Dollar strengthening intact despite disappointing jobs report
US stock indexes ended marginally higher on Friday despite disappointing August jobs report . The S&P 500 gained 0.1% to 2978.71, extending gains 1.5% for the week. Dow Jones industrial rose 0.3% to 26797.46. The Nasdaq however slipped 0.2% to 8103.07. The dollar strengthening continued even as the Labor Department reported US economy added below expected 130,000 jobs in August. 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, inched up 0.02% to 98.41 and is higher currently. Stock index futures point to higher openings today.
DAX leads European indexes movement
European stocks rose third straight session on Friday as reports US and China will resume trade talks next month boosted market sentiment. Both EUR/USD and GBP/USD turned lower Friday with euro rising currently against the dollar while Pound continuing its slide. The Stoxx Europe 600 Index gained 1.7% for the week. The DAX 30 rose 0.5% Friday to 12191.73 despite unexpected decline in German industrial output in July. France’s CAC 40 advanced 0.2% and UK’s FTSE 100 added 0.2% to 7282.34.
Shanghai Composite leads Asian indexes gains
Asian stock indices are mostly higher today. Nikkei rose 0.6% to 21328.42 despite a stronger yen against the dollar even after a downgrade of Q2 GDP to 1.3% from 1.5% first estimate. China’s markets are mixed after Friday data showed decline in China’s trade with US in August: the Shanghai Composite Index is up 0.8% while Hong Kong’s Hang Seng Index is 0.1% lower. Australia’s All Ordinaries Index ticked up 0.01% with the Australian dollar’s climb against the greenback intact.
Brent futures prices are extending gains today as Saudi Arabia signals OPEC will continue crude output cuts under new Energy Minister Prince Abdulaziz bin Salman. Prices rose on Friday: Brent for November settlement ended 1% higher at $61.54 a barrel Friday, adding 3.9% for the week.