By IFCMarkets
US stock indexes rebounded on Tuesday as US Trade Representative announced delays for 10% tariffs earlier announced by President Trump on August 1 on Chinese goods worth $152 billion until mid-December. The S&P 500 rebounded 1.5% to 2926.32. Dow Jones industrial advanced 1.4% to 26279.91. The Nasdaq rallied 2.0% to 8016.36. The dollar strengthening resumed as inflation in July over the past 12 months climbed to 1.8% from 1.6%: 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, gained 0.4% to 97.82 and is higher currently. Stock index futures point to lower market openings today
European stocks recovered on Tuesday despite worsening in German economic sentiment. Both the EUR/USD and GBP/USD declined yesterday and both pairs are little changed currently. The Stoxx Europe 600 ended 0.6% higher led by autos and basic resources shares. The German DAX 30 gained 0.6% to 11750.13 despite a slump to -44.1 in German ZEW indicator of economic sentiment for Germany in August from -24.5 in July. France’s CAC 40 rose 1%. UK’s FTSE 100 added 0.3% to 7250.90.
Asian stock indices are in green today as the Office of the US Trade Representative said it would delay tariffs on some consumer goods including cell phones and clothes. Nikkei rose 1% to 20655.13 despite resumed yen climb against the dollar. Chinese stocks are gaining despite a report China’s industrial output growth slowed in July: the Shanghai Composite Index is up 0.5% and Hong Kong’s Hang Seng index is 0.3% higher. Australia’s All Ordinaries Index rebounded 0.4% despite Australian dollar’s move higher against the greenback.
Brent futures prices are retreating today. The American Petroleum Institute late Tuesday report indicated US crude inventories rose by 3.7 million barrels last week. Prices however rose yesterday: October Brent rallied 4.7% to $61.30 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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