IFC Markets

Master Trader
Oct 31, 2012
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London (Great Britain)
www.ifcmarkets.com
US three main indices end month lower

US equities extended gains on Wednesday supported by better than expected corporate reports and economic data. The S&P 500 gained 1.1% to 2711.68. The Dow Jones industrial average added 1% to 24583.42. Nasdaq composite index rallied 2% to 7305.90 led by Facebook on better than expected quarterly results. While the two-day rally paired significantly losses from recent stock market downturn, the three main stock indices closed the month with sizable losses: 5.1% - 9.2%. The dollar strengthening slowed as earnings growth remained at the 2.8% over-year level in the third quarter, a 10-year high, while labor costs rose 0.8%. 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 0.1% to 97.076 but is lower currently. Futures on stock indices point to lower openings today.


FTSE 100 opens lower than other European indices

European stocks ended solidly higher on Wednesday led by drug and energy shares. The GBP/USD turned higher, whileEUR/USD extended losses despite a rise in euro-zone inflation for October in line with expectations. Both pairs are higher currently. The Stoxx Europe 600 rose 1.7%. Germany’s DAX 30 gained 1.4% to 11447.51. France’s CAC 40 outperformed rallying 2.3% and UK’s FTSE 100 added 1.3% to 7128.10. Indices opened flat to 0.5%lower today.


Hang Seng leads Asian indices gains

Asian stock indices are mostly higher tracking Wall Street gains overnight. Nikkei however lost 1.1% to 21687.65 as yen extended gains against the dollar. China’s stocks continued the rebound as China factory activity resumed expanding in October as evidenced by Caixin PMI: the Shanghai Composite Index is up 0.1% and Hong Kong’s Hang Seng Index is 1.4% higher. Australia’s All Ordinaries Index added another 0.2% while the Australian dollar turned higher against the greenback.

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Brent up despite US inventories build

Brent futures prices are edging higher today. Prices fell yesterday after the Energy Information Administration report that US crude stockpile rose 3.2 million barrels last week, the sixth straight weekly build. Prices fell: December Brent crude lost 0.6% to $75.47 a barrel on Wednesday.