IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Dollar weakens on global growth risks concerns

US stocks ended Friday session on a positive note after President Trump’s comment no more tariffs may be needed as China wants to make a trade deal with US. S&P 500 added 0.2% to 2736.27, closing 1.6% lower for the week. Dow Jones industrial average rose 0.5% to 25413.22. The Nasdaq however slid 0.2% to 7247.87. The dollar weakened on dovish comment over softer global growth by Fed Vice Chairman Richard Clarida: the live dollar indexdata show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.7% to 96.41 but is higher currently. Futures on stock indices point to higher openings today.


European stocks end week lower

European stocks added to previous session losses on Friday led by bank shares in the absence of any positive Brexit development. The GBP/USD joined EUR/USD’s climb with the latter lower currently while the Pound continues gaining against the dollar. The Stoxx Europe 600 Index slid 0.2%, falling 2.2% for the week. The DAX 30slipped 0.1% to 11341. France’s CAC 40 slid 0.2% and UK’s FTSE 100 retreated 0.3% to 7013.88.

Shanghai Composite leads Asian indices gains

Asian stock indices are mostly higher today led by Chinese stocks. Nikkei added 0.6% to 21821.16 with yen little changed against the dollar. Chinese stocks are rising: the Shanghai Composite Index is up 0.9% and Hong Kong’sHang Seng Index is 0.6% higher. Australia’s All Ordinaries Index extended losses 0.6% despite Australian dollar turning lower against the greenback.

Brent up on OPEC output cut expectations

Brent futures prices are continuing their climb today after news top exporter Saudi Arabia is pushing for the OPEC cartel and its allies to cut 1 million to 1.4 million barrels per day of supply in December. Prices rose Friday: Brent for January settlement edged 0.2% higher to close at $66.76 a barrel Friday, a 4.9% drop for the week.