Global stocks rally on strong data

April 2, 2019

By IFCMarkets

Dollar gains on strong ISM report

US stock market rallied on Monday on fresh data. The S&P 500 advanced 1.1% to 2865. Dow Jones industrial rallied 1.2% to 26236 led by Caterpillar and Boeing. The Nasdaq composite jumped 1.2% to 7820. The dollar strengthening accelerated as the Institute for Supply Management reported a stronger than expected manufacturing index for March indicating the activity in the sector accelerated: 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 97.354 but is lower currently. Futures on US stock indexes point to lower openings today.

DAX 30 outperforms European indices

European stocks advance continued on Monday. The EUR/USD continued sliding while GBP/USD turned higher with both pairs reversing currently. The Stoxx Europe 600 index gained 1.2% led by miners and technology. The DAX 30 jumped 1.4% to 11681.99 despite the downgrade of German Manufacturing PMI’s final reading for March. France’s CAC 40 advanced 1% and UK’s FTSE 100 added 0.5% to 7317 as Markit reported UK’s manufacturing sector expansion accelerated in March.

DE30 testing MA(200)    04/02/2019 Market Overview IFC Markets chart

Australian stocks lead Asian indices gains as RBA leaves rates unchanged

Asian stock indices are mixed today as the difference between three-month US Treasury bills and 10-year notes further moved into positive territory with 10-year US Treasury yield edging to 2.475 percent . Nikkei ended 3.72 points lower at 21505.31 as yen turned higher against the dollar. Markets in China are higher: the Shanghai Composite Index is up 0.2% and Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index extended gains 0.4% as the Reserve Bank of Australia held interest rates steady at 1.5% while Australian dollar accelerated its slide against the greenback.

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Brent down

Brent futures prices are lower today still supported by OPEC supply cuts. Prices rallied yesterday after reports output from the Organization of the Petroleum Exporting Countries fell for a fourth month in April: June Brent crude rose 2.1% to $69.01 a barrel on Monday.

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