Positive reports lift US stocks

IFC Markets

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Oct 31, 2012
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Dollar strengthened despite budget deficit rise
US stocks upward momentum carried all three main indexes higher on Friday on positive earnings and reports US and China were making progress on the trade deal. The S&P 500 advanced 0.4% to 3022.55, doubling weekly gain to 1.2%. Dow Jones industrial added 0.6% to 26958.06. The Nasdaq rose 0.7% to 8243.12. The dollar strengthening continued despite US budget deficit rising 26% over the fiscal year 2018. 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 0.2% to 97.80 but is lower currently. Stock index futures point to higher openings today.


CAC 40 led European indexes gains
European stock market gained third straight session on Friday on US-China trade deal optimism. Both the EUR/USD and GBP/USD continued their slide Friday with both pairs higher currently. The Stoxx Europe 600 Index added 0.2%. The DAX 30 edged up 0.2% Friday to 12894.51 as the Ifo business climate index for Germany stayed unchanged in October at a reading of 94.6. France’s CAC 40 rose 0.7% while UK’s FTSE 100 lost 0.05% to 7324.47.


Hang Seng leads Asian Indexes gains
Asian stock indices are rising today. Nikkei ended 0.3% higher at 22867.27 as yen accelerated its slide against the dollar. China’s markets are rising: both the Shanghai Composite Index and Hong Kong’s Hang Seng Index are 0.9% higher. Australia’s All Ordinaries Index added 0.02% despite Australian dollar extending its gains against the greenback.

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Brent down
Brent futures prices are edging lower today. Prices rose on Friday: Brent for December settlement ended 0.7% higher at $52.13 a barrel Friday.