By IFCMarkets
US stock market edged higher on Monday as more companies reported quarterly results and Federal Reserve started its two-day policy meeting. The S&P 500 gained 0.1% to new record high 2943.03. Dow Jones industrial added 0.04% to 26554.39. The Nasdaq composite rose 0.2% to another record at 8161.85. The dollar weakening persisted as data showed the Fed’s preferred inflation gauge – core personal consumption expenditure index declined to annual rate of 1.6% in March, below last month’s 1.7% and the Fed’s 2% target. 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, edged down 0.2% to 97.85 but is higher currently. Futures on US stock indexes point to mixed openings today.
European stocks extended gains on Monday supported by the win of pro-EU ruling socialist party in Spain’s third election in four years. Both GBP/USD and EUR/USD continued rising with Pound climbing while euro reversing direction currently. The Stoxx Europe 600 index gained 0.1%. The DAX 30 added 0.1% to 12328.02. France’s CAC 40 rose 0.2% and UK’s FTSE 100 edged up 0.17% to 7440.66.
Asian stock indices are mixed today. Markets in Japan are closed for 10-day holiday while yen turned higher against the dollar. Markets in China are mixed after data showed Chinese factory activity slowed in April, below expectations, but still remaining in expansion mode: the Shanghai Composite Index is up 0.5% while Hong Kong’s Hang Seng Index is 0.7% lower. Australia’s All Ordinaries Index extended losses 0.5% despite Australian dollar resuming slide against the greenback.
Brent futures prices are edging higher today. Prices slipped yesterday: June Brent crude lost 0.2% to $72.04 a barrel on Monday.
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