U.S. stocks record worst decline in five months
U.S. stock indices fell on Tuesday snapping the 109-day streak without a 1% decline. The dollar weakened: the live dollar index data show the ICE U.S. dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.7% lower at 99.685. Dow Jones industrial average closed 1.1% lower at 20668.01. The S&P 500 lost 1.2%, the worst drop since September, settling at 2344.02. The NASDAQ index fell 1.8% to 5793.83.
European stocks extend losses
European stocks closed lower on Tuesday with French stocks erasing early gains after polls showed center-right candidate Emmanuel Macron as the winner of the first presidential debate ahead of this spring’s elections. Both the euro and British pound strengthened against the dollar with euro hitting six-week high. The Stoxx Europe 600 fell 0.5%, while Germany’s DAX 30 underperformed dropping 0.8% to 11962.13. France’s CAC 40 slipped 0.2% and UK’s FTSE 100 ended down 0.7% at 7378.34.
Asian markets track Wall Street losses
Asian stock indices are lower today as doubts about Trump’s ability to deliver on his promises to lower taxes and boost infrastructure spending set a risk off mood. Nikkei fell 2% to more than 3-week low 19041.38 as yen rose to a four-month high against the dollar. Financials led the decliners as investors shrugged off data showing exports grew the most in more than two years in February. Chinese stocks are falling with Shanghai Composite Index 0.5% lower while Hong Kong’s Hang Seng Index is down 1.3%. Australia’s ASX All Ordinaries is down 1.5% with the Australian dollar edging lower against the dollar.
Oil prices down ahead of inventory data
Oil futures prices are edging lower today after the American Petroleum Institute report U.S. stockpiles rose 4.5 million barrels to 533.6 million barrels last week. Traders are concerned higher U.S. shale oil output is countering the output cuts by the Organization of the Petroleum Exporting Countries. May Brent crude contract closed 1.3% lower at $50.96 a barrel on London’s ICE Futures exchange on Tuesday. Today at 16:30 CET the Energy Information Administration will release U.S. crude oil inventories, a 2.8 million barrels build is expected.