SP 500 closes at new record

2/7/2019

Dollar strengthened lifted by manufacturing data

US stock market closed at new record on Monday led by technology stocks after president Trump agreed with his Chinese counterpart to resume trade talks as they hold off on imposing additional tariffs. The S&P 500 rose 0.8% to 2964. Dow Jones industrial added 0.4% to 26717. The Nasdaq composite surged 1.1% to 8091. The dollar weakening reversed as both the Markit’s purchasing managers index and Institute for Supply Management’s manufacturing indexes showed US manufacturing sector continued expanding in June. 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, jumped 0.7% to 96.81 but is lower currently. Futures on US stock indices point to higher openings today.

European indexes advance despite weak manufacturing data

European stocks accelerated gains on Monday after US and China agreed on trade truce Saturday. Both GBP/USD and EUR/USD turned lower but are higher currently. The Stoxx Europe 600 index rose 0.9% led by chip maker shares despite weak euro zone PMI data. The DAX 30 advanced 1% to 12521.38 despite a report German manufacturing sector activity slowed in June for the sixth month in a row. France’s CAC 40 added 0.5% and UK’s FTSE 100 gained 1% to 7497.5 while UK’s June manufacturing PMI reading fell to its lowest since October 2012.

Hang Seng leads Asian indexes gains

Asian stock indices are mostly rising today after president Trump said Monday that renewed talks have “already begun”. Nikkei closed 0.1% higher at 21754.27 with yen little changed against the dollar. Markets in China are mixed: the Shanghai Composite Index is down 0.03% while Hong Kong’s Hang Seng Index is 1.4% higher. Australia’s All Ordinaries Index extended gain 0.1% as Australian dollar resumed climbing against the greenback despite a 25 basis points cut in interest rates to 1% by the Reserve Bank of Australia.

HK50 gains above MA(200)   07/02/2019 Market Overview IFC Markets chart

Brent gaining ahead of OPEC meeting

Brent futures prices are extending gains today ahead of OPEC official meeting with non-OPEC producers. Prices rose yesterday after OPEC said it officially agreed to extend production curbs by nine months: September Brent crude rose 0.5% to $65.06 a barrel on Monday.




Note: 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.


Start trading with IFC Markets

We are ready to support you with any kind of questions, 24 hours a day.