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Fundamental Analysis
US stocks rebound as trade war fears ease
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[QUOTE="IFC Markets, post: 168079, member: 18359"] [SIZE=5][B]Dollar weakens despite decline in jobless claims[/B] [B][/B][/SIZE] [B]US stock indexes [/B]rebounded on Thursday as the People’s Bank of China set the yuan’s reference rate at 7.0039 against one US dollar. The [I]S&P 500 [/I]rose 1.9% to 2938.72. The [I]Dow Jones [/I]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 [SIZE=5][B]CAC 40 leads European indexes advance[/B] [B][/B][/SIZE] [B]European stocks [/B]broadened recovery on Thursday as bond yields stabilized. Both [I]EUR/USD[/I] and [I]GBP/USD[/I]continued 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 [I]CAC 40 [/I]rallied 2.3% and UK’s[I]FTSE 100 [/I]advanced 1.2% to 7285.9. [SIZE=5][B]Nikkei leads Asian indexes gains while Chinese stocks slide[/B][/SIZE] [B]Asian stock indices[/B] 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. [I]Nikkei [/I]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 [I]Shanghai Composite Index [/I]is down 0.7% and Hong Kong’s[I]Hang Seng Index [/I]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. [IMG]https://ifccd.net/uploads/image/HK50_09August2019.jpg[/IMG] [B][SIZE=5]Brent steady[/SIZE] Brent futures prices [/B]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. [/QUOTE]
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