By IFCMarkets
Fed two-day policy meeting starts
US stock market pulled back on Monday on disappointing earnings reports despite positive economic data. The S&P 500 lost 0.8% to 2643.85. Dow Jones industrial slid 0.8% to 24528.22 led by 9% drop in Caterpillar on missed earnings. The Nasdaq composite index fell 1.1% to 7085.68. The dollar weakening slowed as Federal Reserve of Chicago’s national activity index rose to 0.27 in December, up from 0.21 in November: 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, slipped less than 0.1% to 95.73 and is lower currently. Futures on US stock indices point to lower openings ahead of Federal Reserve’s two day policy meeting staring today.
FTSE 100 still loss leader among European indices
European stocks retreated on Monday. EUR/USD continued climbing while GBP/USD turned lower with both pair rising currently. The Stoxx Europe 600 index lost 1%, giving back all of Friday’s 0.6% gains. The DAX 30 slid 0.6% to 11210.31. France’s CAC 40 lost 0.8% and UK’s FTSE 100 dropped 0.9% to 6747.10.
Nikkei edges up while Asian indices slip
Asian stock indices are mostly lower today after US announced indictments again Chinese tech giant Huawei Monday, including stealing trade secrets, misleading banks about its business and violating US sanctions. Nikkei managed to add 0.1% to 20664.64 with yen little changed against the dollar. Chinese shares are lower: the Shanghai Composite Index is down 0.1% and Hong Kong’s Hang Seng Index is 0.3% lower. Australia’s All Ordinaries Index erased most of previous session gains declining 0.5% as Australian dollar resumed climbing against the greenback.
Brent up
Brent futures prices are edging higher today after US sanctioned Venezuela’s state-owned oil firm Monday. Prices fell yesterday: March Brent crude tumbled 2.8% to $59.93 a barrel on Monday.
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