Dollar weakening slows
US stocks resumed advancing on Monday as president Trump said trade negotiations with Beijing were “coming along very well.” The S&P 500 finished 0.7% higher at 3006.72. Dow Jones industrial added 0.2% to 26827.64 weighed by 3.8% drop in Boeing (NYSE:BA). The Nasdaq composite rose 0.9% to 8162.99. The dollar weakening halted: the live dollar index data show the ICE (NYSE:ICE) US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.1% to 97.31 but is lower currently. Stock index futures point to mixed openings today.
DAX posts biggest gain among European indexes
European stocks recovered most of previous session losses on Monday. EUR/USD turned lower yesterday while GBP/USD advance continued with both pairs gaining currently. The Stoxx Europe 600 index ended 0.7% higher led by basic resources and bank shares. The DAX 30 rose 0.9% to 12747.96. France’s CAC 40 gained 0.2% and UK’s FTSE 100 added 0.2% to 7163.64 as UK parliament rejected prime minister Johnson’s motion for a vote on the Brexit withdrawal deal agreed with the European Union. Johnson was forced to request from EU an extension to the current October 31 Brexit deadline on Saturday.
Asian indexes rise in light trading
Asian stock indices are rising today after both US and Chinese officials said trade talks were making progress. Nikkei is closed for holiday with yen slide against the dollar continuing. Markets in China are rising after US Trade Representative Robert Lighthizer said Monday he was aiming for a phase-one deal to be signed by Trump and China’s President Xi Jinping in mid-November at the Asia-Pacific Economic Cooperation summit: the Shanghai Composite Index is up 0.5% and Hong Kong’s Hang Seng Index is 0.3% higher. Australia’s All Ordinaries Index extended gains 0.3% as Australian dollar continued its climb against the greenback.
Brent falls
Brent futures prices are extending losses today on demand sustainability concerns. Prices fell yesterday while Russia, the world’s second-largest oil producer, said on Sunday it did not meet its supply reduction commitment in September because of an increase in natural gas condensate output ahead of winter: December Brent crude closed 0.8% lower at $58.96 a barrel on Monday.