US stocks advance endures

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Dollar strengthening resumes on positive data

US stock market ended mostly higher second straight session on Thursday on positive earnings reports. The S&P 500 inched up 0.1% to 2642.33. The Dow Jones industrial average however slipped 0.1% to 24553.24. Nasdaq composite index rose 0.7% to 7073.46. The dollar strengthening resumed as the number of Americans applying for unemployment benefits fell below 200,000 for the first time in nearly 50 years: 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, jumped 0.5% to 96.54 but is lower currently. Futures on three main US stock indices point to higher openings today.

FTSE 100 slid while other European Indexes gained

European stocks managed a modest rebound on Thursday despite a dovish comment by the European Central Bank Head Draghi about “downside” risks to the economy. Both the EUR/USD and GBP/USD turned lower after Draghi comment the balance of risks around the eurozone economy had shifted to the downside. Both have reversed directions currently. The Stoxx Europe 600 index gained 0.2%. Germany’s DAX 30 gained 0.5% to 11130.18. France’s CAC 40 rose 0.7% while UK’s FTSE 100 fared the worst ending 0.4% lower at 6818.95.

Hang Seng leads Asian indices gains

Asian stock indices extended gains today. Nikkei rose 1% to 20773.56 with yen slide against the dollar accelerating. Chinese indices are higher: the Shanghai Composite Index is up 0.4% and Hong Kong’s Hang Seng Index is 1.5% higher. Australia’s All Ordinaries Index added 0.7% despite resumed Australian dollar climb against the greenback.


Brent up despite US inventory build

Brent futures prices are advancing today with traders weighing the possibility of US sanctions on Venezuelan crude amid intensifying tensions as President Donald Trump Wednesday officially recognized the opposition leader as interim president and declared sitting president Maduro as illegitimate. Prices ended lower yesterday after the Energy Information Administration report domestic crude supplies climbed by 8 million barrels last week: Brent for March settlement closed less than 0.1% lower at $61.09 a barrel on Thursday.