By IFCMarkets
Dollar strengthening resumes
US stock market was closed for Martin Luther King day on Monday. Stock futures pulled back yesterday as slower Chinese growth report spurred global growth concerns. The S&P 500 futures fell 0.6% to 2656.50. Dow Jones industrial futures slid 0.6% to 24538. The Nasdaq composite index fell 0.7% to 6743. The dollar weakening resumed: 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 0.04% to 96.31 but is higher currently. Markets will reopen today and futures on three main US stock indices point to lower openings.
DAX 30 leads European indices losses
European stocks pulled back on Monday on weak Chinese growth data. Both the EUR/USD and GBP/USD turned higher but are currently lower. The Stoxx Europe 600 index lost 0.2%. The DAX 30 fell 0.6% to 11136.20. France’s CAC 40 slipped 0.2% while UK’s FTSE 100 inched up 0.03% to 6970.59.
Shanghai Composite leads Asian indices losses
Asian stock indices are falling today giving back Monday gains after China reported its gross domestic product for 2018 rose 6.6%, the slowest annual pace since 1990. Nikkei lost 0.5% to 20622.91 as yen continued its climb against the dollar. Chinese shares are lower: the Shanghai Composite Index is down 1.2% and Hong Kong’s Hang Seng Index is 0.9% lower. Australia’s All Ordinaries Index erased previous session gains declining 0.5% despite Australian dollar continuing slide against the greenback.
Brent down
Brent futures prices are edging lower today with supply cuts from major oil producers OPEC and Russia providing support. Prices rose yesterday: March Brent crude gained 3 cents to $62.74 a barrel on Monday.
Market Analysis provided by IFCMarkets
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
