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Fundamental Analysis
US stocks pull back on weak manufacturing data
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[QUOTE="IFC Markets, post: 170787, member: 18359"] [SIZE=5][B]Dollar weakens as ISM manufacturing index declined further[/B][/SIZE] [B]US stocks [/B] closed sharply lower on Tuesday after weak manufacturing data. The [I] S&P 500 [/I] fell 1.2% to 2940. [I] Dow Jones [/I] industrial lost 1.3% to 26573. The Nasdaq dropped 1.1% to 7909. The dollar weakening resumed on ISM data showing the manufacturing index slipped from 49.1 to 47.8 for September, readings below 50 indicate 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, fell 0.2% to 99.17 but is higher currently. Stock index futures point to lower openings today. [IMG]https://ifccd.net/uploads/image/DJI_02October2019.jpg[/IMG] [SIZE=5][B]CAC 40 loss biggest among other European indexes[/B][/SIZE] [B] European stocks [/B] snapped three-session winning streak weighed by weak euro-zone and US manufacturing data on Tuesday. The [I] EUR/USD [/I] turned higher yesterday while [I] GBP/USD [/I] slid further with both pairs lower currently. The Stoxx Europe 600 ended 1.3% lower after final reading of Markit’s manufacturing PMI for euro zone showed manufacturing activity in September contracted at its steepest rate in almost seven years. The German DAX 30 lost 1.3% to 12236.83. France’s [I] CAC 40[/I] fell 1.4%. UK’s [I] FTSE 100 [/I] slid 0.7% to 7360.32. [SIZE=5][B]Australia’s All Ordinaries Index leads Asian indexes losses[/B][/SIZE] [B]Asian stock indices[/B] are falling today on rising global slowdown fears after weak US manufacturing data. [I] Nikkei [/I] lost 0.5% to 21778.61 despite renewed yen slide against the dollar. Markets in mainland China are closed for a holiday and won’t reopen until next week. Hong Kong’s [I] Hang Seng index [/I] is 0.2% lower. Australia’s All Ordinaries Index turned sharply lower closing down 1.5% as Australian dollar moved higher against the greenback. [SIZE=5][B]Brent down[/B][/SIZE] [B]Brent futures prices [/B] are edging higher today. Prices fell yesterday on global demand decline concerns after weak US manufacturing data stoked global growth slowdown fears. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 5.9 million barrels last week. Prices fell yesterday: December Brent lost 0.6% to $58.89 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories. [/QUOTE]
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