SP 500 and Nasdaq snap seven week win streak
US markets ended lower on Tuesday halting a seven session streak of advances. The dollar slipped as euro rebounded: 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, ended 0.12% lower at 97.422. Dow Jones industrial average lost 0.2% to 21029.47. The S&P 500 retreated 0.1% settling at 2412.91 led by energy stocks, down 1.3%. The Nasdaq index slipped 0.1% to 6203.19.
Political uncertainty weighs on European stocks
European stock indices extended losses on Tuesday as a potential early election in Italy raised concerns about a possible vote to leave the euro-zone. The euro rebounded against the dollar nevertheless while the British Pound weakened. The Stoxx Europe 600 lost 0.2%. Germany’s DAX 30 fell 0.2% closing at 12598.68. France’s CAC 40 fell 0.5% and UK’s FTSE 100 ended 0.3% lower at 7526.51.
China's manufacturing sector grows at a steady pace
Asian stock indices are mixed today as investors are cautious given political uncertainties in Italy and UK ahead of June election. Nikkei slipped 0.1% to 19650.57 as strong yen weighed on exporter stocks. Chinese stocks are up as data showed China's factory activity grew at a steady pace in May allaying concerns about a slowdown in the world's second-biggest economy. Growth in China's steel industry rebounded to the strongest level in a year, supported by an increase in new orders, according to an industry survey. The Shanghai Composite Index is up 0.2% while the Hong Kong’s Hang Seng Index is down 0.1%. Australia’s All Ordinaries Index added 0.1% as Australian dollar eased against the greenback.
Oil down on rising global output
Oil futures prices are edging lower today as rising Libyan oil output intensifies concerns about continued global oversupply. Libya's oil production is expected to rise to 800,000 barrels per day (bpd) this week, state-run National Oil Corporation said on Monday. Libya is an Organization of the Petroleum Exporting Countries member, but it was exempt from output cuts which started since January as agreed by major producers. July Brent crude closed 0.86% lower at $51.84 a barrel on London’s ICE Futures exchange on Tuesday.