SP500 snaps three day losing stretch on trade optimism

Dollar weakening slowed

US stocks resumed advancing after three session decline on Wednesday buoyed by report US and China are making progress toward phase one deal. The S&P 500 rose 0.6% to 3112.76. The Dow Jones industrial average advanced 0.5% to 27649.78. Nasdaq gained 0.5% to 8566.67. The dollar weakening slowed as the Institute for Supply Management reported its nonmanufacturing index was at 53.9%, lower than in October, but new orders rose signaling stronger demand ahead. 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 97.61 and is lower currently. Futures on three main US stock indices indicate higher openings today.

European stocks snap two-session retreat

European stock indexes halted two day retreat on Wednesday. EUR/USD declined while GBP/USD accelerated its climb yesterday with both pairs higher currently. The Stoxx Europe 600 rebounded 1% led by basic resource shares as Markit reported euro-zone’s business activity held steady in November with final reading of composite Purchasing Managers’ Index (PMI) at 50.6. Germany’s DAX 30 advanced 1.2% to 13146.57. France’s CAC 40 rose 1.3% and UK’s FTSE 100 gained 0.4% to 7188.50.

Australia’s All Ordinaries Index leads Asian indexes gains

Asian stock indices are mostly rising today after reports Washington and Beijing were making a progress on trade deal. Nikkei gained 0.7% to 23300.09 with yen little changed against the dollar. Chinese stocks are rising: the Shanghai Composite Index is 0.7% higher while Hong Kong’s Hang Seng Index is up 0.5%. Australia’s All Ordinaries Index rallied 1.1% with Australian dollar slide against the greenback continuing.

Brent down

Brent futures prices are marginally lower today. Prices rallied yesterday after Energy Information Administration report Wednesday that US crude supplies fell by higher than forecast 4.9 million barrels last week: February Brent crude rose 3.6% to $63 a barrel on Wednesday.