Upbeat Earnings Push Stocks Higher
IFC Markets | Jul 20, 2017 07:15AM ET
S&P 500 and Nasdaq close at fresh record highs
US stocks ended higher on Wednesday as investors’ optimism was boosted by better than expected results from Morgan Stanley (NYSE:MS). The dollar rebounded: the CAC 40 ended 0.8% higher and UK’s FTSE 100 index gained 0.6% to 7430.91. Markets opened 0.2% - 0.6% higher today.
Bank of Japan pushes back inflation target timeline
Asian stock indices are higher today after gains on Wall Street. The Bank of Japan kept monetary policy unchanged and reinforced expectations that it will keep massive stimulus in place far longer than other major central banks. The yen slid against the dollar which helped Nikkei gain 0.6% to 20144.59. Economic data also contributed to bullish mood: both exports and imports rose in June, pointing to expansion in economic activity though the trade balance surplus was lower than in prior month. Chinese stocks are rising: Shanghai Composite Index is 0.4% higher and Hong Kong’s Hang Seng Index is up 0.3%. Australia’s ASX All Ordinaries is 0.5% higher with the Australian dollar paring back most of previous day’s gains against the US dollar.
Oil higher after US inventory draw
Oil futures prices are edging higher today after US inventories official report indicated bigger than expected drop in inventories. US crude inventories dropped by 4.7 million barrels last week, according to the Energy Information Administration report. September Brent crude rose 1.8% to $49.70 a barrel on Wednesday on London’s ICE Futures exchange.
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