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Fundamental Analysis
Main US indexes notch record closes again
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[QUOTE="IFC Markets, post: 176822, member: 18359"] [SIZE=6][B]Dollar strengthening stalls[/B][/SIZE] [B]US stock market [/B] closed at record highs again on Wednesday as new cases of coronavirus infection in China reported over the last 24 hours declined for a second day. The S&P 500 advanced 0.7% to fresh record 3379.45. The [I] Dow Jones [/I] industrial average rose 0.9% to 29551.42. [I]Nasdaq [/I] gained 0.9% to new record 9725.96. The dollar strengthening accelerated despite report US budget deficit rose more than expected in January. 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 0.3% to 99.0 but is lower currently. Futures on stock indexes point to lower openings today. [SIZE=6][B]DAX 30 led European indexes recovery[/B][/SIZE] [B] European stocks [/B] ended at record highs on Wednesday despite weak data. [I] EUR/USD [/I] declined yesterday while [I] GBP/USD [/I] continued climbing with dynamics reversed for both pairs currently. The Stoxx Europe 600 ended up 0.6% led by auto shares despite report euro zone manufacturing output fell more than expected in December. Germany’s [I] DAX 30 [/I] rose 0.9% to 13749.78. France’s [I] CAC 40[/I] advanced 0.8% while UK’s [I] FTSE 100 [/I] added 0.5% to 7594.37. [IMG alt="DE30 rallies above MA(50) 2/13/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/DE30_13February2020.jpg[/IMG] [SIZE=6][B]Shanghai Composite leads Asian indexes retreat[/B][/SIZE] [B]Asian stock indices[/B] are mostly lower today as China’s Hubei province reported sharply higher number of new coronavirus outbreak cases. [I]Nikkei [/I] declined 0.1% to 23827.73 as yen resumed advancing against the dollar. Markets in China are down: [I] Shanghai Composite Index [/I] is 0.7% lower while Hong Kong’s [I] Hang Seng Index [/I] is losing 0.4% higher. Australia’s All Ordinaries Index however recovered 0.2% despite resumed Australian dollar decline against the greenback. [SIZE=6][B]Brent edges down[/B][/SIZE] [B]Brent futures prices [/B] are lower today. Prices rebounded on Wednesday despite EIA report US crude oil inventories rose by bigger than expected 7.5 million barrels last week: April Brent added 3.3% to $55.79 on Wednesday. [SIZE=6][B]Gold rises as Dollar weakens[/B][/SIZE] [B] Gold [/B] prices are extending gains while dollar inches down. The price of an ounce of gold for April delivery gained 0.1% to $1,571.60 Wednesday. [/QUOTE]
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