US stocks edge higher - 28.12.2017

All three main US indices rebound

US stock market resumed advancing on Wednesday. The dollar weakness persisted: 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, fell 0.3% to 92.998. The S&P 500 rose 0.1% to 2682.62 led by real estate, utilities and industrial shares. Seven of the 11 primary sectors ended in positive territory. The Dow Jones industrial average gained 0.1% to 24774.30. Nasdaq composite index added less than 0.1% to 6939.34.

Positive economic data were supportive for upbeat sentiment: the consumer confidence remained at historically high levels though the Conference Board’s index declined in December. Also, the pending home sales grew by 0.2% in November according to the National Association of Realtors.

European markets recover

European markets edged higher on Wednesday as trading resumed after investors returned from Christmas holidays. The euro and British Pound continued climbing against the dollar. The Stoxx Europe 600 closed 0.1% higher. Germany’s DAX 30 slipped 0.1% settling at 13070.02. France’s CAC 40 rose 0.1% and UK’s FTSE 100 gained 0.4% to record high 7620.68. Indices opened flat today.

Gains in mining shares buoyed stock indices helped by advancing metals prices. Fresnillo shares jumped 3.5%, and Glencore gained 2.1%.

Technology stocks lead Asian markets rise

Asian stock indices are mostly higher today led by technology stocks. Nikkei fell 0.6% to 22950.50 despite better than expected growth in factories activity and retail sales in November while yen surged against the dollar. Chinese stocks are up: the Shanghai Composite Index is 0.7% higher and Hong Kong’s Hang Seng Index is up 0.8%. Australia’s All Ordinaries Index added 0.3% while Australian dollar charged higher against the greenback supported by strong commodity prices.

HK50

Oil up on US crude stocks draw

Oil futures prices are higher today after a report by the American Petroleum Institute showing a 6 million barrel drop in crude oil inventories to 432.8 million barrels. Prices ended lower yesterday on expectations that the Libyan pipeline that was damaged by explosion could be repaired next week: February Brent crude fell 0.9% to $59.64 a barrel on Wednesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.