Dollar falls on persistent factory orders decline
US stock market ended mixed on Monday. The S&P 500 advanced 0.1% to 2895.77. Dow Jones industrial however dipped 0.3% to 26236 dragged by 4.4% drop of Boeing as the company announced it is scaling back 737 MAX planes’ production after recent fatal crashes. The Nasdaq composite added 0.2% to 7953.88. The dollar strengthening reversed as factory orders decline continued at previous month’s pace in February. 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, fell 0.3% to 97.05 and is lower currently. Futures on US stock indexes point to lower openings today.
DAX 30 underperforms on weak trade data
European stocks retreat resumed on Monday led by bank shares. Both the EUR/USD and GBP/USD turned higher with both pairs higher currently. The Stoxx Europe 600 index slid 0.2%. The DAX 30 fell 0.4% to 11963.40 as data showed German imports and exports fell more than expected in February. France’s CAC 40 slipped 0.1% while UK’s FTSE 100 added 0.1% to 7451.89.
Hang Seng leads Asian indices gains
Asian stock indices are mixed ahead of a meeting on trade between the European Union and China later today. Nikkei recovered 0.2% to 21802.59 despite continued yen climb against the dollar. Markets in China are mixed despite new stimulus measures announced by Beijing such as relaxing residency curbs in smaller cities and increasing infrastructure spending: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng Index is 0.3% higher. Australia’s All Ordinaries Index inched up 0.01% despite persisting Australian dollar climb against the greenback.
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Brent futures prices are lower today still supported by global supply tightening concerns. Prices rose yesterday as fighting in Libya continued: June Brent crude rose 1.1% to $71.10 a barrel on Monday.
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