Global equities retreat persists
SP500 falls despite strong data
US stock market snapped three session winning streak Friday despite positive data. The S&P 500 lost 0.6% to 2859.53, ending 0.8% lower for the week notwithstanding announcement US and Canada reached a deal to end tariffs on aluminum and steel products from Canada. Dow Jones industrial slid 0.4% to 25764. The Nasdaq fell 1% to 7816.28. The dollar strengthening continued on the University of Michigan report consumer sentiment rose to a 15-year high in May. 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, gained 0.7% to 97.97 and is higher currently. Futures on US stock indexes point to mixed openings today.
DAX 30 underperforms other European indices
European stocks pulled back on Friday. Both the EUR/USD and GBP/USD continued sliding but are higher currently. The Stoxx Europe 600 Index fell 0.4% Friday. The DAX 30 lost 0.6% to 12238.94. France’s CAC 40 edged down 0.2% while UK’s FTSE 100 slipped 0.1% to 7348.62 weighed by news opposition Labour Party withdrew from talks due to deepening fractures in Prime Minister Theresa May’s government.
Australian stocks lead Asian indexes gains after conservatives' surprise election win
Asian stock indices are mixed today. Nikkei gained 0.2% to 21301.73 after surprisingly strong first-quarter economic growth while yen’s decline against the dollar continued. China’s markets are lower after reports Google revoked Huawei Technologies’ Android license: the Shanghai Composite Index is down 0.4% and Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index jumped 1.7% despite the Australian dollar climb against the greenback after governing conservative party looks set to form a majority government.
Brent futures prices are extending gains today. Prices ended higher on Friday : Brent for July settlement added 0.6% to close at $72.21 a barrel Friday, rising 2.3% for the week.
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