US stocks log fifth straight loss

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Dollar weakens despite rising hourly earnings
US stock indexes losses continued on Friday despite strong labor market data. The S&P 500 lost 0.7% to 2932.05, falling 3.1% for the week. Dow Jones industrial slid 0.4% to 26485. The Nasdaq fell 1.3% to 8004.07. The dollar weakening accelerated despite report average hourly earnings rose 3.2% year-over-year in July while unemployment ticked up to 3.7% from 3.6%. 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, fell 0.3% to 98.07 and is lower currently. Stock index futures point to lower market openings today


CAC 40 leads European indexes retreat
European stocks
pulled back on Friday on intensified global slowing concerns after US threat of new tariff on Chinese goods if Chinese side doesn’t move faster in bilateral US-China trade talks. GBP/USD joined EUR/USD’scontinued recovery on Friday with euro higher currently while Pound’s slide resumed. The Stoxx Europe 600 Index tumbled 2.7% Friday. The DAX 30 fell 3.1% to 11872.44. France’s CAC 40 tumbled 3.6% and UK’s FTSE 100 fell 2.3% to 7407.06.

Hang Seng still loss leader among Asian indexes
Asian stock indices
are falling today against the background of escalating US-China trade standoff as protesters in Hong Kong called for a general strike. Nikkei fell 1.7% to 20720.29 as yen continued its climb against the dollar. China’s markets are retreating as investors watch for yuan fluctuations after central bank said it had resources to keep the currency stable following the breach of seven yuan for dollar level: the Shanghai Composite Index is down 1.6% and Hong Kong’s Hang Seng Index is 2.9% lower. Australia’s All Ordinaries Index extended losses 1.9% despite the accelerating Australian dollar slide against the greenback.

Brent down
Brent futures prices
are edging lower today on world growth slowing concerns. Prices rose on Friday: Brent for October settlement ended 2.3% higher at $61.89 a barrel Friday, nevertheless closing 2.3% lower for the week.