US stocks recover on Fed rate cut hopes

IFC Markets

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Oct 31, 2012
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Dollar weakens as unemployment applications rise
US stocks retreat halted on Thursday on rising hopes recent weak US data will prompt the Federal Reserve to cut rates again at its October meeting. The S&P 500 rose 0.8% to 2910.63. The Dow Jones industrial average added 0.5% to 26201.04. Nasdaq composite index rallied 1.1% to 7872. The dollar weakening slowed as Labor Department reported the number of Americans applying for new unemployment benefits rose by 6,000 to 219,000 last 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, lost 0.1% to 98.90 and is lower currently. Stock index futures point to mixed openings today.


FTSE 100 falls while CAC 40 gains
European stocks ended marginally lower on Thursday after more weak data. Both EUR/USD and GBP/USD continued rising yesterday and are higher currently. The Stoxx Europe 600 index ended 0.01% lower as Markit’s September final composite PMI for euro-zone came in at 50.1, down from 51.9 in August . The German market was closed for German Unity Day holiday. France’s CAC 40 rose 0.3% while UK’s FTSE 100 fell 0.6% to 7077.64.


Hang Seng falls as emergency is declared
Asian stock indices are mixed today. Nikkei rose 0.3% to 21410.20 despite yen continued climb against the dollar. Hong Kong’s Hang Seng Index is 1.1% lower as Hong Kong’s leader Carrie Lam invoked emergency powers banning face masks among protesters. Australia’s All Ordinaries Index rebounded 0.4% despite continuing Australian dollar climb against the greenback.

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Brent up
Brent futures prices are higher today. Prices ended marginally higher yesterday: December Brent crude rose 0.03% to $57.71 a barrel on Thursday.