Dollar strengthening halts
US stock market pullback continued on Monday after disappointing Chinese data spurred global growth slowing concerns. The S&P 500 fell 0.5% to 2582.61. Dow Jones industrial slid 0.4% to 23909.84. The Nasdaq composite index dropped 0.9% to 6905.92. The dollar weakening resumed as US trade deficit with China soared to a record of $323.32 billion in 2018: 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, slipped 0.1% to 95.58 but is higher currently. Stock index futures point to higher openings today.
Pound strengthens on expected Brexit deal rejection
European stocks pulled back on Monday on weak Chinese trade data. The EUR/USD joined GBP/USD’s continued advance ahead of UK parliament Brexit deal vote today, which is expected to be rejected. Both pairs are currently higher. The Stoxx Europe 600 index lost 0.5%. The DAX 30 slipped 0.3% to 10855.91. France’s CAC 40 slid 0.4% and UK’s FTSE 100 slumped 0.9% to 6855.02.
Hang Seng ahead of Asian indices
Asian stock indices are rising today following losses Monday after disappointing Chinese trade report. Nikkei rose 1.0% to 20555.29 after reopening with yen resuming its decline against the dollar. Chinese shares are higher after Beijing pledged to cut taxes and keep monetary policy flexible to provide stimulus as China’s economy slows down: the Shanghai Composite Index is up 1.4% and Hong Kong’s Hang Seng Index is 2% higher. Australia’s All Ordinaries Index gained 0.7% despite Australian dollar turning higher against the greenback.
Brent rebounds
Brent futures prices are edging higher today with supply cuts from major oil producers OPEC and Russia providing support. Prices fell yesterday: March Brent crude lost 2.5% to $58.99 a barrel on Monday.
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