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Fundamental Analysis
US stocks recover as upbeat earnings offset coronavirus fears
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[QUOTE="IFC Markets, post: 176236, member: 18359"] [SIZE=6][B] Dollar strengthening continues [/B][/SIZE] [B]US stock market [/B] recovered on Thursday as positive corporate reports offset concerns over coronavirus infection in China. The S&P 500 gained 0.3% to 3283.66. The [I] Dow Jones [/I] industrial average rose 0.4% to 28859.44. Nasdaq composite index added 0.3% to 9298.93. The dollar strengthening halted despite report US gross domestic product grew at stead 2.1% annualized pace in the fourth quarter and the number of people applying for first time jobless benefits fell by 7,000 to 216,000 last week: live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lostg 0.2% to 97.86 but is higher currently. Futures on stock indexes point to mixed openings today. [SIZE=6][B] European indexes retreated in lockstep [/B][/SIZE] [B] European stocks [/B] pulled back on Thursday. Both the [I] GBP/USD [/I] and [I] EUR/USD[/I] reversed their sliding yesterday with euro turning lower while Pound higher currently still. The Stoxx Europe 600 index declined 1% led by energy shares. Germany’s DAX 30 fell 1.4% to 13157.12. France’s [I] CAC 40 [/I] lost 1.4% while UK’s [I] FTSE 100 [/I] slumped 1.4% to 7381.96 as the Bank of England kept the base rate at 0.75%. [IMG alt="EU50 falling below MA(50) 1/31/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/EU50_31January2020.jpg[/IMG] [SIZE=6][B] Nikkei ahead of Asian indexes [/B][/SIZE] [B]Asian stock indices[/B] are mixed today after the World Health Organization declared the outbreak to be a global health emergency. [I] Nikkei [/I] ended up 1% at 23205.18 with yen resuming its decline against dollar. Markets in mainland China are closed for extended Lunar New Year holidays. Hong Kong’s [I] Hang Seng Index [/I] is 0.1% lower despite report China's official nonmanufacturing PMI edged up. Australia’s All Ordinaries Index recovered 0.1% as Australian dollar decline against the greenback continued. [SIZE=6][B] Brent down [/B][/SIZE] [B]Brent futures prices [/B] are extending losses today. Prices ended lower yesterday: March Brent crude lost 2.5% to $58.29 a barrel on Thursday. Saudi Aramco shares closed 0.7% lower Thursday at 34.15 riyals in Riyadh at Tadawul exchange. Yesterday a Saudi oil official said Yemen’s Houthi rebels launched a missile attack on Saudi Aramco, but all projectiles were intercepted before they could hit their target in the southern Jazan region. No date was specified for the attack. [SIZE=6][B] Gold retreats [/B][/SIZE] [B] Gold [/B] prices are retracing today. Prices rose yesterday: February gold added 0.8% to $1589.20 an ounce on Thursday. [/QUOTE]
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