US stocks pull back on mixed earnings

Dmitry Lukashov IFC Markets

Dollar strengthening accelerated

US stock market paused on Wednesday on mixed earnings reports as energy stocks weighed. The S&P 500 lost 0.2% to 2927.25. The Dow Jones industrial average slipped 0.2% to 26597.05. Nasdaq composite index slid 0.2% to 8102.01. The dollar strengthening accelerated: 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 0.5% to 97.055 but is lower currently. Futures on US stock indexes point to mixed openings today.

DAX 30 rose while other European indexes fell

European stocks gave back part of previous session gains on Wednesday weighed by energy shares. Both theEUR/USD and GBP/USD continued their slide but are higher currently. The Stoxx Europe 600 slipped 0.1%. Germany’s DAX 30 however rose 0.6% to 12313.16 despite weaker than expected readings of Germany’s IFO business climate index for April, France’s CAC 40 slid 0.3% and UK’s FTSE 100 lost 0.7% to 7471.72.

DE30 rises above MA(200) 04/25/2019 Market Overview IFC Markets chart

Australia’s All Ordinaries Index still up while Shanghai Composite falls sharply

Asian stock indices are mixed today. Nikkei gained 0.5% to 22307.58 as yen resumed its climb against the dollar while the Bank of Japan pledged to keep interest rates very low at least until early 2020. China’s stocks are lower on talks authorities may hold off on providing more economic stimulus after better than expected growth data: theShanghai Composite Index is down 2.4% and Hong Kong’s Hang Seng Index is 0.9% lower. Australia’s All Ordinaries Index added another 1.0% despite Australian dollar turn higher against the greenback.

Brent rise despite US crude inventories build

Brent futures prices are rising today. Prices were virtually flat yesterday despite report US gasoline stocks fell by 2.1 million barrels while crude stockpiles rose by 5.5 million last week. June Brent crude added less than 0.1% to $74.57 a barrel on Wednesday.

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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.

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