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Fundamental Analysis
Stocks pull back after disappointing retail sales data
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[QUOTE="IFC Markets, post: 171679, member: 18359"] [SIZE=5][B]Dollar weakened on weak sales report[/B][/SIZE] [B]US stocks [/B] pulled back on Wednesday after a weak retail sales report. The S&P 500 slid 0.2% to 2989.69. The [I] Dow Jones [/I] industrial average slipped 0.1% to 27002.52. [I]Nasdaq [/I] lost 0.3% to 8124.18. The dollar weakening accelerated after US Census Bureau reported retail sales in September fell 0.3% over month when 0.3% increase 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, slid 0.3% to 98.01 but is higher currently. Stock index futures point to mixed openings today. [SIZE=5][B]DAX gains while European indexes slip[/B][/SIZE] [B] European stock indexes [/B] ended mixed on Wednesday against the background of weak data. Both [I] GBP/USD [/I] and [I] EUR/USD [/I] continued climbing yesterday with Pound turning lower currently while euro higher still. The Stoxx Europe 600 slipped 0.05% led by financial shares as euro-zone final inflation came in at 0.8% after 1% gain in August. Germany’s [I] DAX 30 [/I] rose 0.3% to 12670.11. France’s [I] CAC 40[/I] slid 0.1% and UK’s [I] FTSE 100 [/I] lost 0.6% to 7167.95 as Brexit negotiators failed to reach a deal the last day of talks before a crucial European Union summit. [SIZE=5][B]Hang Seng gains while Asian indexes decline[/B][/SIZE] [B]Asian stock indices[/B] are mixed today after reports Treasury Secretary Steve Mnuchin said Washington hopes President Donald Trump and China’s President Xi Jinping will sign an agreement at the Asia-Pacific Economic Cooperation summit in Chile in mid-November. [I]Nikkei [/I] slipped 0.1% to 22451.86 despite yen resumed slide against the dollar. Chinese stocks are mixed: the [I] Shanghai Composite Index [/I] is down 0.05% while Hong Kong’s [I] Hang Seng Index [/I] is 0.6% higher. Australia’s All Ordinaries Index turned 0.8% lower as Australian dollar accelerated its climb against the greenback. [IMG]https://ifccd.net/uploads/image/AU200_17October2019.jpg[/IMG] [SIZE=5][B]Brent up[/B][/SIZE] [B]Brent futures prices [/B] are edging higher today. Prices gained yesterday despite American Petroleum Institute report late Wednesday US crude inventories rose by 10.5 million barrels last week. December Brent crude added 1.2% to $59.42 a barrel on Wednesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories. [/QUOTE]
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