By IFCMarkets
Dollar strengthens while wholesale inflation keeps pace
US stock market resumed advancing on Tuesday as technology shares rallied after Netflix announced it would raise US prices by 13% to 18%. The S&P 500 rose 1.1% to 2610.30. Dow Jones gained 0.7% to 24065.59. The Nasdaq climbed 1.7% to 7023.83. The dollar strengthened as data showed wholesale inflation – prices paid by businesses for inputs, remained unchanged at 2.5% over year 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, rose 0.4% to 95.96 and is higher currently. Stock index futures point to higher openings today.
FTSE 100 outperforms European indexes as UK rejects Brexit plan
European stocks advanced on Tuesday erasing most of previous session losses. Both GBP/USD and EUR/USD turned lower but are higher currently as Prime Minister Theresa May’s plan to leave the European Union by a March 29 deadline was rejected by the UK parliament. The Stoxx Europe 600 gained 0.4%. The German DAX 30 added 0.3% to 10891.79, France’s CAC 40 rose 0.5% and UK’s FTSE 100 rallied 0.6% to 6895.02.
Nikkei falls while Asian indices gain
Asian stock indices are mixed today. Nikkei fell 0.6% to 20442.75 as yen turned higher against the dollar. Chinese stocks are higher: the Shanghai Composite Index is up 0.1%, and Hong Kong’s Hang Seng index is 0.2% higher. Australia’s All Ordinaries Index rose 0.4% despite the Australian dollar continuing climb against the greenback.
Brent up ahead of US inventory report
Brent futures prices are extending gains today. Prices ended higher yesterday on hopes China’s economy will get the boost pledged by Beijing. The American Petroleum Institute late Tuesday report indicated US crude inventories dropped by 0.56 million barrels last week while gasoline inventories rose. March Brent rallied 2.8% to $60.64 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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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.
