SP 500 closed marginally higher as techs weigh

IFC Markets

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Oct 31, 2012
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Dollar strengthening intact
US stocks recorded another session of mixed performance on Wednesday after reports of possible delay of China-US trade until December. The S&P 500 rose 0.07% to 3076.78. The Dow Jones industrial average slipped less than a point to 27492.50. Nasdaq lost 0.3% to 8410.63. The dollar strengthening continued as Chicago Fed President Charles Evan said the US economy may not need additional interest rate cuts. 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, added 0.04% to 97.94 and is higher currently. Futures on US stock indices point to higher openings.


CAC 40 still leader among European indexes
European stock market extended gains on Wednesday as companies continued reporting quarterly results. Both GBP/USD and EUR/USD continued their slide yesterday with euro gaining currently while Pound lower still against the dollar. The Stoxx Europe 600 added 0.2% led by banking shares. Germany’s DAX 30 advanced 0.2% to 13179.89 as services sector accelerated expansion in October. France’s CAC 40 rose 0.3% and UK’s FTSE 100 gained 0.1% to 7396.65 ahead of Bank of England policy meeting today with market participants expecting no interest rate change.


Australia’s All Ordinaries Index leads Asian indexes gains
Asian stock indices are mostly higher today. Nikkei rose 0.1% to 23330.32 as yen resumed its slide against the dollar with the Bank of Japan Governor Haruhiko Kuroda comment the central bank would continue its massive monetary easing to achieve its 2% inflation target. The Shanghai Composite Index is marginally higher while Hong Kong’s Hang Seng Index is up 0.4%. Australia’s All Ordinaries Index turned 1% higher despite Australian dollar’s continued climb against the greenback.

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Brent up
Brent futures prices are recovering today. Prices fell yesterday on bigger than expected US crude inventories buildup as the Energy Information Administration reported US crude stocks rose by 7.9 million barrels, with gasoline supplies falling by 2.8 million barrels. January Brent crude fell 1.9% to $61.74 a barrel on Wednesday.