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Fundamental Analysis
Powell hints at imminent rate cut
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[QUOTE="IFC Markets, post: 166977, member: 18359"] [SIZE=5][B]Nasdaq closes at record[/B][/SIZE] [B]US stock market [/B] extended gains on Wednesday after Powell testimony confirmed Federal Reserve plans a rate cut in July. The S&P 500 rose 0.5% to 2993.07. The [I] Dow Jones [/I] industrial average gained 0.3% to 26860.20. [I]Nasdaq [/I] composite index advanced 0.8% to record 8202.53. The dollar strengthening reversed as Powell comments emphasized rising risks to the US economy from trade policy and slowing global growth, as well as falling price inflation. 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, fell 0.4% to 97.10 and is lower currently. Stock index futures point to higher market openings today [SIZE=5][B]FTSE 100 slips despite above expected GDP growth[/B][/SIZE] [B] European stocks [/B] continued retreating on Wednesday. Both [I] EUR/USD [/I] and [I] GBP/USD [/I] turned higher with both pairs rising currently. The Stoxx Europe 600 lost 0.2% led by telecom shares. Germany’s [I] DAX 30 [/I] fell 0.5% to 12373.41. France’s [I] CAC 40[/I] slid 0.1% and UK’s [I] FTSE 100 [/I] slipped 0.1% to 7530.69 despite data showing UK economy expanded by above expected 0.3% in May after contracting 0.4% in April. [SIZE=5][B]Hang Seng leads Asian indexes rebound[/B][/SIZE] [B]Asian stock indices[/B] are rising today. [I]Nikkei [/I] rebounded 0.5% to 21643.53 with yen continuing its climb against the dollar. Chinese stocks are gaining: the [I] Shanghai Composite Index [/I] is up 0.1% and Hong Kong’s [I] Hang Seng Index [/I] is 0.8% higher. Australia’s All Ordinaries Index extended gains 0.4% despite Australian dollar's continuing climb against the greenback. [SIZE=5][B]Brent rallies on Gulf of Mexico storm concerns[/B][/SIZE] [B]Brent futures prices [/B] jumped today as a storm built in the Gulf of Mexico. Prices rebounded yesterday after the Energy Information Administration report US crude inventories dropped by bigger than expected 9.5 million barrels last week while gasoline inventories declined by 1.5 million. September Brent crude jumped 4.4% to $67.01 a barrel on Wednesday. [IMG]https://ifccd.net/uploads/image/BRENT_O_11July2019.png[/IMG] [/QUOTE]
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