Dollar falls on disappointing ADP report
US stock market extended gains on Wednesday as China’s Vice Premier Liu He was scheduled to meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The S&P 500 gained 0.2% to 2873.40. The Dow Jones industrial average added 0.2% to 25218.13. Nasdaq composite index rose 0.6% to 7895.55. The dollar weakening accelerated as payroll services firm ADP’s estimate of new jobs in march fell short of forecasts. 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 0.2% to 97.10 and is lower currently. Futures on US stock indexes point to mixed openings today.
DAX 30 outperforms European indexes
European stocks ended higher on Wednesday. The EUR/USD joined GBP/USD’s climb and both are currently higher. The Stoxx Europe 600 gained 1% led by auto and miner shares. Germany’s DAX 30 jumped 1.7% to 11954.40, France’s CAC 40 advanced 0.8% and UK’s FTSE 100 added 0.4% to 7418.28 as British parliament passed a law that compels Prime Minster May to ask for an extension to the Brexit deadline if a no-deal departure is looming.
Shanghai Composite still ahead Asian indices
Asian stock indices are mixed today. Nikkei added 0.05% to 21724.95 as yen resumed its climb against the dollar. China’s stocks are mixed ahead of China’s Vice Premier Liu He scheduled meeting with president Trump: the Shanghai Composite Index is up 0.9% while Hong Kong’s Hang Seng Index is 0.3% lower. Australia’s All Ordinaries Index gave back all of previous session gain closing 0.8% lower as the Australian dollar continued gaining against the greenback.
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Brent futures prices are extending losses today. Prices fell yesterday after data showed US crude stockpiles jumped by 7.2 million barrels last week. June Brent crude slid 0.1% to $69.31 a barrel on Wednesday.
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