Dollar falls despite narrower trade deficit
US stock market paused on Wednesday weighed by healthcare stocks under pressure in debates for the Democratic nomination for president. The S&P 500 lost 0.2% to 2900.45. The Dow Jones industrial average slipped 0.01% to 26449.54. Nasdaq composite index slid 0.05% to 7976.08. The dollar weakening resumed despite report the US trade deficit fell 3.4% in February to the lowest level in eight months. 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 97.01 and is lower currently. Futures on US stock indexes point to lower openings today.
CAC 40 outperforms European indexes
European stocks extended gains on Wednesday buoyed by better than expected Chinese data. The EUR/USDturned higher while GBP/USD continued its slide with euro lower currently and Pound little changed. The Stoxx Europe 600 gained 0.1% led by auto shares. Germany’s DAX 30 rose 0.4% to 12153.07 despite country’s economic growth downgrade for 2019, France’s CAC 40 advanced 0.6% while UK’s FTSE 100 added 0.02% to 7471.32.
Australia’s All Ordinaries Index gains while Asian indices fall
Asian stock indices are mostly down today as North Korea test-fired a new tactical guided weapon. Nikkei lost 0.8% to 22090.12 as yen resumed climb against the dollar. China’s stocks are lower despite a report US and China may sign the trade deal in late May: the Shanghai Composite Index is down 0.4% and Hong Kong’s Hang Seng Index is 0.6% lower. Australia’s All Ordinaries Index turned 0.05% higher with Australian dollar little changed against the greenback.
Brent slides despite US crude inventories drop
Brent futures prices are retreating today. Prices fell yesterday despite report US gasoline stocks fell by 1.4 million barrels while crude stockpiles declined by 1.2 million last week. June Brent crude lost 0.1% to $71.62 a barrel on Wednesday.