By IFCMarkets
Dollar weakening slows after strong jobs report
US stock market ended sharply higher on Friday buoyed by Fed chair Powell’s dovish comments and stronger than expected jobs report. S&P 500 rallied 3.4% to 2515, closing 2.0% higher for the week. Dow Jones industrial average rose 3.3% to 23291. The Nasdaq jumped 4.3% to 6671. The dollar weakening slowed as data indicated 312000 new jobs were created in December: 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 0.1% to 96.14 and is lower currently. Stock index futures indicate higher openings today.
DAX 30 outperforms other European indices
European stock markets rebounded on Friday. Both the GBP/USD and EUR/USD’s continued their climb with both pairs higher currently. The Stoxx Europe 600 Index rose 2.8%, ending the week 2.2% higher. The DAX 30 rallied 3.4% to 10767.69. France’s CAC 40 jumped 2.7% and UK’s FTSE 100 gained 2.2% to 6837.42.
Nikkei leads Asian indices gains
Asian stock indices are solidly higher today as US and Chinese trade negotiations resumed in Beijing. Nikkei jumped 2.4% to 20038.97 with yen resuming its climb against the dollar. Chinese stocks are advancing: the Shanghai Composite Index is up 0.7% and Hong Kong’s Hang Seng Index is 0.9% higher. Australia’s All Ordinaries Index rebounded 1.1% despite the Australian dollar continuing its climb against the greenback.
Brent up
Brent futures prices are extending gains today. Prices ended higher on Friday as the Energy Information Administration reported US crude inventories barely rose last week – just 7000 barrels, while gasoline stocks jumped 6.9 million barrels: Brent for February settlement gained 2.0% to close at $57.06 a barrel Friday.
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