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Fundamental Analysis
Stocks edge higher despite mixed earnings
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[QUOTE="IFC Markets, post: 172043, member: 18359"] [SIZE=5][B]Dollar weakened as housing prices slowed[/B][/SIZE] [B]US stocks [/B] resumed advancing on Wednesday despite mixed earnings reports. The S&P 500 rose 0.3% to 3004.52. The [I] Dow Jones [/I] industrial average added 0.17% to 26833.95 as Caterpillar and Boeing added 1.2% and 1% respectively on smaller than expected earnings misses. [I]Nasdaq [/I] gained 0.19% to 8119.79. The dollar weakening resumed as the House Price Index growth slowed to 0.2% on month in August when steady growth at 0.4% was expected. 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, slipped 0.1% to 97.45 and is lower currently. Stock index futures point to higher openings today. [SIZE=5][B]FTSE 100 leads European indexes gains despite Brexit uncertainty[/B][/SIZE] [B] European stock market [/B] managed to notch another gain on Wednesday despite further deterioration in consumer confidence for October. Both [I] GBP/USD [/I] and [I] EUR/USD [/I] turned higher yesterday with both pairs gaining currently. The Stoxx Europe 600 added 0.1% led by basic resources shares. Germany’s [I] DAX 30 [/I] rose 0.3% to 12798.19. France’s [I] CAC 40[/I] slid 0.1% while UK’s [I] FTSE 100 [/I] gained 0.7% to 7260.74 as EU member states delayed a decision on whether to grant Britain a three-month Brexit extension. The European Central Bank meets today and is expected to hold steady. [SIZE=5][B]Hang Seng leads Asian indexes gains[/B][/SIZE] [B]Asian stock indices[/B] are mixed today despite president Trump’s comment US was doing 'fantastically well' with China trade talks. [I]Nikkei [/I] rose 0.6% to 22750.60 as yen continued its slide against the dollar. Chinese stocks are mixed: the [I] Shanghai Composite Index [/I] is down 0.02% while Hong Kong’s [I] Hang Seng Index [/I] is 0.9% higher. Australia’s All Ordinaries Index extended gains 0.3% as Australian dollar resumed its slide against the greenback. [IMG]https://ifccd.net/uploads/image/AU200_24October2019.jpg[/IMG] [SIZE=5][B]Brent jumps on US crude inventories draw[/B][/SIZE] [B]Brent futures prices [/B] are lower today. Prices gained yesterday on surprise US crude inventories decline as the Energy Information Administration reported US crude stocks fell by 1.7 million barrels, first decline in six weeks, with gasoline supplies falling by 3.1 million barrels. December Brent crude added 2.5% to $61.17 a barrel on Wednesday. [/QUOTE]
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