By IFCMarkets
SP500 logs third weekly gain in a row
US stock market recovered Friday as the Group of Seven industrialized nations met in Canada against the background of trade tension rising as European partners and Canada condemn imposition of US tariffs on their steel and aluminum exports. S&P 500 rose 0.3% to 2779.03, ending 1.6% higher for the week. Dow Jones industrial average added 0.3% to 25316.53. The Nasdaq edged up 0.1% to 7645.51. The dollar rebounded as wholesale inventories rose 0.1% in April while no change was expected: 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 0.1% to 93.54 but is lower currently. Stock index futures point to higher openings today.
European stocks retreat third week in a row
European stock indices ended lower Friday. Both the euro and British Pound turned lower against the dollar but are rising currently. The Stoxx Europe 600 Index slipped 0.2%, ending 0.5% lower for the week. The DAX 30 fell 0.4% to 12766.55. France’s CAC 40 however closed marginally higher while UK’s FTSE 100 edged 0.3% lower to 7681.07. Indices opened 0.3% – 0.4% higher today.
Asian indices mixed
Asian stock indices are mixed today ahead of US-North Korea summit Tuesday in Singapore. Nikkei ended 0.5% higher at 22804.04 helped by resumed yen weakness against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.5% while Hong Kong’s Hang Seng Index is 0.4% higher. Australia’s All Ordinaries Index is down 0.2% as the Australian dollar resumed its climb against the greenback.
Brent down
Brent futures prices are extending losses today on rising Russian and US oil output. Prices fell Friday on rising US crude oil output as Baker Hughes reported the number of active US rigs drilling for oil rose by 1 to 862 last week. Brent for August settlement lost 1.1% to close at $76.46 a barrel Friday, ending 0.4% lower for the week.
Market Analysis provided by IFCMarkets
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
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.
