SP500, Dow notch new records - 14.11.2019

Dollar strengthening halted as budget deficit rose

US stocks extended gains on Wednesday despite reports US has met with China’s resistance to commit to buying a fixed value of US agricultural products as a part of the phase one deal. The S&P 500 added 0.1% to 3094.04. The Dow Jones industrial average rose 0.3% to 27783.59 led by 7% jump in Disney. Nasdaq gained 0.05% to 8482.10. The dollar strengthening halted as US federal budget deficit in October rose 34% from a year ago. 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, slipped less than 0.1% to 98.31 but is higher currently. Futures on US stock indices point to mixed openings.

DAX 30 led European indexes retreat

European stock indexes extended losses on Wednesday. EUR/USD continued its slide yesterday while GBP/USD halted its decline with both pars lower currently. The Stoxx Europe 600 slipped 0.2% led by bank shares. Germany’s DAX 30 fell 0.4% to 13230.07. France’s CAC 40 slid 0.2% and UK’s FTSE 100 lost 0.2% to 7351.21 as UK inflation declined from 1.7% to 1.5% in October, the lowest level in almost three years.

Hang Seng falls for 5th consecutive session

Asian stock indices are mixed today against the backdrop of weak data from China, Japan and Australia. Nikkei fell 0.8% to 23141.55 with yen advance against the dollar intact after report Japan's economy grew slower than expected in. Chinese stocks are mixed after reports China's economy grew slower in October: the Shanghai Composite Index is 0.2% higher while Hong Kong’s Hang Seng Index is down 1.2%. Australia’s All Ordinaries Index rose 0.6% as Australian dollar’s slide against the greenback accelerated after data showed Australia’s unemployment rate inched up to 5.3% from 5.2% in September.

Brent advance continues

Brent futures prices are extending gains today. Prices resumed advancing yesterday: January Brent crude rose 0.5% to $62.37 a barrel on Wednesday. The American Petroleum Institute late Wednesday report, which was released a day later than usual because of Monday's Veterans Day holiday, estimated US crude supplies fell by 541,000 barrels last week. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.