Equities gain on trade talks resumption hopes

IFC Markets

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Oct 31, 2012
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Dollar advances despite weak home sales data
US stock market advance accelerated on Tuesday in anticipation of China trade talks resumption next week and positive corporate reports. The S&P 500 rose 0.7% to 3005.0. Dow Jones industrial advanced 0.7% to 27349 led by 6.1% gain in Cocoa Cola. The Nasdaq gained 0.6% to 8251. The dollar strengthening accelerated despite steeper than expected 1.7% decline on month in existing home sales in June instead of forecast 0.4%: 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, gained 0.4% to 97.7 and is higher currently. Stock index futures point to lower market openings today


DAX 30 leads European indexes gains
European stocks resumed advancing on Tuesday supported by strong earnings reports. The GBP/USD and EUR/USD slump accelerated with euro lower while pound rising currently. The Stoxx Europe 600 ended 1% higher led by auto and chip maker shares. The German DAX 30 rallied 1.6% to 1249.74. France’s CAC 40 rose 0.9%. UK’s FTSE 100 advanced 0.6% to 7556.86.


Australia’s All Ordinaries Index paces Asian indexes gains
Asian stock indices extending gains today ahead of US delegation visit to Shanghai next week. Nikkei advanced 0.4% to 21709.57 despite yen inching higher against the dollar. Chinese stocks are rising: the Shanghai Composite Index is up 0.6% and Hong Kong’s Hang Seng index is 0.6% higher. Australia’s All Ordinaries Index gained 0.8% with Australian dollar’s slide against the greenback intact.

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Brent down ahead of US inventories report
Brent futures prices are edging lower today. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 11 million barrels last week. Prices rose yesterday: September Brent gained 0.9% to $63.83 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.