All three main US indices end at records
US financial markets resumed the rally on Wednesday as the upbeat Beige Book and data boosted investors’ risk appetite. The dollar rebounded: 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, rose 0.5% to 90.994. The S&P 500 gained 0.9% to all-time high 2802.56. The Dow Jones industrial jumped 1.3% closing at new record high 26115.65. Nasdaq composite index rose 1% to fresh record 7298.28. Futures on indices point to a higher opening today.
European stocks pull back on weak data
European stocks pulled back on Wednesday on weak data and corporate reports. The euro extended decline against the dollar while British Pound resumed its climb. The Stoxx Europe 600 closed 0.1% lower. Germany’s DAX 30 fell 0.5% settling at 13183.96. France’s CAC 40 lost 0.4% and UK’s FTSE 100 slipped 0.4% to 7725.43. Markets opened 0.1%-0.4% higher today.
China fourth-quarter GDP grows 6.8%
Asian stock indices are mixed today. Nikkei ended 0.4% lower at 23763.37 with yen little changed against the dollar. Chinese stocks are up as China’s economy grew 6.8% in the fourth quarter of 2017 from a year earlier, above expectations and unchanged from the previous quarter’s growth: the Shanghai Composite Index is 0.4% higher and Hong Kong’s Hang Seng Index is up 0.9%. Australia’s All Ordinaries Index lost 0.1% as Australian dollar resumed climb against the greenback on strong job growth though unemployment edged higher.
Oil down
Oil futures prices are lower today ahead of US official stocks report. Prices fell yesterday on expectations for a ninth straight weekly drop in US crude supplies and risks to production in Nigeria. The American Petroleum Institute reported late Wednesday US crude supplies fell 5.1 million barrels last week. March Brent crude rose 0.3% to $69.38 a barrel on Wednesday.