US stocks rebound as trade war fears ease

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Dollar weakens despite decline in jobless claims

US stock indexes rebounded on Thursday as the People’s Bank of China set the yuan’s reference rate at 7.0039 against one US dollar. The S&P 500 rose 1.9% to 2938.72. The Dow Jones industrial average recovered 1.4% to 26378.19. Nasdaq composite index rallied 2.2% to 8039.16. The dollar weakening resumed despite an 8000 drop in initial jobless claims in the previous week: 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, slipped 0.1% to 97.54 but is higher currently. Stock index futures point to lower market openings today

CAC 40 leads European indexes advance

European stocks broadened recovery on Thursday as bond yields stabilized. Both EUR/USD and GBP/USDcontinued declining and move in previous session’s directions currently. The Stoxx Europe 600 index ended 1.4% higher led by resources shares. Germany’s DAX 30 gained 1.7% to 11845.41. France’s CAC 40 rallied 2.3% and UK’sFTSE 100 advanced 1.2% to 7285.9.

Nikkei leads Asian indexes gains while Chinese stocks slide
Asian stock indices are mixed today amid reports Trump administration was holding off on approving licenses for US companies to resume doing business with China’s blacklisted Huawei. Nikkei rose 0.4% to 20684.82 as yen resumed its slide against the dollar despite faster than expected Q2 GDP growth. Chinese shares are falling as data showed inflation hit 17-month high of 2.8% in July: the Shanghai Composite Index is down 0.7% and Hong Kong’sHang Seng Index is 0.5% lower. Australia’s All Ordinaries Index added 0.3% to previous session gains as Australian dollar slowed its climb against the greenback.


Brent steady
Brent futures prices
are little changed today underpinned by expectations of more OPEC production cuts. Prices rose yesterday: October Brent crude rose 2% to $57.38 a barrel on Thursday.