By IFCMarkets
US stock market losses mount
US stock market retreat accelerated on Thursday as traders weighed the chance of government shutdown if Senate rejects House bill authorizing $5 billion for border wall. The S&P 500 lost 1.6% to 2467.42. The Dow Jones industrial average fell 2% to 22859.60. Nasdaq composite index slid 1.6% to 7070.33. The dollar weakening accelerated as data showed initial jobless claims rose last week though less than initially estimated: 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 0.6% to 96.40 and is lower currently. Futures on stock indexes indicate higher openings today.
CAC 40 leads European indices losses
European stocks sharply on Thursday. Both the GBP/USD and EUR/USDs accelerated their climb and are rising currently. The Stoxx Europe 600 index fell 1.5%. Germany’s DAX 30 lost 1.4% to 10611.10. France’s CAC 40 dropped 1.8% and UK’s FTSE 100 ended 0.8% lower at 6711.93.
Nikkei still loss leader among Asian indices
Asian stock indices are mostly lower after sharp losses on Wall Street overnight. Nikkei fell 1.1% to 20166.19 with yen resuming slide against the dollar. Chinese indices are mixed as the US accused China of violating a 2015 accord against economic espionage: the Shanghai Composite Index is down 0.8% while Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index retreat continued as it fell 0.7% with Australian dollar turning higher against the greenback.
Brent inches higher
Brent futures prices are edging higher today on reports OPEC’s production cuts that start next month will be deeper than expected. Prices ended sharply lower yesterday: Brent for February settlement closed 5.1% lower at $54.35 a barrel on Thursday.
Market Analysis provided by IFCMarkets
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