By IFCMarkets

US stocks extended gains on Thursday despite mixed reports about opposition in Washington to a new agreement with Beijing to cancel mutual tariffs in stages. The S&P 500 gained 0.3% to 3085.18. The Dow Jones industrial average rose 0.7% to 27674.80. Nasdaq composite index added 0.3% to 8434.52. The dollar strengthening accelerated as data showed initial jobless claims were below forecast. 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 98.13 but is lower currently. Futures on US stock indices point to mixed openings.

European stock market advanced fifth straight session on Thursday on progress in US-China trade talks despite European Central Bank’s downgrade of euro-zone’ economic growth estimate for the second half of 2019. Both EUR/USD and GBP/USD accelerated their declines with both pairs lower currently. The Stoxx Europe 600 index ended 0.4% higher led by mining and auto shares. Germany’s DAX 30 rallied 0.8% to 13289.46. France’s CAC 40 gained 0.4% and UK’s FTSE 100 added 0.1% to 7406.41.

Asian stock indices are mostly retreating today after reports bilateral rollback of tariffs agreed upon as part of a “phase one” US-China trade deal faced “fierce internal opposition” within the White House. Nikkei rose 0.3% to 23391.87 despite resuming yen climb against dollar. Chinese stocks are falling despite a report China’s exports fell less than feared in October: the Shanghai Composite Index is down 0.5% and Hong Kong’s Hang Seng Index is 0.7% lower. Australia’s All Ordinaries Index slipped another 0.04% despite resumed Australian dollar decline against the greenback.

Brent futures prices are edging lower today. Prices ended higher yesterday after news China and the US agreed to cancel tariffs after a phase one trade deal: January Brent crude rose 0.9% to $62.29 a barrel on Thursday.

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