US stocks finish week higher

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Dollar strengthening accelerates as Chicago PMI rebounds
US stock indexes ended marginally higher on Friday. The S&P 500 gained 0.1% to 2929.46, rebounding 2.8% for the week but logging 1.8% monthly loss, the second monthly decline in 2019. Dow Jones industrial rose 0.2% to 26403.28. The Nasdaq however slipped 0.1% to 7962.88. The dollar strengthening accelerated after Federal Reserve’s Chicago area purchasing managers index rose to 50.4 from 44.4 in July, readings above 50 indicating expansion and below 50 showing contraction. 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 0.4% to 98.78 and is higher currently. US markets are closed today for Labor Day holiday. Stock index futures are lower currently.


DAX 30 leads European indexes movement
European stocks extended gains on Friday despite weak economic data. EUR/USD accelerated its slide as the final reading confirmed euro-zone headline inflation remained steady at 1% in August, intensifying expectations of a big ECB stimulus next month. GBP/USD decelerated its decline on Friday with both pairs lower currently. The Stoxx Europe 600 Index gained 0.7% Friday. The DAX 30 rose 0.9% to 11939.28 while German retail sales suffered a sharp 2.2% fall in July. France’s CAC 40 advanced 0.6% and UK’s FTSE 100 added 0.3% to 7207.18.

Shanghai Composite rises while other Asian indexes retreat
Asian stock indices are mixed today as new tariffs announced by United States and China on each other’s goods kicked in. Nikkei lost 0.4% to 20620.19 despite reversal of yen ‘s climb against the dollar. China’s markets are mixed after official data indicate China’s factory activity dipped for fourth straight month while Caixin manufacturing PMI rises above 50: the Shanghai Composite Index is up 1.3% while Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index turned 0.4% with the Australian dollar little changed against the greenback.

Brent down
Brent futures prices are extending losses today on global growth slowing concerns after US and China reciprocal tariffs came into force. Prices fell on Friday: Brent for October settlement ended 1.1% lower at $60.43 a barrel Friday.