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US stocks pare sharp losses after reopening

7/12/2018

Dollar weakens on soft data

US stock market ended lower on Thursday paring earlier sharp losses as traders wondered what would be the impact of a Huawei executive arrest on US-China relations. The S&P 500 lost 0.2% to 2695.95. The Dow Jones industrial average slid 0.3% to 24947.67. Nasdaq composite index however advanced 0.4% to 7188.26. The dollar weakening resumed as data showed factory orders fell 2.1% in November while unit labor costs rose 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, slid 0.1% to 96.75 but is higher currently. Futures on stock indexes point to lower openings today.

DAX 30 drops more than other European indices

European stocks plunged on Thursday on US-China relations deterioration concerns. EUR/USD’s and GBP/USD continued climbing but are lower currently. The Stoxx Europe 600 index dropped 3.1%. Germany’s DAX 30 sank 3.5% points to 10810.98. France’s CAC 40 tumbled 3.2% and UK’s FTSE 100 fell 3.2% to 6704.05.

DE30 plunges  12/07/2018 Market Overview IFC Markets chart

Hang Sang still down while other Asian indices rebound

Asian stock indices mostly higher today on trade tensions easing hopes. Nikkei rose 0.8% to 21678.68 with yen resuming slide against the dollar. Chinese stocks are marginally higher as yuan fell: the Shanghai Composite Index is up 0.03% while Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index rebounded 0.4% with Australian dollar slide slowing against the greenback.

Brent down ahead OPEC oil cuts discussion

Brent futures prices are extending losses as OPEC tentatively agreed to an oil output cut but will discuss output figures with non-OPEC producers during their meeting today. Prices ended lower yesterday: Brent for February settlement closed 2.4% lower at $59.51 a barrel on Thursday despite the Energy Information Administration report US crude supplies fell by 7.3 million barrels last week.




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