SP 500 advance three sessions in row
US stocks advanced on Monday third session in a row led by technology stocks. The dollar weakened slightly : 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, slipped 0.15% to 96.974. The Dow Jones industrial average rose 0.4% to 20894.83, led by Boeing (NYSE:BA) and 3M shares, up 1.6% and 1.4% respectively. S&P 500 gained 0.5% settling at 2394.02 amid light trading led by technology, utility and industrial stocks. The NASDAQ Composite index added 0.8% closing at 6133.62.
Merkel’s euro comment weighs on European equities
European stock indices retreated on Monday led by German stocks as the euro rallied after comments about the shared currency by German Chancellor Angela Merkel. Merkel blamed European Central Bank policies for making the euro “too weak”. The British pound weakened against the dollar. The Stoxx Europe 600 index lost less than 0.1% in a choppy trade. The DAX 30 fell 0.2% to close at 12619.46. France’s CAC 40 lost less than 0.1% while UK’s FTSE 100 outperformed gaining 0.3% to 7496.24.
Asian markets dip
Asian stock indices are lower today led by Chinese stocks as investor confidence was undermined by suicide bomber attack in Manchester overnight. Nikkei ended 0.3% lower at 19613.28 today with yen gaining against the dollar on increased haven demand. Chinese stocks are lower on tighter liquidity concerns over a regulatory crackdown on risky lending practices: the Shanghai Composite Index is down 0.5%, while Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s ASX All Ordinaries is down 0.15% as Australian dollar extended gains against the greenback.
Oil prices fall on US strategic reserves sales proposal
Oil futures prices are falling today after surprise proposal by US President Donald Trump to sell half the country's strategic oil reserves. The US strategic petroleum reserves (SPR) are the world's biggest, at around 688 million barrels, a week's worth of global oil demand. The White House budget plan proposes selling off half of the SPR from 2018 to 2027 to raise $16.5 billion from October 2018.
Prices extended gains on Monday on news Saudi Arabia and Iraq together back a nine-month extension of the OPEC output cuts. Prices have been after last week Saudi Arabia and Russia, the biggest non-OPEC oil producer, said they back an extension till the end of March 2018. July Brent crude gained 0.5% to settle at $53.87 a barrel on Monday on London’s ICE Futures exchange.