Market Overview
Stocks Pull Back Ahead Of Fed Decision
Dollar Weakening Reversed Ahead Of Fed Rate Cut
US stocks pulled back on Tuesday on mixed earnings reports. The S&P 500 slipped 0.1% to 3036.89. The Dow Jones industrial average slid 0.1% to 27071.42 weighed by 2.1% drop in Google’s parent Alphabet (NASDAQ:GOOGL) on earnings miss. Nasdaq fell 0.6% to 8276.85. The dollar weakening was intact despite better than expected pending homes sales in September. 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, slipped 0.1% to 97.68 but is higher currently. Federal Reserve is expected to cut rates a third time today. Futures on US stock indices point to lower openings.
CAC 40 Rises While Other European Indexes Slip
European stock market snapped four-session winning streak on Tuesday. The EUR/USD joined GBP/USD’ climb with both pairs higher currently. The STOXX Europe 600 ended 0.2% lower led by telecom stocks. The German DAX 30 slipped 0.02% to 12939.62. France’s CAC 40 however advanced 0.2%. UK’s FTSE 100 slid 0.3% to 7306.26 ahead of UK House of Commons vote authorizing an election on December 12.
Nikkei Leads Asian Indexes Losses
Asian stock indices are falling today after reports a “phase one” deal might not be ready to be signed at the Asia-Pacific Economic Cooperation summit in Chile next month. Nikkei fell 0.6% to 22843.12 despite yen continued slide against the dollar. Chinese stocks are falling as China accused the US of “bullying” over a proposed ban on Chinese telecom equipment in US networks: the Shanghai Composite Index is down 0.5% and Hong Kong’s Hang Seng index is 0.5% lower. Australia’s All Ordinaries Index turned 0.8% lower as Australian dollar continued climbing against the greenback.
Brent Down
Brent futures prices are edging lower today. Prices edged up yesterday: December Brent rose 0.03% to $61.59 a barrel on Tuesday. Trade group the American Petroleum Institute late Tuesday report indicated US crude supplies fell by 1.7 million barrels last week. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.