By IFCMarkets
US stock indexes pulled back on Friday as President Trump told reporters he was “ not ready “ for a deal with China and negotiations earlier announced to continue in Washington in September may be cancelled. The S&P 500 lost 0.7% to 2918.65, falling 0.5% for the week. Dow Jones industrial slid 0.3% to 26287.44. The Nasdaq fell 1% to 7959.14. The dollar weakening continued as Trump tweeted Federal Reserve interest rate cuts “ will make it possible for our companies to win against any competition.” 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 0.02% to 97.52 but is higher currently. Stock index futures point to higher market openings today
European stocks resumed their retreat on Friday after the leader of Italy’s League Party called for a snap election. GBP/USD fell while EUR/USD rose on Friday with both pairs reversing their directions currently. The Stoxx Europe 600 Index lost 0.8% Friday. The DAX 30 fell 1.3% to 11693.80. France’s CAC 40 lost 1.1% and UK’s FTSE 100 slid 0.4% to 7253.85.
Asian stock indices are mixed today in a thin trading with markets in Japan closed for a holiday. Yen accelerated its climb against the dollar. China’s markets are mixed as China’s central bank set the midpoint for the yuan weaker than 7 per dollar for the third day in a row: the Shanghai Composite Index is up 1.5% while Hong Kong’s Hang Seng Index is 0.3% lower. Australia’s All Ordinaries Index extended gains 0.1% as the Australian dollar accelerated its slide against the greenback.
Brent futures prices are edging lower today on world growth slowing concerns. Prices rose on Friday: Brent for October settlement ended 2% higher at $58.53 a barrel Friday, nevertheless closing 5.4% lower for the week.
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