SP500 logs fourth consecutive loss
|Nasdaq snaps 3-day skid
US stock market fell fourth straight session on Wednesday on lingering US-China trade war concerns while President Trump said he can fire Federal Reserve chair Powell. The S&P 500 lost 0.1% to 2913.78. The Dow Jones industrial average slipped less than 0.1% to 26536.82. Nasdaq composite index however rose 0.3% to 7909.97 led by chip makers. The dollar strengthening continued despite durable goods orders for May dropping 1.3% and 5.1% increase in trade deficit. 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, inched up less than 0.01% to 96.17 and is higher currently. Futures on US stock indices point to higher openings today.
DAX 30 rose while most European indexes fell European stocks fell fourth session on Wednesday. Both EUR/USD and GBP/USD turned higher with Pound continuing its climb while euro turning lower currently. The Stoxx Europe 600 slipped 0.3% led by healthcare shares. Germany’s DAX 30 however added 0.1% to 12245.32. France’s CAC 40 lost 0.3% while UK’s FTSE 100 edged down 0.1% to 7416.39.
Hang Seng leads Asian indexes gains Asian stock indices are gaining today after the South China Morning Post report the U.S. and China have tentatively agreed to a tariff truce in order to resume trade talks ahead of the G-20 summit. Nikkei rose 1.2% to 21338.17 as the yen continued sliding against the dollar. Chinese stocks are rising : the Shanghai Composite Index is up 0.7% and Hong Kong’s Hang Seng Index is 1.5% higher. Australia’s All Ordinaries Index turned 0.4% higher despite Australian dollar continuing climb against the greenback.
Brent gaining after bigger than expected US inventories drop
Brent futures prices are inching higher today. Prices rallied yesterday after the Energy Information Administration report US crude inventories dropped by 12.8 million barrels last week while gasoline inventories dropped by 1 million. August Brent crude rose 2.2% to $66.49 a barrel on Wednesday.
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