Stocks Rebound On Earnings Optimism
IFC Markets | Oct 16, 2019 08:37AM ET
h2 Dollar weakening resumed/h2
US stocks ended higher on Tuesday on positive corporate reports from major banks as the third quarter earnings season kicked off. The S&P 500 advanced 1% to 2995.68. Dow Jones Industrials gained 0.9% to 27024.80 led by 8.2% surge in UnitedHealth Group Incorporated (NYSE:UNH) shares. The NASDAQ Composite rose 1.2% to 8148.71. The dollar weakening resumed: the live dollar index data show the ICE (NYSE:ICE) US Dollar Index Futures, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.1% to 98.31 and is lower currently. Stock index futures point to higher openings today.
DAX biggest winner among European indexes
European stocks resumed advancing on Tuesday after European Union indicated a Brexit deal with the UK is still possible this week. Both The EUR/USD and GBP/USD resumed their climb yesterday with Pound lower currently while euro higher still. The STOXX 600 ended 1.0% higher led by retail and banking stocks. The German DAX 30 rose 1.2% to 12629.79. France’s CAC 40 advanced 1.1%. UK’s FTSE 100 fell 1.8% to 7211.64 as UK unemployment rose by 22,000 in the three months to the end of August.
Australia’s All Ordinaries Index leads Asian indexes gains
Asian stock indices are mostly higher today despite IMF’s downgrade of the global growth forecast to 3%. Nikkei 225 rose 1.2% to 22472.92 as yen renewed its climb against the dollar. Chinese stocks are mixed after Beijing warned of retaliation if the three bills passed by the House on Tuesday supporting pro-democracy demonstrators in Hong Kong become law The Shanghai Composite Index is down 0.4% while Hong Kong’s Hang Seng index is 0.5% higher. Australia’s ASX All Ordinaries extended gains 1.3% as Australian dollar continued sliding against the greenback.
Brent down
Brent futures prices are still in free fall today. Prices fell yesterday on global demand decline concerns after the IMF on Tuesday forecast global economic growth falling to a 3% rate this year, the slowest pace since the 2008 financial crisis. December Brent lost 1% to $58.74 a barrel on Tuesday.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.