Dollar strengthening accelerated as wholesale inflation slowed
US stock market advance accelerated on Friday as Powell’s testimony reaffirmed expectations of a Fed rate cut at the end of month. The S&P 500 gained 0.5% to 3013.75, adding 0.8% for the week. Dow Jones industrial rallied 0.9% to fresh record 27332.10. The Nasdaq also ended higher, gaining 0.6% to 8244.14. The dollar weakening accelerated after report US wholesale prices inflation slowed to 2.1% from 2.3% in May. 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, fell 0.3% to 96.797 and is lower currently. Stock index futures point to higher market openings today
CAC 40 rose while other European indexes slipped
European stocks ended flat on Friday as data showed euro zone industrial production rose more than expected in May. The EUR/USD joined GBP/USD’s continued climb with euro higher while Pound lower currently. The DAX 30 slipped 0.1% to 12323.32. France’s CAC 40 however rose 0.4% while UK’s FTSE 100 slid 0.1% to 7505.97.
Shanghai Composite leads Asian indexes gains
Asian stock indices are mixed today as China posted its weakest quarterly GDP growth in at least 27 years. Nikkei rose 0.2% to 21685.90 with yen resuming its slide against the dollar. China’s markets are gaining as data showed the world’s second-largest economy expanded by 6.2% over a year earlier, down from the previous quarter’s 6.4%: the Shanghai Composite Index is up 0.4% and Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index extended losses 0.7% with the Australian dollar climb against the greenback intact.
Brent advances
Brent futures prices are edging higher today. Prices rose on Friday: Brent for September settlement ended 0.3% higher at $66.72 a barrel Friday, rebounding 3.9% for the week.