By IFCMarkets
Dollar weakened on softer than expected home builder report
US stock market resumed advancing on Monday led by technology stocks as the Federal Reserve started two-day policy meeting. The S&P 500 gained 0.1% to 2889.67. Dow Jones industrial added 0.1% to 26112.53. The Nasdaq composite rose 0.6% to 7845.02. The dollar turned marginally lower yesterday on reports manufacturing activity in the New York state and home builder confidence declined in June: 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 0.02% to 97.53 and is lower currently. Futures on US stock indices point to higher openings today.
CAC 40 top performer among European indexes
European stocks extended losses on Monday . EUR/USD turned higher while GBP/USD continued its slide with euro higher currently whereas Pound continues falling. The Stoxx Europe 600 index slipped 0.1%. The DAX 30 fell 0.1% to 12085.82 dragged by 11.6% Lufthansa plunge on earnings warning. France’s CAC 40 however added 0.4% and UK’s FTSE 100 advanced 0.1%.
Hang Seng leads Asian indexes rebound
Asian stock indices are mostly rising today despite US Commerce Secretary Wilbur Ross comment on Monday that President Donald Trump is “perfectly happy” to impose tariffs on the remaining $300 billion of Chinese imports if two countries fail to agree on a deal. Nikkei closed 0.7% lower at 20972.71 with yen resuming its climb against the dollar. Markets in China are gaining: the Shanghai Composite Index is up 0.1% and Hong Kong’s Hang Seng Index is 0.9% higher. Australia’s All Ordinaries Index turned up 0.6% as Australian dollar continued sliding against the greenback.
Brent down
Brent futures prices are extending losses today. Prices fell yesterday: August Brent crude lost 1.7% to $60.94 a barrel on Monday.
Market Analysis provided by IFCMarkets
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