By IFCMarkets

US stocks extended gains on Wednesday despite reports US has met with China’s resistance to commit to buying a fixed value of US agricultural products as a part of the phase one deal. The S&P 500 added 0.1% to 3094.04. The Dow Jones industrial average rose 0.3% to 27783.59 led by 7% jump in Disney. Nasdaq gained 0.05% to 8482.10. The dollar strengthening halted as US federal budget deficit in October rose 34% from a year ago. 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 98.31 but is higher currently. Futures on US stock indices point to mixed openings.

European stock indexes extended losses on Wednesday. EUR/USD continued irs slide yesterday while GBP/USD halted its decline with both pars lower currently. The Stoxx Europe 600 slipped 0.2% led by bank shares. Germany’s DAX 30 fell 0.4% to 13230.07. France’s CAC 40 slid 0.2% and UK’s FTSE 100 lost 0.2% to 7351.21 as UK inflation declined from 1.7% to 1.5% in October, the lowest level in almost three years.

Asian stock indices are mixed today against the backdrop of weak data from China, Japan and Australia. Nikkei fell 0.8% to 23141.55 with yen advance against the dollar intact after report Japan’s economy grew slower than expected in. Chinese stocks are mixed after reports China’s economy grew slower in October: the Shanghai Composite Index is 0.2% higher while Hong Kong’s Hang Seng Index is down 1.2%. Australia’s All Ordinaries Index rose 0.6% as Australian dollar’s slide against the greenback accelerated after data showed Australia’s unemployment rate inched up to 5.3% from 5.2% in September.

Brent futures prices are extending gains today. Prices resumed advancing yesterday: January Brent crude rose 0.5% to $62.37 a barrel on Wednesday. The American Petroleum Institute late Wednesday report, which was released a day later than usual because of Monday’s Veterans Day holiday, estimated US crude supplies fell by 541,000 barrels last week. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.

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