By IFCMarkets
US stocks logged back to back losses on lowered trade talk expectations after reports China Vice Premier Liu He arriving on Thursday will not represent his government as a “special envoy” and the delegation will leave the United States on October 11 rather than October 12. The S&P 500 fell 1.6% to 2893.06. Dow Jones industrial lost 1.2% to 26164.04. The Nasdaq dropped 1.7% to 7865. The dollar strengthening was intact despite Federal Reserve Chairman Powell’s comment Fed intends to expand its balance sheet by purchasing short-term US government debt. 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 99.12 and is higher currentlyy. Stock index futures point to higher openings today.
European stocks pulled back on Tuesday. Both The EUR/USD and GBP/USD accelerated their slide yesterday with both pairs lower currently. The Stoxx Europe 600 ended 1.0% lower led by retail and travel stocks. The German DAX 30 lost 1.1% to 11970.20 despite data showing unexpected rise in industrial production in August when a decline was expected. France’s CAC 40 fell 1.2%. UK’s FTSE 100 slid 0.8% to 7143.15.
Asian stock indices are mostly lower today after China’s Commerce Ministry issued a statement demanding US “stop interfering” in its internal affairs following US announcement of visa restrictions against Chinese officials believed involved in abuses of Uighurs. Nikkei lost 0.6% to 21456.38 despite renewed yen slide against the dollar. The Shanghai Composite Index is up 0.2% while Hong Kong’s Hang Seng index is 0.7% lower. Australia’s All Ordinaries Index turned lower closing down 0.7% as Australian dollar moved higher against the greenback.
Brent futures prices are edging higher today. Prices fell yesterday on global demand decline concerns after the US Energy Information Administration cut its expectations for global oil demand growth and lowered 2020 price forecasts. The American Petroleum Institute late Tuesday report indicated US crude inventories rose by 4.1 million barrels last week. Prices fell yesterday: December Brent lost 0.2% to $58.24 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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.