Dollar rises as home builder sentiment improves
US stock market resumed advancing on Tuesday with 60% of companies that have reported quarterly results so far beating the revenue forecasts. The S&P 500 rose 0.3% to 2907.06. Dow Jones industrial added 0.3% to 26452.66. The Nasdaq gained 0.3% to 8000.23. The dollar strengthening accelerated as home builder sentiment rose to a six-month high in April, while industrial production fell 0.1% in March. 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 0.1% to 97.06 but is lower currently. Futures on US stock indexes point to higher openings today.
DAX 30 outperforms on ZEW investor sentiment surprise
stocks added to gains on Tuesday on positive data and earnings reports. Both the EUR/USD andGBP/USD turned lower but are higher currently. The Stoxx Europe 600 gained 0.4%. The German DAX 30 rose 0.7% to 12101.32 as German ZEW investor sentiment index improved in April, France’s CAC 40 added 0.4%. UK’s FTSE 100 advanced 0.4% to 7469.92.
Asian indices mixed while China’s growth beat expectations
Asian stock indices are mostly higher today. Nikkei added 0.3% to 22277.97 with yen little changed against the dollar while Japan suffered first trade deficit in three years. Chinese stocks are mixed as China’s 6.4% growth rate for January-March beat analysts’ expectations: the Shanghai Composite Index is up 0.3% while Hong Kong’s Hang Seng index is 0.1% lower. Australia’s All Ordinaries Index turned 0.3% lower as Australian dollar accelerated its climb against the greenback.
Brent futures prices are edging higher today. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 3.1 million barrels last week while gasoline inventories dropped by 3.6 million. Prices ended higher yesterday. June Brent rose 0.8% to $71.72 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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