Energy Shares Lead S&P 500 Retreat
US major stock indices pullback accelerated on Wednesday as concerns about tax cuts reform undermined investors risk appetite. The dollar strengthened: 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 0.1% to 93.91. The S&P 500 fell 0.6% to 2564.62 led by energy shares. Nine out of 11 main sectors ended in the red. The Dow Jones lost 0.6% to 23217.28. NASDAQ Composite declined 0.5% to 6706.21.
European Stocks Extend Losses
European stocks continued retreating on Wednesday led by mining shares. The euro ended lower against the dollar while the British pound added to gains. The Stoxx Europe 600 closed lower 0.5%. Germany’s DAX 30 lost 0.4% settling at 12976.37. France’s CAC 40 slipped 0.3% and UK’s FTSE 100 fell 0.6% to 7372.61.
Australia Unemployment Declines In October
Asian stock indices are mostly higher. Nikkei snapped the six-session losing streak adding 1.5% to 22351.12 as the yen resumed the decline against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.1% while Hong Kong’s Hang Seng Index is 0.7% higher. Australia’s All Ordinaries Index rose 0.2% on a surprise decline in October unemployment to 5.4% while the Australian dollar is little changed against the greenback.
Oil Higher Despite US Crude Inventory Build
Oil futures prices are rising today as traders bet OPEC will extend an ongoing output cut agreement during a meeting at the end of this month. Prices ended lower yesterday despite the US Energy Information Administration report domestic crude supplies rose by 1.9 million barrels last week. Gasoline stockpiles also rose 0.9 million barrels. January Brent crude fell 0.6% to $61.87 a barrel on Wednesday.
