Dollar strengthens despite Q4 GDP downgrade
US stock market rebounded on Thursday as US and China resumed high level negotiations in Beijing. The S&P 500rose 0.4% to 2815.44. The Dow Jones industrial average advanced 0.4% to 25717.46. Nasdaq composite index added 0.3% to 7669.17. The dollar strengthening continued at same pace despite final Q4 data showed US economic growth slowed in the fourth quarter from above-trend rates. 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 0.2% to 97.19 but is lower currently. Futures on US stock indexes point to higher openings today.
FTSE 100 rises as May offers to resign after Brexit approval
European stocks ended marginally lower on Thursday. Both the EUR/USD and GBP/USD continued falling but are currently higher. The Stoxx Europe 600 index slipped 0.1%. Germany’s DAX 30 however edged up 0.1% to 11428.16. France’s CAC 40 slid 0.1% while UK’s FTSE 100 advanced 0.6% to 7234.33 as Prime Minister Theresa May offered to resign if her Brexit deal was finally passed by Parliament after two rejections.
Shanghai Composite leads Asian indices rebound
Asian stock indices rallied today as US Trade Representative Lighthizer and Treasury Secretary Mnuchin started the round of trade talks in Beijing. Nikkei ended 0.8% higher at 21205.81 with yen little changed against the dollar as industrial production resumed expansion after decline in January. China’s stocks rose: the Shanghai Composite Index rallied 3.2% and Hong Kong’s Hang Seng Index is 1% higher. Australia’s All Ordinaries Index extended gains 0.1% despite Australian dollar’s climb against the greenback.
Brent down
Brent futures prices are edging lower today. Prices inched lower yesterday against the background of reduced global supplies as major oil producers comply with crude production curbing agreement: Brent for May settlement, which expires at Friday’s settlement, closed 1 cent lower at $67.82 a barrel on Thursday.