Hurricane Irma concerns weigh on US stocks

September 11, 2017

By IFCMarkets

SP 500 and Nasdaq slip while Dow edges up

US stocks closed lower on Friday with concern about possible missile launch by North Korea on Saturday and damage from approaching Hurricane Irma weighed on market sentiment. The dollar weakened: 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, inched down 0.2% to 91.34. S&P 500 slipped 0.1% to 2461.43. However the Dow Jones industrial average finished 0.1% higher at 21797.79. The Nasdaq composite index fell 0.6 % closing at 6360.19.

SP 500

European stocks recover

European stock indices advanced on Friday with euro strength limiting the gains. The euro and British Pound extended gains against the dollar. The Stoxx Europe 600 index ended the choppy session up 0.2%. The DAX 30 rose 0.1% to 12303.98. France’s CAC 40 ended marginally lower and UK’s FTSE 100 lost 0.3% to 7377.60. Indices opened 0.3% – 0.7% higher today.

Asian stocks recover as Korean tensions ease

Asian stock indices are higher today on relief North Korea refrained from test firing a missile as it celebrated country’s founding on Saturday. Nikkei rebounded 1.4% to 19508.25 today as dollar advanced against the yen supporting exporter stocks. The Chinese stocks are higher amid talks the central bank is considering easing regulations designed to support yuan: the Shanghai Composite Index is up 0. 4%, and Hong Kong’s Hang Seng Index is 1.1% higher. Australia’s All Ordinaries Index is up 0.7% supported by a weaker Australian dollar against the greenback.

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Oil higher

Oil futures prices are higher today. Prices fell on Friday on slow domestic refinery recovery after Hurricane Harvey. About 20% of the US refining capacity was offline in Hurricane Harvey aftermath. November Brent ended 1.3% lower at $53.78 a barrel on Friday.

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