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Fundamental Analysis
Technology selloff pushes US markets lower
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[QUOTE="IFC Markets, post: 155615, member: 18359"] [SIZE=5][B]Dollar weakening slows[/B] [B][/B][/SIZE] [B]US stocks [/B]sold off on Monday led by technology shares. The [I]S&P 500 [/I]fell 1.7% to 2690.73. Dow Jones industrial lost 1.6% to 25017.44. The [I]Nasdaq [/I]composite index dropped 3% to 7028.48 led by Apple down 4%. The dollar weakening slowed: 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 0.3% to 96.15 but is higher currently. Futures on stock indices point to lower openings today. [IMG]https://ifccd.net/uploads/image/ND_O_20Nov2018.png[/IMG] Technology stocks have been under pressure on US-China trade war concerns as many US companies have supply chains established in China. Treasury yields declined with increased demand for heaven asset after stocks retreat accelerated following disappointing home builder data: the National Association of Home Builder's monthly confidence index fell 8 points to 60 in November, the lowest overall reading in more than two years. [SIZE=5][B]DAX 30 fell more than other European indices[/B] [B][/B][/SIZE] [B]European stocks [/B]extended losses on Monday. As investors await what European Union response will be to Italy’s 2019 budget plan with a deficit that Brussels insists violates block’s rules, Italy’s Deputy Prime Minister Matteo Salvini has said euro-zone reform due to be presented by France and Germany were unlikely to get Italy’s backing. Both [I]EUR/USD [/I]and [I]GBP/USD [/I]slowed their climbs with Pound currently lower while euro higher against the dollar. The Stoxx Europe 600 index fell 0.7%. The [I]DAX 30 [/I]dropped 0.9% to 11244.54 and France’s [I]CAC 40 [/I]lost 0.8%. UK’s FTSE 100 slid 0.2% to 7000.89. [SIZE=5][B]Shanghai Composite leads Asian indices losses[/B] [B][/B][/SIZE] [B]Asian stock indices[/B] are in negative territory after a slump on Wall Street overnight. [I]Nikkei [/I]fell 1.1% to 21583.12 despite a yen turn lower against the dollar. Chinese shares are falling: the [I]Shanghai Composite Index [/I]is down 2.1% and Hong Kong’s [I]Hang Seng [/I]Index is 2% lower. Australia’s All Ordinaries Index retreated another 0.4% despite continued Australian dollar decline against the greenback. [SIZE=5][B]Brent down[/B] [B][/B][/SIZE] [B]Brent futures prices [/B]are edging lower today with traders weighing the impact of financial markets’ downturn on oil demand. Prices ended marginally higher yesterday: January Brent crude added 2 cents to $66.78 a barrel on Monday. [/QUOTE]
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