US stocks log first gains in 2019

Dmitry Lukashov IFC Markets

Dollar strengthens despite Manufacturing PMI miss

US stock market advanced on the first trading day of 2019 in a volatile session on Wednesday while President Trump and Democrat leaders of Congress didn’t make a progress on budget disagreement over Wall financing that has resulted in partial government shutdown. The S&P 500 gained 0.1% to 2510.03. The Dow Jones industrial average added 0.1% to 23346.24. Nasdaq composite index rose 0.5% to 6665.94. The dollar weakening reversed despite data showed US Manufacturing Purchasing Manager’s Index came in at 53.8 for December instead of 53.9 as expected. 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 96.67 but is lower currently. Stock index futures point to lower openings today.

CAC 40 falls while other European indices gain

European stock markets ended first 2019 trading session slightly lower. Both GBP/USD and EUR/USD gave back previous session gains but are higher currently. The Stoxx Europe 600 closed 0.1% lower. Germany’s DAX 30 added 0.2% to 10580.19, France’s CAC 40 fell 0.9% and UK’s FTSE 100 edged up 0.1% to 6734.23. Futures indicate lower openings today.

Australian stocks rise after currency crash

Asian stock indices are mixed today after Apple’s 9% overnight downgrade of its quarterly sales projections citing slowing Chinese growth. Markets in Japan are closed for holiday while yen slid against the dollar after a steep climb overnight. China’s stocks are falling led by technology: the Shanghai Composite Index is down 0.04% and Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index however gained 1.4% as the Australian dollar resumed climb against the greenback after a sharp fall overnight to multi-year lows attributed to automated selling.

Brent slips

Brent futures prices are lower today. Prices ended higher yesterday buoyed by a reported drop in December crude exports from Saudi Arabia: February Brent crude rallied 2.1% to $54.91 a barrel on Wednesday.

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

Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.