Dollar weakens despite strong industrial output data
US stock indexes edged up on Tuesday led by real estate and utility shares. The S&P 500 rose 0.3% to 3005.70. Dow Jones industrial added 0.1% to 27110.803. The Nasdaq advanced 0.4% to 8186.02. The dollar weakening resumed despite data showing US industrial production rose above expected 0.6% in August, largest gain in a year. 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, fell 0.4% to 98.21 but is higher currently ahead of expected decision of the Fed to cut rates today at conclusion of its policy meeting. Stock index futures point to lower openings today.
CAC 40 gains while other European indexes slip
European stocks continued retreating on Tuesday. Both the EUR/USD and GBP/USD turned higher yesterday with both pairs lower currently. The Stoxx Europe 600 ended less than 0.1% lower. The German DAX 30 lost 0.1% to 12372.61 despite ZEW report German investor sentiment improved in September. France’s CAC 40 however rose 0.2%. UK’s FTSE 100 slipped 0.01% to 7320.4.
Shanghai Composite gains while other Asian indexes slip
Asian stock indices are mixed today. Nikkei lost 0.2% to 21960.71 after report Japan’s August exports contracted at a faster pace than expected with yen slide against the dollar intact. Chinese stocks are rising: the Shanghai Composite Index is up 0.3% and Hong Kong’s Hang Seng index is 0.1% higher. Australia’s All Ordinaries Index turned 0.2% lower despite Australian dollar’s move lower against the greenback.
Brent gains ahead of EIA report
Brent futures prices are edging higher today. Prices fell yesterday after news Saudi Arabia were close to restoring 70% of the estimated 5.7 million barrels per day output lost after drone attack on refinery. The American Petroleum Institute late Tuesday report indicated US crude inventories rose by 0.6 million barrels last week. Prices tumbled yesterday: November Brent lost 6.5% to $64.55 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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