Stocks recover as Apple leads tech rebound

October 1, 2019

By IFCMarkets

Dollar strengthening resumes despite weak manufacturing data

US stocks recovered most of Friday losses on Monday after reports White House wasn’t considering blocking Chinese companies from “listing shares on U.S. stock exchanges at this time.” The S&P 500 finished 0.5% higher at 2976.74. Dow Jones industrial added 0.4% to 26916.83. The Nasdaq composite added 0.8% to 7999.34 led by 2.4% gain in Apple. The dollar strengthening resumed despite data indicating declining manufacturing activity in Chicago region and Texas in September: 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 0.3% to 99.39 and is higher currently. Stock index futures point to higher openings today.

DJI rising above MA(200)  10/01/2019 Market Overview IFC Markets chart

CAC 40 posts biggest gain among European indexes

European stocks extended gains on Monday. EUR/USD joined GBP/USD’s slide yesterday with both pairs lower currently. The Stoxx Europe 600 index ended 0.4% higher. The DAX 30 added 0.4% to 12428.08. France’s CAC 40 rose 07% while UK’s FTSE 100 slid 0.2% to 7408.21.

Australia’s All Ordinaries Index leads Asian indexes gains

Asian stock indices are recovering today with markets closed in mainland China for the rest of the week for celebrating 70th anniversary of People’s Republic of China, Hong Kong markets are also closed. Nikkei rose 0.6% to 21885.24 as the national sales tax was raised by 2 percentage points to cover rising health costs and national debt, while yen slide against the dollar continued. Australia’s All Ordinaries Index turned higher 0.8% as Australian dollar slide against the greenback accelerated after the Reserve Bank of Australia cut key interest rate to record low 0.75%.

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Brent down

Brent futures prices are edging higher today after losses Monday following reports that Saudi Aramco has fully restored production capacity lost due to September 25 attacks on Saudi oil facilities: November Brent crude closed 1.8% lower at $60.78 a barrel on Monday.

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