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Fundamental Analysis
SP500 snaps three session win streak
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[QUOTE="IFC Markets, post: 168569, member: 18359"] [SIZE=5][B]Dollar weakens as Trump calls for deeper rate cuts[/B][/SIZE] [B]US stock indexes [/B] pulled back on Tuesday despite president Trump’s confirmation Tuesday that he was looking at tax cuts, including cutting payroll taxes. The [I] S&P 500 [/I] fell 0.8% to 2900.51. [I] Dow Jones [/I] industrial lost 0.7% to 25962.44. The Nasdaq retreated 0.7% to 7948.56. The dollar strengthening reversed as president Trump said the Federal Reserve should consider deeper cuts to key interest rates, of around 1%: 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, lost 0.2% to 98.15 but is higher currently. Stock index futures point to higher market openings today. [SIZE=5][B]FTSE 100 leads European indexes retreat[/B][/SIZE] [B] European stocks [/B] recovery faltered on Tuesday as Italian Prime Minister Giuseppe Conte announced his resignation from the government. Both the [I] EUR/USD [/I] and [I] GBP/USD [/I] turned higher yesterday and both pairs are lower currently. The Stoxx Europe 600 ended 0.7% lower as Italy’s coalition government between anti-immigration Lega party and the anti-establishment Five Star Movement (M5S) unraveled after Matteo Salvini, deputy prime minister and leader of Lega party, called for the vote and a new general election last week. The German DAX 30 lost 0.6% to 11651.18. France’s [I] CAC 40[/I] slid 0.5%. UK’s [I] FTSE 100 [/I] fell 0.9% to 7125. [IMG]https://ifccd.net/uploads/image/GB100_O_21August2019.jpg[/IMG] [SIZE=5][B]Australia’s All Ordinaries Index leads Asian indexes retreat[/B][/SIZE] [B]Asian stock indices[/B] are mostly in negative territory today. [I] Nikkei [/I] lost 0.3% to 20618.57 despite resumed yen slide against the dollar. Chinese stocks are mixed: the [I] Shanghai Composite Index [/I] is up 0.03% while Hong Kong’s [I] Hang Seng index [/I] is 0.04% lower. Australia’s All Ordinaries Index gave up most of previous session gains falling 0.9% despite Australian dollar’s move lower against the greenback. [SIZE=5][B]Brent up[/B][/SIZE] [B]Brent futures prices [/B] are rising today. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 3.5 million barrels last week. Prices rose yesterday: October Brent gained 0.5% to $60.03 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories. [/QUOTE]
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