By IFCMarkets
US stocks resumed advancing on Wednesday as the Federal Reserve announced 3rd cut in interest rates this year. The S&P 500 rose 0.3% to new record 3046.77. The Dow Jones industrial average rose 0.4% to 27186.69. Nasdaq gained 0.3% to 8303.98. The dollar weakening accelerated as GDP ticked down to 1.9% from 2% in Q2 and Fed cut its benchmark fed funds rate by 0.25% to between 1.50% and 1.75% signaling no further cuts in the near future . 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, fell 0.2% to 97.44 and is lower currently. Futures on US stock indices point to higher openings.
European stock market resumed advancing on Wednesday ahead of Fed decision. Both GBP/USD and EUR/USD accelerated their climbs yesterday with both pairs gaining currently. The Stoxx Europe 600 added 0.06% led by household goods shares. Germany’s DAX 30 however lost 0.2% to 12910.23. France’s CAC 40 rose 0.5% while UK’s FTSE 100 gained 0.3% to 7330.78.
Asian stock indices are mixed today. Nikkei rose 0.4% to 22927.04 despite yen accelerating its climb against the dollar. Chinese stocks are mixed after China’s manufacturing activity shrank for the sixth straight month in October: the Shanghai Composite Index is down 0.4% while Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s All Ordinaries Index extended losses 0.4% as Australian dollar continued its climb against the greenback.
Brent futures prices are recovering today. Prices fell yesterday on bigger than expected US crude inventories buildup as the Energy Information Administration reported US crude stocks rose by 5.7 million barrels, with gasoline supplies falling by 3 million barrels. December Brent crude fell 1.6% to $60.61 a barrel on Wednesday.
Market Analysis provided by IFCMarkets
Free Reports:
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.