US crude supplies fell by 7.3 million barrels last week.
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