Dollar weakens despite decline in jobless claims
US stock indexes rebounded on Thursday as the People’s Bank of China set the yuan’s reference rate at 7.0039 against one US dollar. The S&P 500 rose 1.9% to 2938.72. The Dow Jones industrial average recovered 1.4% to 26378.19. Nasdaq composite index rallied 2.2% to 8039.16. The dollar weakening resumed despite an 8000 drop in initial jobless claims in the previous week: 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, slipped 0.1% to 97.54 but is higher currently. Stock index futures point to lower market openings today
CAC 40 leads European indexes advance
European stocks broadened recovery on Thursday as bond yields stabilized. Both EUR/USD and GBP/USD continued declining and move in previous session’s directions currently. The Stoxx Europe 600 index ended 1.4% higher led by resources shares. Germany’s DAX 30 gained 1.7% to 11845.41. France’s CAC 40 rallied 2.3% and UK’s FTSE 100 advanced 1.2% to 7285.9.
Nikkei leads Asian indexes gains while Chinese stocks slide
Asian stock indices are mixed today amid reports Trump administration was holding off on approving licenses for US companies to resume doing business with China’s blacklisted Huawei. Nikkei rose 0.4% to 20684.82 as yen resumed its slide against the dollar despite faster than expected Q2 GDP growth. Chinese shares are falling as data showed inflation hit 17-month high of 2.8% in July: the Shanghai Composite Index is down 0.7% and Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index added 0.3% to previous session gains as Australian dollar slowed its climb against the greenback.
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Brent futures prices are little changed today underpinned by expectations of more OPEC production cuts. Prices rose yesterday: October Brent crude rose 2% to $57.38 a barrel on Thursday.
Market Analysis provided by IFCMarkets
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.