Dollar strengthening intact
US stock market rebounded on Monday as positive data buoyed investors optimism undermined by worries about the impact of coronavirus infection in China. The S&P 500 gained 0.7% to 3248.92. Dow Jones industrial added 0.5% to 28399.80. The Nasdaq rose 1.3% to 9273.40. The dollar strengthening resumed as the Institute for Supply Management reported its purchasing manager’s index rose to a six-month high of 50.9% in January: 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 0.5% to 97.82 and is higher currently. Futures on stock indexes point to higher openings today.
FTSE 100 led European indexes rebound
European stocks recovered some of previous session loss on Monday despite weak data. Both the EUR/USD and GBP/USD reversed their climbing yesterday with both pairs higher currently. The Stoxx Europe 600 index added 0.3% led by technology shares despite report euro zone manufacturing PMI (Purchasing Managers’ Index) readings came in at 47.9, again below the 50 level that separates contraction from growth. The DAX 30 gained 0.49% to 13045.19. France’s CAC 40 added 0.45% while UK’s FTSE 100 rose 0.55% to 7326.31.
Shanghai Composite Index leads Asian indexes rebound
Asian stock indices are rebounding today. Nikkei recovered 0.5% to 23084.59 as yen slide against the dollar continued. Markets in China are rising after People’s Bank of China statement Sunday it would inject about $174 billion into the economy to support the economy: the Shanghai Composite Index is up 1 % and Hong Kong’s Hang Seng Index is 0.9% higher despite report of first coronavirus death. Australia’s All Ordinaries Index recovered 0.4% despite continued Australian dollar climbing against the greenback.
Aramco plans joint venture in India ase Brent recovers
Brent futures prices are recovering today. Prices ended sharply lower yesterday: April Brent crude closed 3.8% lower at $54.45 a barrel on Monday. Saudi Aramco ‘s shares continue trading on the country’s Tadawul exchange. Aramco and Abu Dhabi National Oil Company (Adnoc) plan to joint venture with Indian Oil Corp (IOCL), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) in the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project. Ratnagiri project has a capacity to process 1.2 million barrels of crude and produce 18 million tons of petrochemicals annually. Aramco and Adnoc are expected to jointly own 50% of the refinery, with the remainder split between the three Indian oil companies.
Gold slide continues
Gold prices are edging lower today. April gold slid 0.4% ending at 1582.50 an ounce on Monday.
US stock market rebounded on Monday as positive data buoyed investors optimism undermined by worries about the impact of coronavirus infection in China. The S&P 500 gained 0.7% to 3248.92. Dow Jones industrial added 0.5% to 28399.80. The Nasdaq rose 1.3% to 9273.40. The dollar strengthening resumed as the Institute for Supply Management reported its purchasing manager’s index rose to a six-month high of 50.9% in January: 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 0.5% to 97.82 and is higher currently. Futures on stock indexes point to higher openings today.
FTSE 100 led European indexes rebound
European stocks recovered some of previous session loss on Monday despite weak data. Both the EUR/USD and GBP/USD reversed their climbing yesterday with both pairs higher currently. The Stoxx Europe 600 index added 0.3% led by technology shares despite report euro zone manufacturing PMI (Purchasing Managers’ Index) readings came in at 47.9, again below the 50 level that separates contraction from growth. The DAX 30 gained 0.49% to 13045.19. France’s CAC 40 added 0.45% while UK’s FTSE 100 rose 0.55% to 7326.31.
Shanghai Composite Index leads Asian indexes rebound
Asian stock indices are rebounding today. Nikkei recovered 0.5% to 23084.59 as yen slide against the dollar continued. Markets in China are rising after People’s Bank of China statement Sunday it would inject about $174 billion into the economy to support the economy: the Shanghai Composite Index is up 1 % and Hong Kong’s Hang Seng Index is 0.9% higher despite report of first coronavirus death. Australia’s All Ordinaries Index recovered 0.4% despite continued Australian dollar climbing against the greenback.
Aramco plans joint venture in India ase Brent recovers
Brent futures prices are recovering today. Prices ended sharply lower yesterday: April Brent crude closed 3.8% lower at $54.45 a barrel on Monday. Saudi Aramco ‘s shares continue trading on the country’s Tadawul exchange. Aramco and Abu Dhabi National Oil Company (Adnoc) plan to joint venture with Indian Oil Corp (IOCL), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) in the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project. Ratnagiri project has a capacity to process 1.2 million barrels of crude and produce 18 million tons of petrochemicals annually. Aramco and Adnoc are expected to jointly own 50% of the refinery, with the remainder split between the three Indian oil companies.
Gold slide continues
Gold prices are edging lower today. April gold slid 0.4% ending at 1582.50 an ounce on Monday.