By IFCMarkets

US stocks pulled back on Monday after reports the Chinese Commerce Ministry will not make “changes to their laws to protect intellectual property” while willing to strike a deal with US. The S&P 500 finished 0.5% lower at 2938.79. Dow Jones industrial lost 0.4% to 26478.02. The Nasdaq composite slid 0.3% to 7956.29. The dollar strengthening resumed: 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, rose 0.2% to 98.98 but is lower currently. Stock index futures point to lower openings today.

European stocks extended gains on Monday despite weak economic data. EUR/USD joined GBP/USD’s slide yesterday with euro turning higher currently while Pound still lower. The Stoxx Europe 600 index ended 0.7% higher led by chemicals and energy shares. The DAX 30 rose 0.7% to 12097.43 despite report German industrial orders for August fell by more than expected on weaker domestic demand. France’s CAC 40 added 0.6% and UK’s FTSE 100 gained 0.6% to 7197.88 as Prime Minister Boris Johnson on Sunday reiterated his intention for the UK to leave the EU on October 31.

Asian stock indices are gaining today. Nikkei rose 1% to 21587.78 as Japan on Monday signed a limited trade deal with US returning US farmers benefits they lost when Trump pulled the US out of the Trans-Pacific Partnership in 2017. Markets in China are rising despite US blacklisting 28 Chinese public security bureaus and companies on Monday by adding them to the so-called Entity List: the Shanghai Composite Index is up 0.3% and Hong Kong’s Hang Seng Index is 0.3% higher. Australia’s All Ordinaries Index added 0.5% despite resumed Australian dollar climb against the greenback.

Brent futures prices are edging higher today after marginal decline Monday despite OPEC report its output fell in September 1.48 million barrels a day from August: December Brent crude closed 2 cents lower at $58.35 a barrel on Monday.

Market Analysis provided by IFCMarkets

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