By IFCMarkets
SP 500, Nasdaq composite log fresh records
US stocks ended at all time highs on Friday despite purchasing managers indexes’ preliminary estimates showed businesses grew in November at the slowest pace in four months. The dollar weakened as euro rallied: 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 0.4% to 92.754. S&P 500 rose 0.2% to record 2602.42 led by technology and materials shares. The US broad market index gained 0.9% for the week. Dow Jones industrial average added 0.1% to 23557.99. The Nasdaq composite gained 0.3% to new high 6889.16.
European stocks end week higher
European stocks pulled back on Friday. Both the euro and British Pound advanced against the dollar. The Stoxx Europe 600 index ended the session down 0.1% but posted 0.7% gain for the week. The DAX 30 meanwhile rose 0.4% to 13059.84 as Ifo business climate index surged to another record high in November. France’s CAC 40 gained 0.2% while UK’s FTSE 100 slipped 0.1% to 7409.64. Indices opened higher today.
Chinese stocks lead Asian markets down
Asian stock indices are mostly lower today led by Chinese stocks. Nikkei ended 0.3% lower at 22488.50 as yen extended advanced against the dollar. Chinese stocks are lower after closing higher Friday: the Shanghai Composite Index is down 0.9% and Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index is up 0.1% despite continued decline in Australian dollar against the greenback.
Oil lower
Oil futures prices are lower today on increasing US output prospects. Prices rose Friday on news Russia would discuss the details of crude output cuts deal extension at OPEC meeting on November 30. January Brent rose 0.8% to $63.85 a barrel on Friday.
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