Futures point to lower openings for US stock market

November 23, 2018

By IFCMarkets

Dollar weakness accelerates

US stocks will reopen today after Thanksgiving for a post-holiday shortened session. The New York Stock Exchange and the Nasdaq will close at 1 p.m. Eastern time today. Stocks closed mostly higher on Wednesday: the S&P 500 added 0.3% to 2649.93. The Dow Jones industrial average however slipped less than a point to 24464.69. Nasdaq composite index rose 0.9% to 6972.25. The dollar weakening accelerated on Thursday: 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, slid 0.2% to 96.463 and is lower currently. Futures on three main US stock indices indicate lower openings today.

Brexit draft deal supports Pound

European stocks gave back most of previous session gains on Thursday on disappointing earnings reports. GBP/USD joined EUR/USD’s continued climb on news of a draft agreement between Britain and the EU. The euro is rising currently while the Pound is lower. The Stoxx Europe 600 index fell 0.7%. Germany’s DAX 30 lost 0.9% to 11138.49. France’s CAC 40 slid 0.7% while UK’s FTSE 100 dropped 1.3% to 6960.32.

Chinese stocks drop on US lobbying against Huawei

Asian stock indices are mostly lower today with Japanese markets closed for a public holiday. Yen meanwhile continues its climb against the dollar. Chinese indices are lower led by technology stocks on reports US has been on a campaign to get foreign allies to stop using equipment made by Chinese telecoms giant Huawei Technologies: the Shanghai Composite Index is down 2.5% and Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index however extended gains 0.4% as Australian dollar continued decline against the greenback.

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Brent slips on higher global output

Brent futures prices are lower today on emerging crude supply glut. Prices ended higher yesterday: Brent for January settlement closed 0.2% higher at $63.59 a barrel on Thursday.

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