Dollar weakening slows after strong jobs report
US stock market ended sharply higher on Friday buoyed by Fed chair Powell’s dovish comments and stronger than expected jobs report. S&P 500 rallied 3.4% to 2515, closing 2.0% higher for the week. Dow Jones industrial average rose 3.3% to 23291. The Nasdaq jumped 4.3% to 6671. The dollar weakening slowed as data indicated 312000 new jobs were created in December: 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, slipped 0.1% to 96.14 and is lower currently. Stock index futures indicate higher openings today.
DAX 30 outperforms other European indices
European stock markets rebounded on Friday. Both the GBP/USD and EUR/USD’s continued their climb with both pairs higher currently. The Stoxx Europe 600 Index rose 2.8%, ending the week 2.2% higher. The DAX 30 rallied 3.4% to 10767.69. France’s CAC 40 jumped 2.7% and UK’s FTSE 100 gained 2.2% to 6837.42.
Nikkei leads Asian indices gains
Asian stock indices are solidly higher today as US and Chinese trade negotiations resumed in Beijing. Nikkei jumped 2.4% to 20038.97 with yen resuming its climb against the dollar. Chinese stocks are advancing: the Shanghai Composite Index is up 0.7% and Hong Kong’s Hang Seng Index is 0.9% higher. Australia’s All Ordinaries Index rebounded 1.1% despite the Australian dollar continuing its climb against the greenback.
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Brent futures prices are extending gains today. Prices ended higher on Friday as the Energy Information Administration reported US crude inventories barely rose last week – just 7000 barrels, while gasoline stocks jumped 6.9 million barrels: Brent for February settlement gained 2.0% to close at $57.06 a barrel Friday.
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