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Fundamental Analysis
US-China trade talks progress hope supports markets
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[QUOTE="IFC Markets, post: 154788, member: 18359"] [SIZE=5][B]Trump tweets had “very good conversation with President Xi Jinping”[/B] [B][/B][/SIZE] [B]US equities [/B]advance continued on Thursday supported by President Trump’s upbeat tweet on trade talks with China. The [I]S&P 500 [/I]rose 1.1% to 2740.37. [I]Dow Jones [/I]industrial average gained 1.1% to 25380.74. The Nasdaq composite jumped 1.8% to 7434.06. The dollar strengthening reversed on mixed data: both the ISM and Markit’s manufacturing indexes declined more than expected while nonfarm productivity and unit labor costs rose above expectations: 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 0.8% to 96.294 and is lower currently. Futures on stock indices indicate higher openings today. [SIZE=5][B]Trade hopes lift European stocks[/B] [B][/B][/SIZE] [B]European stocks [/B]rebound continued on Thursday. The [I]EUR/USD [/I]joined [I]GBP/USD’s [/I]sharp rise after report of progress at Brexit negotiations, and both are higher currently. The Stoxx Europe 600 index rose 0.4%. Germany’s DAX 30 gained 0.2% to 11468.54. France’s [I]CAC 40 [/I]however lost 0.2% and UK’s [I]FTSE 100 [/I]slipped 0.2% to 7114.66. [SIZE=5][B]Hang Seng still ahead other Asian indices[/B] [B][/B][/SIZE] [B]Asian stock indices[/B] are extending gains today on trade tensions easing. [I]Nikkei [/I]jumped 2.6% to 22243.66 as yen resumed slide against the dollar. Chinese stocks are sharply higher: the [I]Shanghai Composite Index [/I]is up 2.7% and Hong Kong’s [I]Hang Seng Index [/I]is 4.4% higher. Australia’s All Ordinaries Index ticked up 0.1% despite Australian dollar continued rise against the greenback. [SIZE=5][B]Brent edges higher[/B] [B][/B][/SIZE] [B]Brent futures prices [/B]are inching higher today. Prices ended lower yesterday after reports global production rose considerably last month: Brent for January settlement closed 2.9% lower at $72.89 a barrel on Thursday. [IMG]https://ifccd.net/uploads/image/BRENT_O_02Nov2018.png[/IMG] [/QUOTE]
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