Dow logs longest win streak in more than a year

June 11, 2019

By IFCMarkets

Dollar weakening reverses

US stock market rebound continued on Monday led by technology stocks. The S&P 500 gained 0.5% to 2886.73. Dow Jones industrial added 0.3% to 26062.68. The Nasdaq composite rose 1.1% to 7823.17. The dollar turned higher yesterday: 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 0.2% to 96.768 and is higher currently. Futures on US stock indices point to higher openings today.

FTSE 100 top performer among European indexes

European stocks extended gains on Monday. Both EUR/USD and GBP/USD turned lower with euro higher currently while Pound continues falling. The Stoxx Europe 600 index added 0.2% led by basic resources shares. The DAX 30 was closed yesterday. France’s CAC 40 added 0.3%. UK’s FTSE 100 advanced 0.6% to 7375.54 despite data showing Britain’s economy sharply contracted in April due to the biggest fall in car production since records began.

EU50 is testing MA(50)  06/11/2019 Market Overview IFC Markets chart

Shanghai Composite leads Asian indexes rebound

Asian stock indices are rising today despite fresh threats from President Donald Trump to raise tariffs on imports from China. Nikkei closed 0.3% higher at 21204.28 with yen yen slide against the dollar accelerating. Markets in China are gaining: the Shanghai Composite Index is up 2.6% and Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s All Ordinaries Index rallied 1.6% as Australian dollar continued sliding against the greenback.

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Brent futures prices are edging higher today bolstered by expectations that major crude oil producers and OPEC will keep withholding supply. Prices fell yesterday: August Brent crude lost 1.6% to $62.29 a barrel on Monday.

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