By IFCMarkets
US stocks resumed advancing on Thursday as positive earnings reports overshadowed weak economic data. The S&P 500 gained 0.3% to 2997.95. The Dow Jones industrial average added 0.1% to 27025.88. Nasdaq composite index rose 0.4% to 8156.85. The dollar weakening accelerated as data showed both new home construction and building permits fell in September, as did industrial production and manufacturing activity in Pennsylvania, Delaware and New Jersey. 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, lost 0.5% to 97.57 but is higher currently. Stock index futures point to lower openings today.
European stocks ended higher on Thursday on draft Brexit deal to be approved by the British parliament and other EU member states. Both GBP/USD and EUR/USD accelerated their climbs yesterday but are lower currently. The Stoxx Europe 600 index ended 0.1% higher led by financial and heatlhcare shares. Germany’s DAX 30 however slipped 0.1% to 12654.98. France’s CAC 40 slid 0.4% while UK’s FTSE 100 added 0.2% to 7182.32 despite the Democratic Unionist Party announcement it will vote against the deal.
Asian stock indices are mostly falling today after worse than expected economic growth in China. Nikkei rose 0.2% to 22492.68 as yen continued its slide against the dollar. Chinese stocks are in free fall after report China’s GDP expanded at a 6% rate in Q3 over year, the worst pace of growth since the first quarter of 1992. The Shanghai Composite Index is down 1.3% and Hong Kong’s Hang Seng Index is 0.6% lower. Australia’s All Ordinaries Index extended losses 0.5% as Australian dollar continued climbing against the greenback.
Brent futures prices are edging lower today. Prices ended higher yesterday despite Energy Information Administration report that US crude supplies climbed for a fifth week in a row, by 9.3 million barrels: December Brent crude rose 0.8% to $59.91 a barrel on Thursday.
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