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Fundamental Analysis
Equities retreat on global slowing concerns
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[QUOTE="IFC Markets, post: 161131, member: 18359"] [SIZE=5][B]Dollar weakens after weaker than expected jobs data[/B] [B][/B][/SIZE] [B]US stock market [/B]extended losses fifth session in a row on Friday with weak labor market and China export data undermining market sentiment. S&P 500 slid 0.2% to 2743.07, closing 2.2% lower for the week. [I]Dow Jones [/I]industrial slipped 0.1% to 25450.24. The [I]Nasdaq [/I]shed 0.2% to 7408.14. The dollar strengthening reversed on a weaker than expected reading of just 20,000 new jobs 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 97.357 but is higher currently. Futures on US stock indexes point to mixed openings today. [SIZE=5][B]DAX 30 sags less than other European indices[/B] [B][/B][/SIZE] [B]European stocks [/B]fell further on Friday weighed by weak German data. The [I]GBP/USD[/I] continued sliding while [I]EUR/USD [/I]turned higer with no change in dynamics for both pairs currently. The Stoxx Europe 600 Index tumbled 0.9%. The [I]DAX 30 [/I]slid 0.5% to 11457.84 as German factory orders fell 2.6% over month in January when an increase was expected. France’s [I]CAC 40 [/I]tumbled 0.7% and UK’s FTSE 100 lost 0.7% to 7104.31. [IMG]https://ifccd.net/uploads/image/EU50_OR_11March2019.png[/IMG] [SIZE=5][B]Shanghai Composite leads Asian indices gains[/B] [B][/B][/SIZE] [B]Asian stock indices[/B] are mostly higher today. [I]Nikkei [/I]rose 0.5% to 21125.09 with yen resuming its slide against the dollar. Chinese markets are higher after China’s central bank on Sunday pledged further monetary stimulus by spurring loans and lowering borrowing costs. The [I]Shanghai Composite Index [/I]is up 1.9% and Hong Kong’s [I]Hang Seng [/I]Index is 0.8% higher. Australia’s All Ordinaries Index fell 0.4% as the Australian dollar continued its climb against the greenback. [SIZE=5][B]Brent up[/B] [B][/B][/SIZE] [B]Brent futures prices [/B]are higher today supported by OPEC cuts. Prices ended lower on Friday despite the Baker Hughes report that the number of active US rigs drilling for oil fell by 9 to 834 last week: Brent for May settlement fell 0.8% to close at $65.74 a barrel Friday, gaining 1% for the week. [/QUOTE]
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