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Fundamental Analysis
US indexes rebound after surprise rate cut
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[QUOTE="IFC Markets, post: 177649, member: 18359"] [SIZE=6][B]Dollar weakening intact[/B][/SIZE] [B]US stock market [/B] rebounded on Wednesday after the surprise half-a-percentage-point rate cut by the Fed on Tuesday. The S&P 500 advanced 4.2% to 3130.12. The [I] Dow Jones [/I] industrial average jumped 4.5% to 27090.86. [I]Nasdaq [/I] rose 3.9% to 9018.09. The dollar weakening stalled as the Institute for Supply Management reported its nonmanufacturing index in February rose to 57.3% from 55.5% in the previous month. 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, rose 0.2% to 97.37 but is lower currently. Futures on stock indexes point to lower openings today. [IMG alt="SP500 recovering toward MA(200) 3/5/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/SP500_5March2020.jpg[/IMG] [SIZE=6][B]FTSE 100 led European indexes recovery[/B][/SIZE] [B] European stocks [/B] extended gains on Wednesday. [I] EUR/USD [/I] reversed lower yesterday while [I] GBP/USD [/I] accelerated its climb with both pairs higher currently. The Stoxx Europe 600 ended up 1% led by utility shares. Germany’s [I] DAX 30 [/I] advanced 1.2% to 12127.69. France’s [I] CAC 40[/I] gained 1.3% while UK’s [I] FTSE 100 [/I] rose 1.5% to 6815.59. [SIZE=6][B]Shanghai Composite leads Asian indexes recovery[/B][/SIZE] [B]Asian stock indices[/B] are sharply higher today tracking changes on Wall Street overnight. [I]Nikkei [/I] added 1.1% to 21330.50 despite yen resuming its climb against the dollar. Markets in China are rising: [I] Shanghai Composite Index [/I] is 2% higher while Hong Kong’s [I] Hang Seng Index [/I] is up 1.7%. Australia’s All Ordinaries Index rebounded 1.1% despite Australian dollar’s continuing climb against the greenback. [SIZE=6][B]Brent down[/B][/SIZE] [B]Brent futures prices [/B] are extending losses today. Prices fell yesterday after the Energy Information Administration report US crude oil inventories rose by smaller than expected 785 thousand barrels last week: May Brent lost 1.4% to $51.13 on Wednesday. [SIZE=6][B]Gold falls as Dollar strengthens[/B][/SIZE] [B] Gold [/B] prices are extending losses while dollar inched up. The price of an ounce of gold for April delivery slipped 0.1% to $1643 an ounce on Wednesday. [/QUOTE]
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