By IFCMarkets
US stock market recovery accelerated on Friday on US-China trade talks optimism. S&P 500 rose 0.7% to 2834.40, closing 1.2% higher for the week. Dow Jones industrial gained 0.8% to 25928.68. The Nasdaq advanced 0.8% to 7729.32. The dollar strengthening continued as new home sales in February and University of Michigan consumer sentiment for March came in higher than expected. 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, inched up 0.05% to 97.24 but is lower currently. Futures on US stock indexes point to higher openings today.
European stocks recovered on Friday as US trade delegation resumed talks in Beijing. Both the EUR/USD and GBP/USD continued their slide as UK parliament rejected the agreement to leave the EU which had been signed off by EU officials. Both pairs have reversed currently. The Stoxx Europe 600 Index added 0.6%, gaining 0.8% for the week. The DAX 30 advanced 0.8% to 11526.04 as retail sales rose more than expected in February. France’s CAC 40 rose 0.9% and UK’s FTSE 100 gained 0.6% to 7279.19.
Asian stock indices are sharply higher today tracking Wall Street Friday gains. Nikkei advanced 1.4% to 21509.03 with yen continuing its slide against the dollar. Chinese markets are sharply higher after data showed manufacturing sector rebounded strongly in March to a six-month high: the Shanghai Composite Index is up 2.6% and Hong Kong’s Hang Seng Index is 1.8% higher. Australia’s All Ordinaries Index is 0.6% higher despite the Australian dollar accelerating its climb against the greenback.
Brent futures prices are edging lower today. Prices inched lower yesterday against the background of reduced global supplies as major oil producers comply with crude production curbing agreement: Brent for May settlement, which expires at Friday’s settlement, closed 1 cent lower at $67.82 a barrel on Thursday.
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