US stocks snap two-day losing streak
US stocks advanced on Wednesday with gains in financial sector offsetting the drop in energy shares. The dollar inched higher: 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, closed up 0.16% at 96.691. The S&P 500 rose 0.2% settling at 2433.14, led by financial stocks up 0.8% as energy shares dropped 1.5%. Eight out of 11 main sectors ended higher. The Dow Jones industrial average added 0.2% to 21173.69, led by Nike (NYSE:NKE) and UnitedHealth Group (NYSE:UNH) shares. Nasdaq advanced 0.4% to 6297.38.
European shares slide as investors await UK election, ECB meeting
European stock indices ended slightly lower on Wednesday as losses in energy shares outweighed gains in bank and utility stocks ahead of Thursday’s trio of important events: UK election, the ECB meeting and FBI’s ex-director Comey’s testimony. The euro fell while the British Pound gained against the dollar. The Stoxx Europe 600 index slid 0.1%. Germany’s DAX 30 slipped 0.1% to 12672.49. France’s CAC 40 closed 0.1% lower and UK’s FTSE 100 index fell 0.6% to 7478.62 on higher Pound and falling oil prices.
Asian stocks rise in cautious trade
Asian stock indices are mostly up today ahead of global events. Nikkei ended 0.4% lower at 19909.26 as the Q1 GDP was revised downward from initial estimate and the dollar resumed its slide against the yen on a report that the Bank of Japan was considering how to communicate its eventual exit strategy from its monetary stimulus. Chinese stocks are up after data showed Chinese exports in May were up 8.7% from a year earlier, more than expected: Shanghai Composite Index is 0.1% higher and Hong Kong’s Hang Seng Index is up 0.3%. Australia’s All Ordinaries Index is 0.1% higher as the Australian dollar still edges higher against the US dollar.
Oil edges higher after steep losses on surprise US inventory build
Oil futures prices are recovering today after steep losses previous day following report US inventories rose for the first time in 10 weeks, deepening concerns that global supply glut endures. The Energy Information Administration report indicated US crude inventories rose by 3.3 million barrels last week instead of an expected decline of 3.5 million barrels. Stocks of crude oil and gasoline surprisingly rose as refinery runs declined and exports fell. August Brent crude fell 4.1% to $48.06 a barrel on Wednesday on London’s ICE Futures exchange.