SP500 rises third straight session on stimulus hopes

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Dollar strengthening resumed after hawkish Fed comment
US stock indexes advance continued on Monday underpinned by stimulus hopes after President Trump’s economic adviser Larry Kudlow told on Sunday the administration was “looking at” a 10% tax cut for middle-income earners. The S&P 500 extended gains 1.2% to 2923.65. Dow Jones industrial advanced 1% to 26135.79. The Nasdaq composite rose 1.4% to 8002.81. The dollar strengthening resumed as Federal Reserve Bank of Boston president Rosengren, a voting member of the central bank’s interest-rate-setting committee, said “we have to be careful not to ease too much when we don’t have significant problems:” 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 98.35 but is lower currently. Stock index futures point to higher market openings today

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European indexes rise on German stimulus talk
European stocks recovery continued on Monday led by basic resources shares. GBP/USD joined EUR/USD’s continued slide yesterday with euro higher currently while Pound inching lower. The Stoxx Europe 600 index ended 1% higher. The DAX 30 rose 1.3% to 11715.37 as German Finance Minister Olaf Scholz said on Sunday that Germany could free up around 50 billion euros of extra spending . France’s CAC 40 advanced 1.3% and UK’s FTSE 100 gained 1% to 7189.65.


Australia’s All Ordinaries Index rises while Chinese indexes slide
Asian stock indices are mixed today despite US decision to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. Nikkei closed 0.6% higher at 20677.22 despite the reversal of yen slide against the dollar. Markets in China are down as the central bank of China set the one-year Loan Prime Rate at 4.25%, down from 4.31% previously: the Shanghai Composite Index is down 0.2% and Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index added 1.2% despite Australian dollar turning higher against the greenback.


Brent gains
Brent futures prices are edging higher today. Prices rose yesterday boosted by Yemen’s Houthi rebels’ drone attack over the weekend on one of Saudi Arabia’s largest oil fields: October Brent crude closed 1.9% higher at $59.74 a barrel on Monday.