Stocks slip as bank earnings disappoint
Dollar decline pauses on Empire State Manufacturing Index gain
US stock market pulled back on Monday on disappointing Goldman Sachs and Citigroup quarterly reports. The S&P 500 slipped 0.1% to 2905.58. Dow Jones industrial dipped 0.1% to 26384.77 dragged by 3.8% drop of Goldman Sachs on revenue miss. The Nasdaq composite lost 0.1% to 7976.01. The dollar weakening paused as factory production in New York state picked up in April versus March. 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, edged up 0.02% to 96.94 but is lower currently. Futures on US stock indexes point to higher openings today.
FTSE 100 underperforms other European indices
European stocks extended gains on Monday. Both the EUR/USD and GBP/USD continued climbing with euro higher currently while Pound lower against the dollar. The Stoxx Europe 600 index gained 0.2%. The DAX 30 added 0.2% to 12020.28. France’s CAC 40 edged up 0.1% while UK’s FTSE 100 slipped 0.2 points to 7436.87.
Shanghai Composite leads Asian indices rebound
Asian stock indices are rebounding today. Nikkei extended gains 0.2% to 22221.66 despite continued yen climb against the dollar while Bank of Japan Governor Haruhiko Kuroda vowed to “patiently continue” monetary easing policy. Markets in China recovered all of previous session losses as China’s central bank said it was adjusting its monetary policy to coordinate with government spending: the Shanghai Composite Index is up 1.9% and Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s All Ordinaries Index accelerated gains adding 0.4% as Australian dollar accelerated slide against the greenback.
Brent futures prices are extending losses today after a Russian minister comment Russia and OPEC may boost crude output to fight the United States for market share. Prices retreated yesterday: June Brent crude lost 0.5% to $71.18 a barrel on Monday.
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