SP500 ticked up while Dow slipped ahead of Powell testimony
US stock market ended mostly higher on Tuesday ahead of Powell’s two-day testimony to Congress starting today. The S&P 500 advanced 0.1% to 2979.63. Dow Jones industrial however slipped 0.1% to 26783.49. The Nasdaq rose 0.5% to 8141.73. The dollar strengthening continued at previous pace as investor anticipate an indication from Fed chair Powell the Federal Reserve still plans to implement a 25 basis point rate cut at July 30-31 meeting while a bigger cut is seen unlikely after stronger than expected June jobs re[port last Friday: 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, added 0.1% to 97.49 and is higher currently. Stock index futures point to lower market openings today
DAX 30 still loss leader among European indexes
European stocks retreat deepened on Tuesday weighed by a warning of an autos slowdown from German chemicals giant BASF. The GBP/USD and EUR/USD slump continued with both pairs lower currently. The Stoxx Europe 600 ended 0.5% lower led by resources shares. The German DAX 30 fell 0.9% to 12436.55 dragged by more than 3% drop in BASF. France’s CAC 40 slid 0.3%. UK’s FTSE 100 slipped 0.2% to 7536.47 as average retail sales growth weakened to 0.6% in the 12 months to June, the slowest increase since 1995.
Australia’s All Ordinaries Index gains while other Asian indexes fall
Asian stock indices are mixed today. Nikkei fell 0.2% to 21533.48 despite yen continuing slide against the dollar. Chinese stocks are mixed after report China’s consumer inflation held steady last month as slowing non-food prices offset faster gains in food prices: the Shanghai Composite Index is down 0.5% while Hong Kong’s Hang Seng index is 0.2% higher. Australia’s All Ordinaries Index however turned 0.4% higher with Australian dollar sliding further against the greenback as Australian consumer confidence fell to a two-year low.
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Brent futures prices are extending gains today. The American Petroleum Institute late Tuesday report indicated US crude inventories fell by 8.1 million barrels last week. Prices inched up yesterday: September Brent added 0.1% to $64.16 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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