By IFCMarkets
Beige Book reveals US growth little changed
US stock market retreat continued on Wednesday after mixed earnings reports and no news on US-China trade negotiations status chaneg . The S&P 500 fell 0.7% to 2984.42. The Dow Jones industrial average slid 0.4% to 27219.85. Nasdaq composite index lost 0.5% to 8185.213. The dollar strengthening reversed as Beige Book survey released by the Federal Reserve showed the economy expanded at modest pace from mid-May through early July, little changed from the spring. 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 0.2% to 97.18 and is lower currently. Stock index futures point to lower market openings today
CAC 40 leads European indexes pullback
European stocks pulled back on Wednesday despite inflation data showing improvement for June. Both EUR/USD and GBP/USD’s turned higher with both pairs rising currently. The Stoxx Europe 600 lost 0.4% led by energy shares. Germany’s DAX 30 slumped 0.7% to 12341.03. France’s CAC 40 fell 0.8% and UK’s FTSE 100 slid 0.6% to 7535.46 as UK inflation remained at 2%.
Nikkei leads Asian indexes losses
Asian stock indices retreat accelerated today on slew of weak data. Nikkei dropped 2% to 21046.24 with yen continuing its climb against the dollar despite report June exports fell for the seventh straight month. Chinese stocks are falling: the Shanghai Composite Index is down 1% and Hong Kong’s Hang Seng Index is 0.6% lower. Australia’s All Ordinaries Index turned 0.4% lower as Australian dollar resumed its climb against the greenback as unemployment remained unchanged.
Brent little changed after fifth straight weekly decline is US inventories
Brent futures prices are inching higher today. Prices fell yesterday after the Energy Information Administration report US crude inventories dropped by less than expected 3.1 million barrels last week while gasoline inventories rose by 3.6 million. September Brent crude lost 1.1% to $63.66 a barrel on Wednesday.
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