Dollar strengthening accelerates on US retail sales report
US stock market ended marginally lower on Friday led by technology shares. The S&P 500 slid 0.2% to 2886.98, adding 0.5% for the week. Dow Jones industrial slipped 0.1% to 26089.61. The Nasdaq lost 0.5% to 7796.66. The dollar accelerated strengthening as data showed retail sales grew 0.5% in May, while sales were revised to 0.3% growth in April after an initial estimate of 0.2% decline. 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 0.5% to 97.55 but is lower currently. Futures on US stock indices point to higher openings today.
DAX 30 led European indexes losses
European stocks pulled back on Friday. Both the GBP/USD and EUR/USD accelerated their slide but are higher currently. The Stoxx Europe 600 Index lost 0.6% Friday. The DAX 30 slumped 0.6% to 12096.40. France’s CAC 40 slipped 0.2% and UK’s FTSE 100 slid 0.3% to 7345.78.
Hang Seng the leader among Asian indexes
Asian stock indices are mixed today. Nikkei added 0.03% to 21124.00 with yen slide against the dollar intact. China’s markets are gaining after data showed last Friday industrial output and investment growth slowed in May: the Shanghai Composite Index is up 0.2% and Hong Kong’s Hang Seng Index is 0.5% higher. Australia’s All Ordinaries Index however pulled back 0.4% as the Australian dollar turned higher against the greenback.
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Brent futures prices are edging lower today. Prices ended higher on Friday despite International Energy Agency downgrade of tis 2019 forecast for global oil demand: Brent for August settlement rose 1.1% to close at $62.01 a barrel Friday, falling 2% for the week.
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