Dollar strengthens after Fed signals rate cut not a certainty
US stock market extended losses on Tuesday after weak data and comment by Fed chair the central bank was still in ‘wait-and-see’ mode on potential rate cuts. The S&P 500 lost 1% to 2917. Dow Jones industrial slid 0.7% to 26548. The Nasdaq dropped 1.5% to 7885. The dollar weakening reversed as St. Louis Fed President James Bullard said he was not in favor of a “huge action” on rates in July despite as 7.8% drop in home sales in May versus April: 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 0.2% to 96.16 and is higher currently. Futures on US stock indices point to higher openings today.
FTSE 100 gained while other European indexes slid
European stocks slid further on Tuesday led by auto maker shares. The EUR/USD joined GBP/USD s continuing slide with both pairs lower currently. The Stoxx Europe 600 ended marginally lower as the EU indicated that the Italian government may have anywhere between three and six months to take steps toward reducing the country’s budget deficit. The German DAX 30 fell 0.4% to 12228.44. France’s CAC 40 slipped 0.1%. UK’s FTSE 100 however added 0.1% to 7422.43 despite Boris Johnson’s reiterating of his threat to take the UK out of the European Union in October with or without agreeing a deal with the bloc.
Hang Seng still gains while other Asian indexes fall
Asian stock indices are mostly lower today as as administration official said Washington will not accept any conditions on tariffs at President Trump’s meeting with Chinese President Xo Jinping at the G20 summit in Japan.Nikkei fell 0.5% to 21086.59 despite yen’s slide against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng index is 0.2% higher. Australia’s All Ordinaries Index extended losses 0.3% with Australian dollar resuming its climb against the greenback.
Brent up
Brent futures prices are edging higher today. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 7.5 million barrels last week. Prices rose yesterday: August Brent ended up 0.3% at $65.05 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
US stock market extended losses on Tuesday after weak data and comment by Fed chair the central bank was still in ‘wait-and-see’ mode on potential rate cuts. The S&P 500 lost 1% to 2917. Dow Jones industrial slid 0.7% to 26548. The Nasdaq dropped 1.5% to 7885. The dollar weakening reversed as St. Louis Fed President James Bullard said he was not in favor of a “huge action” on rates in July despite as 7.8% drop in home sales in May versus April: 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 0.2% to 96.16 and is higher currently. Futures on US stock indices point to higher openings today.
FTSE 100 gained while other European indexes slid
European stocks slid further on Tuesday led by auto maker shares. The EUR/USD joined GBP/USD s continuing slide with both pairs lower currently. The Stoxx Europe 600 ended marginally lower as the EU indicated that the Italian government may have anywhere between three and six months to take steps toward reducing the country’s budget deficit. The German DAX 30 fell 0.4% to 12228.44. France’s CAC 40 slipped 0.1%. UK’s FTSE 100 however added 0.1% to 7422.43 despite Boris Johnson’s reiterating of his threat to take the UK out of the European Union in October with or without agreeing a deal with the bloc.
Hang Seng still gains while other Asian indexes fall
Asian stock indices are mostly lower today as as administration official said Washington will not accept any conditions on tariffs at President Trump’s meeting with Chinese President Xo Jinping at the G20 summit in Japan.Nikkei fell 0.5% to 21086.59 despite yen’s slide against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng index is 0.2% higher. Australia’s All Ordinaries Index extended losses 0.3% with Australian dollar resuming its climb against the greenback.
Brent up
Brent futures prices are edging higher today. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 7.5 million barrels last week. Prices rose yesterday: August Brent ended up 0.3% at $65.05 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.