US stocks fall as dollar slides
US stocks retreated on Wednesday as investor confidence was undermined by lingering geopolitical tensions. The dollar continued weakening with President Trump’s remark the dollar is getting too strong putting additional pressure on greenback: 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 down 0.6% at 100.127. The S&P 500 lost 0.4% settling at 2344.93 led by industrial and materials stocks, with seven of the eleven primary sectors finishing in the red. The Dow Jones industrial average fell 0.3% to 20591.86 weighed by losses in Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) shares. The Nasdaq index dropped 0.5% closing at 5836.16.
Auto maker shares lead European stocks higher
European stocks inched higher on Wednesday led by car maker shares. Both the euro and British pound added to their gains against the dollar helped by President Trump’s remark dollar is too strong. The Stoxx Europe 600 added 0.2%. Germany’s DAX 30 rose 0.1% to 12154.70. France’s CAC 40 closed marginally lower and UK’s FTSE 100 index fell 0.2% to 7348.99.
Asian stocks down
Asian stock indices are mostly lower today as US officials said the administration was focusing on tougher economic sanctions against North Korea after President Trump diverted the USS Carl Vinson aircraft carrier group towards the Korean peninsula. Nikkei ended down 0.7% at 18426.84, four month low as dollar inched lower against the yen, pressuring exporter stocks. Chinese stocks are higher marginally on stronger trade data: China's exports rose at the fastest pace in a little more than two years in March, climbing 16.4% percent from a year earlier, and import growth remained strong at 20.3%. Shanghai Composite Index is 0.1% higher while Hong Kong’s Hang Seng Index is down 0.3%. Australia’s All Ordinaries Index is 0.7% lower as the Australian dollar surged against the greenback.
Oil prices rise following surprise US stock draw
Oil futures prices are inching higher today after snapping four session winning streak on Wednesday. Prices closed lower yesterday despite an unexpected 2.2 million barrels drop in US crude oil inventories as imports declined by 717 thousand barrels a day. Traders were discouraged by the Energy Information Administration report that US domestic output is still climbing. June Brent crude fell 0.7% to $55.86 a barrel on Wednesday on London’s ICE Futures exchange.