Stocks rebound on earnings optimism
|Dollar weakening resumed
US stocks ended higher on Tuesday on positive corporate reports from major banks as the third quarter earnings season kicked off. The S&P 500 advanced 1% to 2995.68. Dow Jones industrial gained 0.9% to 27024.80 led by 8.2% surge in UnitedHealth shares. The Nasdaq rose 1.2% to 8148.71. The dollar weakening resumed: 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, lost 0.1% to 98.31 and is lower currently. Stock index futures point to higher openings today.
DAX biggest winner among European indexes
European stocks resumed advancing on Tuesday after European Union indicated a Brexit deal with the UK is still possible this week. Both The EUR/USD and GBP/USD resumed their climb yesterday with Pound lower currently while euro higher still. The Stoxx Europe 600 ended 1.0% higher led by retail and banking stocks. The German DAX 30 rose 1.2% to 12629.79. France’s CAC 40 advanced 1.1%. UK’s FTSE 100 fell 1.8% to 7211.64 as UK unemployment rose by 22,000 in the three months to the end of August.
Australia’s All Ordinaries Index leads Asian indexes gains
Asian stock indices are mostly higher today despite IMF’s downgrade of the global growth forecast to 3%. Nikkei rose 1.2% to 22472.92 as yen renewed its climb against the dollar. Chinese stocks are mixed after Beijing warned of retaliation if the three bills passed by the House on Tuesday supporting pro-democracy demonstrators in Hong Kong become law The Shanghai Composite Index is down 0.4% while Hong Kong’s Hang Seng index is 0.5% higher. Australia’s All Ordinaries Index extended gains 1.3% as Australian dollar continued sliding against the greenback.
Brent down
Brent futures prices are still in free fall today. Prices fell yesterday on global demand decline concerns after the IMF on Tuesday forecast global economic growth falling to a 3% rate this year, the slowest pace since the 2008 financial crisis. December Brent lost 1% to $58.74 a barrel on Tuesday.
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