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Fundamental Analysis
US stocks end mixed as Fed keeps rates unchanged
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[QUOTE="IFC Markets, post: 176181, member: 18359"] [SIZE=6][B]Dollar strengthening intact[/B][/SIZE] [B]US stock market [/B] closed mixed on Wednesday with better than expected corporate reports offset by concerns related to China’s coronavirus outbreak. The S&P 500 inched down 0.1% to 3273.40. The [I] Dow Jones [/I] industrial average however added 0.04% to 28734.45. [I]Nasdaq [/I] edged up 0.06% to 9275.16. The dollar strengthening accelerated as Fed kept rates unchanged, with Powell saying financial stability risks 'are moderate overall'. 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, added 0.1% to 98.05 and is higher currently. Futures on stock indexes point to lower openings today. [SIZE=6][B]CAC 40 led European indexes recovery[/B][/SIZE] [B] European stocks [/B] ended higher on Wednesday as Chinese coronavirus epidemic worries subsided. [I] EUR/USD [/I] joined [I] GBP/USD’s [/I] continued decline with both pairs lower currently. The Stoxx Europe 600 ended up 0.5% led by industrial shares. Germany’s [I] DAX 30 [/I] advanced 0.2% to 13345. France’s [I] CAC 40[/I] rose 0.5% as French consumer confidence rose unexpectedly in January while UK’s [I] FTSE 100 [/I] added 0.04% to 7483.57. [SIZE=6][B]Hang Seng leads Asian indexes slump[/B][/SIZE] [B]Asian stock indices[/B] are solidly lower today as coronovirus epidemic expands in China. [I]Nikkei [/I] fell 1.7% to 22977.75 as yen climb against the dollar continued. Markets in mainland China are closed for Lunar New Year holiday. Hong Kong’s [I] Hang Seng Index [/I] is 2.6% lower. Australia’s All Ordinaries Index lost 0.3% with Australian dollar decline against the greenback intact. [IMG alt="HK50 falling below MA(50) 1/30/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/HK50_30January2020.jpg[/IMG] [SIZE=6][B]Saudi Aramco shares move in synch with Brent drop[/B][/SIZE] [B]Brent futures prices [/B] are resuming declines today. Prices rebounded on Wednesday despite EIA report US crude oil inventories rose by bigger than expected 3.5 million barrels last week: March Brent added 0.5% to $59.81 on Wednesday. Shares of Saudi Aramco are down currently 0.6% to 34.20 riyals per share. Saudi oil official said Yemen’s Houthi rebels launched a missile attack on Saudi Aramco, but all projectiles were intercepted before they could hit their target in the southern Jazan region. [SIZE=6][B]Gold rises despite Dollar strengthening[/B][/SIZE] [B] Gold [/B] prices are extending gains while dollar inches up. The price of an ounce of gold for February delivery rose to $1,569.90 Wednesday. [/QUOTE]
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