Tech shares lead US market higher

September 12, 2018

By IFCMarkets

Dollar weakens as US budget deficit doubles

US stock market extended gains on Tuesday led by technology and telecom shares. The S&P 500 added 0.4% to 2887.89.Dow Jones industrial average gained 0.4% to 25971.06. The Nasdaq composite index rose 0.6% to 7972.47. The dollar weakening persisted as the US budget deficit nearly doubled in August relative to the same period a year ago: 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, edged 0.03% lower to 95.08 but is higher currently. Futures on three main US stock indices point to higher openings today.

DJI above support  09/12/2018  Market Overview IFCM Markets

CAC 40 opens higher than other European indices

European stocks pulled back on Tuesday. The EUR/USD extended gains as Germany’s ZEW survey of economic expectations rose for the second straight month while the GBP/USD turned lower and both pairs are down currently. The Stoxx Europe 600 lost 0.1%. The German DAX 30 slipped 0.1% to 11970.27. France’s CAC 40 though gained 0.3% while UK’sFTSE 100 slid 0.1% to 7273.54. Indices opened 0.1% – 0.3% higher today

Asian indices retreat continues

Asian stock indices extended losses today after news China has appealed to the World Trade Organization for permission to impose sanctions against the US for Washington’s noncompliance with a ruling over US dumping duties in a 2013 dispute. Nikkei lost 0.3% to 22604.61 as yen turned higher against the dollar. Chinese stocks are falling: the Shanghai Composite Index is down 0.4% and Hong Kong’s Hang Seng index is 0.4% lower. Australia’s All Ordinaries Index fell 0.1% despite Australian dollar’s slide against the greenback.

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Brent down

Brent futures prices are lower today. Prices jumped yesterday on reports US government lowered its forecasts for domestic production. And the American Petroleum Institute reported late Tuesday that US crude inventories fell by 8.6 million barrels to 395.9 million last week. Prices ended sharply higher yesterday: November Brent rose 2.2% to $79.06 a barrel Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.

Market Analysis provided by IFCMarkets

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