Dollar weakens after weaker than expected industrial data
US stock market resumed advancing on Friday. S&P 500 rose 0.5% to 2822.48, closing 2.9% higher for the week. Dow Jones industrial gained 0.5% to 25848.87. The Nasdaq added 0.8% to 7688.53. The dollar strengthening reversed on a weaker than expected reading of just 0.1% rise in US industrial production in February. 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, lost 0.2% to 96.521 and is lower currently. Futures on US stock indexes point to higher openings today.
CAC 40 outperforms other European indices
European stocks extended gains on Friday. Both the GBP/USD and EUR/USD resumed gaining with both pairs higher currently. The Stoxx Europe 600 Index gained 0.7%. The DAX 30 rose 0.9% to 11685.69. France’s CAC 40advanced 1% and UK’s FTSE 100 added 0.2% to 7244.05.
Shanghai Composite leads Asian indices gains
Asian stock indices are higher today despite weekend reports the summit between President Donald Trump and China’s President Xi Jinping to sign an agreement ending the trade war may be pushed back to June. Nikkei rose 0.6% to 21584.5 with yen resuming its slide against the dollar. Chinese markets are gaining: the Shanghai Composite Index is up 2.5% and Hong Kong’s Hang Seng Index is 1.4% higher. Australia’s All Ordinaries Index added 0.3% as the Australian dollar accelerated its climb against the greenback.
Brent higher
Brent futures prices are higher today supported by OPEC cuts. Prices ended lower on Friday despite Baker Hughes report that the number of active US rigs drilling for oil fell for a fourth straight week: Brent for May settlement fell 0.1% to close at $67.16 a barrel Friday, gaining 2.2% for the week.
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