News US may lower China tariffs buoys markets
|Dollar strengthening stalls
US stock market rose third straight session on Thursday on reports Washington was considering easing tariffs on Chinese imports to facilitate trade talks. The S&P 500 rose 0.8% to 2635.96. The Dow Jones industrial average gained 0.7% to 24370.10. Nasdaq composite index added 0.7% to 7084.46. The dollar strengthening halted despite a report the Federal Reserve Bank of Philadelphia’s manufacturing index rebounded in January: the live dollar indexdata show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched lower to 96.06 but is higher currently. Stock index futures indicate higher openings today.
FTSE 100 leads European Index losses
European stocks ended marginally higher on Thursday despite disappointing bank earnings reports. The EUR/USD continued its slide while GBP/USD extended gains with both reversing directions currently. The Stoxx Europe 600 index gained 0.04%. Germany’s DAX 30 however slipped 0.1% to 10918.62. France’s CAC 40 slid 0.3% and UK’sFTSE 100 fared the worst ending 0.4% lower at 6834.92 as Prime Minister Theresa May starts cross-party discussions to arrive at an acceptable compromise to the rejected Brexit deal.
Chinese stocks lead Asian indices gains
Asian stock indices resumed advancing today on US-China trade talk progress hopes. Nikkei rose 1.3% to 20666.07 with yen slide against the dollar intact. Chinese indices are higher as Beijing announced China’s top trade official, Vice Premier Liu He, will travel to the US for January 30-31 talks. The Shanghai Composite Index is up 1.4% and Hong Kong’s Hang Seng Index is 1.2% higher. Australia’s All Ordinaries Index extended gains 0.5% despite continued Australian dollar climb against the greenback.
Brent rises
Brent futures prices are advancing today. Prices retreated yesterday: Brent for March settlement closed 0.2% lower to $61.18 a barrel on Thursday.
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