Tech lead US stocks as trade war concerns subside

US stock indexes extended gains on Wednesday as Beijing announced it exempted some US products from retaliatory import tariffs. The S&P 500 gained 0.7% to 3000.93. The Dow Jones industrial average advanced 0.9% to 27137.04. Nasdaq rose 1.1% to 8169.67. The dollar strengthening accelerated after data showing wholesale price growth rose year-over-year at a 1.8% rate, after a 1.7% advance in July: 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, rose 0.3% to 98.63 and is higher currently. Stock index futures point to higher openings today.

 

FTSE 100 paces European indexes gains

European stocks accelerated their rebound on Wednesday as China exempted 16 types of US products from retaliatory tariffs. Both GBP/USD and EUR/USD turned lower yesterday with both pairs sliding currently ahead of the European Central Bank (ECB)meeting today. The Stoxx Europe 600 gained 0.8% led by basic resources shares. Germany’s DAX 30 advanced 0.7% to 12359.07. France’s CAC 40 gained 0.4% and UK’s FTSE 100 rose 1.0% to 7336.03. The ECB is expected to announce new stimulus measures for euro-zone suffering from chronic low inflation.

GB100

 

Hang Seng falls while Asian indexes gain

Asian stock indices are extending gains today after President Donald Trump tweeted he will delay implementing tariff hikes from 25% to 30% on $250 billion of Chinese goods for two weeks as a “gesture of good will.” Nikkei gained 0.8% to 21759.61 as yen continued sliding against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is up 0.75% while Hong Kong’s Hang Seng Index is 0.25% lower. Australia’s All Ordinaries Index added another 0.25% despite resumed climb of Australian dollar against the greenback.

 

Brent falls despite drop in US crude inventories

Brent futures prices are extending losses today. Prices fell yesterday despite the Energy Information Administration report US crude inventories dropped by 6.9 million barrels, while gasoline inventories fell by 0.7 million barrels. Prices fell after reports President Donald Trump is considering easing sanctions on Iran: November Brent crude dropped 2.5% to $60.81 a barrel on Wednesday.

 


 

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD struggling to hold onto 1.10 as USD gains ground

EUR/USD is trading close to 1.10, as the US dollar gradually advances. Two White House advisers expressed contradicting accounts of US-Sino trade talks, causing confusion. Germany refrained from adding fiscal stimulus.

EUR/USD News

GBP/USD trades around 1.25 as EU pours cold water on Brexit hopes

GBP/USD is trading around 1.25, off the two-month highs of 1.2582 as EU officials cast doubts about the seriousness of the new UK proposals on Brexit. 

GBP/USD News

USD/JPY drops to one-week lows on trade war headlines

The USD/JPY fell during the American session following reports that the Montana Farm Bureau said China's delegation has canceled a planned trip to view US agriculture.

USD/JPY News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more

Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Forex Majors

Cryptocurrencies

Signatures