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Fundamental Analysis
SP500 rises third straight session on stimulus hopes
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[QUOTE="IFC Markets, post: 168504, member: 18359"] [SIZE=5][B]Dollar strengthening resumed after hawkish Fed comment[/B][/SIZE] [B]US stock indexes [/B] 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 [I] S&P 500 [/I] extended gains 1.2% to 2923.65. Dow Jones industrial advanced 1% to 26135.79. The [I] Nasdaq [/I] 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 [IMG]https://ifccd.net/uploads/image/DJI_20AUgust2019.jpg[/IMG] [SIZE=5][B]European indexes rise on German stimulus talk[/B][/SIZE] [B] European stocks [/B] recovery continued on Monday led by basic resources shares. [I] GBP/USD [/I] joined [I] EUR/USD’s [/I] continued slide yesterday with euro higher currently while Pound inching lower. The Stoxx Europe 600 index ended 1% higher. The [I] DAX 30 [/I] 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 [I] CAC 40 [/I] advanced 1.3% and UK’s FTSE 100 gained 1% to 7189.65. [SIZE=5][B]Australia’s All Ordinaries Index rises while Chinese indexes slide[/B][/SIZE] [B]Asian stock indices[/B] are mixed today despite US decision to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. [I] Nikkei [/I] 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 [I] Shanghai Composite Index [/I] is down 0.2% and Hong Kong’s [I] Hang Seng [/I] Index is 0.2% lower. Australia’s All Ordinaries Index added 1.2% despite Australian dollar turning higher against the greenback. [SIZE=5][B]Brent gains[/B][/SIZE] [B]Brent futures prices [/B] 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. [/QUOTE]
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