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Fundamental Analysis
US stock market retreats as oil plunges
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[QUOTE="IFC Markets, post: 155295, member: 18359"] [SIZE=5][B]Dollar weakens as budget deficit widens[/B] [B][/B][/SIZE] [B]US equities [/B]retreat continued on Tuesday while oil prices accelerated declines. The [I]S&P 500 [/I]slipped 0.2% to 2722.18. [I]Dow Jones [/I]industrial average lost 0.4% to 25286.49. The Nasdaq composite index however added 0.1 point to 7200.87. The dollar strengthening reversed as the Treasury Department reported the US budget deficit rose to $100 billion in October, compared to the $63 billion deficit the same month a year ago. 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, fell 0.6% to 97.01 but is higher currently. Futures on stock indices point to mixed openings today. [SIZE=5][B]European stocks bounce back[/B] [B][/B][/SIZE] [B]European stocks [/B]bounced back on Tuesday despite Italian government’s failure to resubmit its 2019 budget plan to European Union. A report an agreement was reached on Irish border in Brexit negotiations supported the British Pound. Both the [I]EUR/USD [/I]and [I]GBP/USD [/I]jumped higher but are lower currently. The Stoxx Europe 600 gained 0.7%. The German DAX 30 rallied 1.3% to 11472.22. France’s [I]CAC 40[/I] climbed 0.9% and UK’s [I]FTSE 100 [/I]added 0.01% to 7053.76. Indices opened 0.4% - 0.6% higher today. [SIZE=5][B]Nikkei up while Asian indices fall[/B] [B][/B][/SIZE] [B]Asian stock indices[/B] are mostly lower today. [I]Nikkei [/I]however ended 0.2% higher at 21846.48 as yen accelerated slide against the dollar. Chinese stocks turned lower as retail sales grew at the slowest pace in five months in October while growth in industrial output and investment accelerated: the [I]Shanghai Composite Index [/I]is down 0.9% and Hong Kong’s [I]Hang Seng index [/I]is 0.5% lower. Australia’s All Ordinaries Index extended losses 1.7% as Australian dollar was little changed against the greenback. [SIZE=5][B]Brent edges up[/B] [B][/B][/SIZE] [B]Brent futures prices [/B]are marginally higher today after sharp fall yesterday. Prices tumbled yesterday after OPEC report its crude production together with Russia’s output continued to climb in October, more than offsetting losses from Iran. S&P Global Platts analysts expect the US crude inventories rose by 2.3 million barrels last week. January Brent fell 6.6% to $65.47 a barrel Tuesday, entering a bear market, down about 24% from its peak in October. [IMG]https://ifccd.net/uploads/image/BRENT_O_14Nov2018.png[/IMG] [/QUOTE]
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