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Fundamental Analysis
Futures indicate a pause in US indexes retreat
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[QUOTE="IFC Markets, post: 177500, member: 18359"] [SIZE=6][B]Dollar weakening slowed[/B][/SIZE] [B]US stock market [/B] ended mixed on Friday amid reports of rise in new coronavirus infections. All three main US stock indexes ended in correction territory last week, defined as a decline of at least 10%, but not more than 20%, from a recent peak. The S&P 500 lost 0.8% to 2954.22, falling 11.6% for the week. [I] Dow Jones [/I] industrial slumped 1.4% to 25409.36. The [I] Nasdaq [/I] however ended marginally higher gaining 0.01% to 8567.37. The dollar weakening slowed as Federal Reserve [URL deleted] Chairman Jerome Powell commented the central bank was “closely monitoring” the coronavirus epidemic. The live dollar index data show the ICE [URL deleted] US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.3% to 98.06 and is lower currently. Futures on stock indexes point to higher openings today. [IMG alt="SP500 recovering toward MA(200) 3/2/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/SP500_2March2020.jpg[/IMG] [SIZE=6][B]DAX 30 led European indexes retreat[/B][/SIZE] [B] European stocks [/B] ended sharply lower on Friday in correction territory entered the previous day. [I] EUR/USD [/I] slowed its climbing on Friday while [I] GBP/USD [/I] accelerated its decline with both pairs higher currently. The Stoxx Europe 600 Index lost 3.8%. The [I] DAX 30 [/I] dropped 3.9% to 11890.35 Friday. France’s [I] CAC 40 [/I] fell 3.4% and UK’s FTSE 100 slumped 3.2% to 6580.61. [SIZE=6][B]Shanghai Composite leads Asian indexes rebound[/B][/SIZE] [B]Asian stock indices[/B] are mixed today. [I] Nikkei [/I] rose 1.0% to 20834.29 as yen resumed its slide against the dollar after the Bank of Japan issued a statement assuring that “appropriate” actions will be taken to prop Japan’s economy. China’s markets are rising despite a bigger than expected plunge in Caixin Manufacturing PMI: the [I] Shanghai Composite Index [/I] is up 3.2% while Hong Kong’s [I] Hang Seng [/I] Index is 0.5% higher. Australia’s All Ordinaries Index lost 0.8% with Australian dollar’s climb against the greenback resuming. [SIZE=6][B]Brent rebounds[/B][/SIZE] [B]Brent futures prices [/B] recovery resumed today. Prices fell on Friday: Brent for April settlement dropped 3.2% to $50.52 a barrel Friday, plunging 14% for the week. [SIZE=6][B]Gold rebounds as Dollar weakens[/B][/SIZE] [B] Gold [/B] prices are recovering today after sharp decline Friday. Spot gold dropped 4.0% to $1578.34 on Friday. [/QUOTE]
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