US equities bounce back

August 29, 2019

By IFCMarkets

Dollar rise resumes

US stock indexes resumed advancing on Wednesday after selloff spurred by Treasury yield curve inversion previous day. The S&P 500 gained 0.7% to 2887.94 led by energy shares. The Dow Jones industrial average rose 1.0% to 26036.10. Nasdaq advanced 0.9% to 8020. The dollar strengthening resumed: 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 98.19 and is higher currently. Stock index futures point to higher market openings today.

CAC 40 loss leader among European indexes

European stocks pulled back on Wednesday. GBP/USD joined EUR/USD’s slide yesterday with euro rising while Pound sliding against dollar currently. The Stoxx Europe 600 lost 0.4%. Germany’s DAX 30 slipped 0.25% on mixed data as GfK consumer confidence remained steady while import prices declined. France’s CAC 40 lost 0.34% while UK’s FTSE 100 gained 0.4% to 7114.71.

Hang Seng falls while Asian indexes gain

Asian stock indices are mixed today despite Treasury Secretary Steve Mnuchin’s comment he expects Chinese officials to travel to Washington for renewed trade negotiations. Nikkei ended 0.1% lower at 20460.93 despite yen continued slide against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.1% while Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index added 0.1% as the Australian dollar edged lower against the greenback.

AU200 rises above MA(200)   08/29/2019 Market Overview IFC Markets chart

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Brent down

Brent futures prices are lower today. Prices rose yesterday after the Energy Information Administration report US crude inventories dropped by 10 million barrels, while gasoline inventories fell by 2.1 million barrels. October Brent crude rose 1.7% to $60.49 a barrel on Wednesday.

Market Analysis provided by IFCMarkets

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