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Fundamental Analysis
SP 500 closes at new record
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[QUOTE="IFC Markets, post: 166589, member: 18359"] [SIZE=5][B]Dollar strengthened lifted by manufacturing data[/B][/SIZE] [B]US stock market [/B] closed at new record on Monday led by technology stocks after president Trump agreed with his Chinese counterpart to resume trade talks as they hold off on imposing additional tariffs. The [I] S&P 500 [/I] rose 0.8% to 2964. Dow Jones industrial added 0.4% to 26717. The [I] Nasdaq [/I] composite surged 1.1% to 8091. The dollar weakening reversed as both the Markit’s purchasing managers index and Institute for Supply Management’s manufacturing indexes showed US manufacturing sector continued expanding in June. 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, jumped 0.7% to 96.81 but is lower currently. Futures on US stock indices point to higher openings today. [SIZE=5][B]European indexes advance despite weak manufacturing data[/B][/SIZE] [B] European stocks [/B] accelerated gains on Monday after US and China agreed on trade truce Saturday. Both [I] GBP/USD [/I] and [I] EUR/USD [/I] turned lower but are higher currently. The Stoxx Europe 600 index rose 0.9% led by chip maker shares despite weak euro zone PMI data. The [I] DAX 30 [/I] advanced 1% to 12521.38 despite a report German manufacturing sector activity slowed in June for the sixth month in a row. France’s [I] CAC 40 [/I] added 0.5% and UK’s FTSE 100 gained 1% to 7497.5 while UK’s June manufacturing PMI reading fell to its lowest since October 2012. [SIZE=5][B]Hang Seng leads Asian indexes gains[/B][/SIZE] [B]Asian stock indices[/B] are mostly rising today after president Trump said Monday that renewed talks have “already begun”. [I] Nikkei [/I] closed 0.1% higher at 21754.27 with yen little changed against the dollar. Markets in China are mixed: the [I] Shanghai Composite Index [/I] is down 0.03% while Hong Kong’s [I] Hang Seng [/I] Index is 1.4% higher. Australia’s All Ordinaries Index extended gain 0.1% as Australian dollar resumed climbing against the greenback despite a 25 basis points cut in interest rates to 1% by the Reserve Bank of Australia. [IMG]https://ifccd.net/uploads/image/HK50_O_02July2019.png[/IMG] [SIZE=5][B]Brent gaining ahead of OPEC meeting[/B][/SIZE] [B]Brent futures prices [/B] are extending gains today ahead of OPEC official meeting with non-OPEC producers. Prices rose yesterday after OPEC said it officially agreed to extend production curbs by nine months: September Brent crude rose 0.5% to $65.06 a barrel on Monday. [/QUOTE]
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