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Fundamental Analysis
US stocks backslide as coronavirus worries persist
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[QUOTE="IFC Markets, post: 177699, member: 18359"] [SIZE=6][B]Dollar weakening resumed[/B][/SIZE] [B]US stock market [/B] recovery paused on Thursday as investors' concern the negative impact of coronavirus outbreak may be bigger-than-realized mounted against the background of increase in coronavirus infection cases outside China. The S&P 500 lost 3.4% to 3023.94. The [I] Dow Jones [/I] industrial average fell 3.6% to 26121.28. Nasdaq composite index slumped 3.1% to 8738.60. The dollar weakening resumed after mixed data as the number of people applying for first time jobless benefits declined last week while factory orders declined more than expected in January: 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 0.8% to 96.61 and is lower currently. Futures on stock indexes point to lower openings today. [SIZE=6][B]CAC 40 led European indexes reversal[/B][/SIZE] [B] European stocks [/B] pulled back on Thursday. [I] EUR/USD[/I] joined [I] GBP/USD’s [/I] continued climbing yesterday with both pairs higher currently. The Stoxx Europe 600 index lost 1.4% led by basic resources and autos shares. Germany’s DAX 30 declined 1.5% to 11944.72. France’s [I] CAC 40 [/I] slumped 1.9% while UK’s [I] FTSE 100 [/I] fell 1.6% to 6705.43. [SIZE=6][B]Asian indexes move sharply lower[/B][/SIZE] [B]Asian stock indices[/B] are mostly lower today. [I] Nikkei [/I] ended down 2.8% at 20732.00 with yen advance against dollar continuing. Markets in China are falling despite reports of factories there gradually reopening: the [I] Shanghai Composite Index [/I] is down 1.2% while Hong Kong’s [I] Hang Seng Index [/I] is 2.6% lower. Australia’s All Ordinaries Index dropped 2.8% as Australian dollar resumed its climb against the greenback. [IMG alt="AU200 falling below MA(200) 3/6/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/AU200_6March2020.jpg[/IMG] [SIZE=6][B]Brent slide continues[/B][/SIZE] [B]Brent futures prices [/B] are lower today. Prices accelerated decline yesterday despite Organization of the Petroleum Exporting Countries Conference recommendation that Friday’s meeting between OPEC and its allies, collectively known as OPEC+, extend the current crude oil production curb agreement to the end of the year. May Brent crude lost 2.2% to $49.99 a barrel on Thursday. [SIZE=6][B]Gold rises as Dollar resumes declining[/B][/SIZE] [B] Gold [/B] prices are extending gains today. Prices rose yesterday: April gold added 1.9% to $1674.10 an ounce on Thursday. [/QUOTE]
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