US market edges up

November 14, 2017

By IFCMarkets

SP 500 ends within 1% of all-time high

US major stock indices ended marginally higher on Monday with gains capped by uncertainty about Republicans’ tax cuts bill. The dollar edged higher: 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 0.1% to 94.504. S&P 500 closed 0.1% higher settling at 2584.84. The Dow Jones industrial average added less than 0.1% to 23439.63. The Nasdaq composite index rose 0.1% to 6757.60.

US broad stocks market index is less than 1% below its all-time high after recent pullback started on worries about delays in corporate tax cuts. The SP 500 however is 16% up year to date. Stocks eked out gains despite the Treasury report US federal budget deficit for October rose $17 billion from the same period last year to $63.2 billion dollars.

European markets fall on Brexit impact concerns

European stocks ended lower on Monday on concerns about possible negative impact of Brexit on euro-zone economy. Both the euro and British Pound fell against the dollar. The Stoxx Europe 600 index ended 0.7% lower led by bank stocks. The DAX 30 pulled back 0.4% to 13074.42. France’s CAC 40 fell 0.7% and UK’s FTSE 100 slipped 0.2% to 7415.18.

The International Monetary Fund official’s comment the euro-zone economy would suffer along with the UK’s if there’s a “disruptive” Brexit weighed on market sentiment. Pound fell after a report that 40 lawmakers in the British parliament had agreed to sign a letter of no confidence in Prime Minister Theresa May. That is eight votes short of the required number of signatures to start a formal leadership challenge.

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Asian indices fall on slower China growth data

Asian stock indices are lower today on slowing Chinese growth concerns. Nikkei closed little changed in choppy trade at 22380.01 despite a weaker yen against the dollar. Chinese stocks are lower after data showed slower industrial output and fixed asset investment growth in China in October: the Shanghai Composite Index is 0.5% lower and Hong Kong’s Hang Seng Index is down 0.1%. Australia’s All Ordinaries Index is 0.8% lower led by mining stocks as Australian dollar advanced against the greenback.

Oil lower

Oil futures prices are inching lower today. Prices fell Monday on a US Energy Information Administration report showing another monthly climb in US shale oil production from seven major US oil plays: about 80 thousand barrels a day in December to 6.174 million barrels a day. The report has forecast increases in shale oil output every month so far this year. January Brent crude lost 0.6% settling at $63.16 a barrel on Monday.

Market Analysis provided by IFCMarkets

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