By IFCMarkets

US stock market extended gains on Friday on US-China trade talk resumption optimism. S&P 500 gained 0.3% to 2850.13, ending 0.6% higher for the week. Dow Jones industrial average rose 0.4% to 25669.32. The Nasdaq added 0.1% to 7816.33. The dollar weakening accelerated as the University of Michigan consumer-sentiment index in August fell from 97.9 in July to 95.3, the lowest level in 11 months: 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 0.2% to 96.09 but is higher currently. Stock index futures indicate higher openings today.

European stocks pulled back on Friday led by Italian bank shares. Both the EUR/USD and GBP/USD accelerated their climb but both pairs are lower currently. The Stoxx Europe 600 Index slipped 0.1%, ending 1.2% lower for the week. The DAX 30slid 0.2% to 12210.55. France’s CAC 40 lost less than 0.1% while UK’s FTSE 100 added less than 0.1% to 7558.59. Markets opened 0.2% – 0.4% higer today.

Asian stock indices are mostly rising today as investors await the US-China talks in Washington on August 21 and 22, just before US tariffs on $16 billion of Chinese goods take effect. Nikkei lost 0.3% to 22199 despite a yen turn lower against the dollar. Chinese stocks are gaining as yuan rose against the dollar retreating from a psychologically important 7.0000 level: the Shanghai Composite Index is up 1.1% and Hong Kong’s Hang Seng Index is 1.3% higher. Australia’s All Ordinaries Index is up 0.1% as the Australian dollar turned lower against the greenback.

Brent futures prices are inching higher ahead of Iran sanctions. Prices rose Friday as the US and China prepared to resume trade talks next week: Brent for October settlement rose 0.6% to close at $71.83 a barrel Friday, ending 1.3% lower for the week.

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