Dollar strengthening halts
US stock market ended the week on down notes on Friday as the respiratory virus spread in China. The S&P 500 fell 0.9% to 3295.47, retreating 1.0% for the week. Dow Jones industrial slid 0.6% to 28989.73. The Nasdaq lost 0.9% to 9314.91. The dollar strengthening continued as Markit's composite PMI reached a 10-month high reading for January. 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 0.2% to 97.86 but is lower currently. Futures on stock indexes point to lower openings today.
European stock indexes rebounded
European stocks rebounded on Friday supported by positive data. Both GBP/USD and EUR/USD continued thier slide on Friday with euro turning higher currently and Pound lower still. The Stoxx Europe 600 Index recovered 9%. The DAX 30 gained 1.4% Friday to 13576.68 as both manufacturing and services PMIs beat expectations for January. France's CAC 40 rose 0.9% and UK's FTSE 100 advanced 1% to 7585.98 as the composite PMI returned to growth after recording a contraction for December.
Nikkei falls as China extends New Year holidays
Asian stock indices are down today with markets in China, Hong Kong, Australia and South Korea closed for holidays. Nikkei fell 2% to 23343.51 despite resumed yen slide against the dollar. China's markets are closed while the end of New Year holidays were extended to Sunday from Thursday.
Saudi Aramco slips while Brent slumps
Brent futures prices are extending losses today. Prices fell on Friday as oil-field services firm Baker Hughes reported the number of US oil rigs rose by three this week to 676: Brent for March settlement fell 2.2% to $60.69 a barrel Friday. Saudi Aramco shares are down currently 0.4% to 34.15 riyals as they continue trading on country's Tadawul exchange. Brand Finance's annual global study ranked it the most valuable brand in the Middle East and North Africa, with a brand value of $46.8bn. Aramco was ranked 24th globally, and the second most valuable oil and gas brand, within striking distance of Shell.
Gold extends gains
Gold prices are extending gains after rising Friday. February gold gained 0.4% to 1571.30 on Friday.
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.
Recommended Content
Editors’ Picks
EUR/USD comes under pressure near 1.0630
Further gains in the Greenback encourage sellers to maintain their control over the risk complex, forcing EUR/USD to retreat further and revisit the 1.0630 region as the US session draws to a close.
GBP/USD stays firm amid BoE, Fed commentary and US data
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.