US stocks end week sharply lower


Dollar falls on consumer sentiment index downgrade

US stock market fell sharply on Friday. The S&P 500 lost 1.3% to 2752.06, extending losses 2.6% for the week. Dow Jones industrial slumped 1.4% to 24815.04. The Nasdaq dropped 1.5% to 7453.15. The dollar turned sharply lower as University of Michigan consumer sentiment index was revised downward for 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, lost 1.1% to 97.71 and is lower currently. Futures on US stock indices point to lower openings today.

DJI falls below MA(200)  06/03/2019 Market Overview IFC Markets chart

DAX 30 underperforms European indexes

European stocks resumed pullback on Friday amid rising concerns about Italy’s 2019 budget deficit as the country’s fourth quarter GDP dipped 0.1% . Both the GBP/USD and EUR/USD turned higher and are gaining currently. The Stoxx Europe 600 Index slid 0.8% Friday led by auto maker stocks. The DAX 30 slumped 1.5% to 11726.84. France’s CAC 40 lost 0.8% and UK’s FTSE 100 dropped 0.8% to 7161.71.

Australia’s All Ordinaries Index loss leader among Asian indexes

Asian stock indices are mostly lower today. Nikkei extended losses 0.9% to 20410.88 with yen’s gains against the dollar continuing. China’s markets are down despite the private Caixin report China’s factory activity was flat in May: the Shanghai Composite Index is down 0.3% and Hong Kong’s Hang Seng Index is 0.3% lower. Australia’s All Ordinaries Index loss widened to 1.2% with the Australian dollar climb against the greenback persisting.

Brent falling

Brent futures prices are edging lower today. Prices ended sharply lower on Friday : Brent for July settlement slumped 3.6% to close at $64.49 a barrel Friday, falling 6.1% for the week.

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