US three main indices log fresh records
US stocks ended at record highs on Tuesday as the Senate Budget Committee approved Republicans’ tax plan. The dollar strengthened as Federal Reserve Chair nominee Powell reassured at Senate hearing he would follow the current policy of gradual rate increases. 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 0.3% to 93.207. The S&P 500 climbed 1% to record 2627.04. Dow Jones industrial average jumped 1.1% to all-time high 23836.71 led by financial stocks. The NASDAQ Composite index added 0.5% to fresh record high 6912.36.
Energy stocks lead European markets recovery
European stocks advanced on Tuesday led by energy stocks. The euro extended losses against the dollar while British Pound rebounded. The Stoxx Europe 600 advanced for the first time in three sessions gaining 0.6%. German DAX 30 rose 0.5% closing at 13059.53. France’s CAC 40 ended 0.6% higher and UK’s FTSE 100 jumped 1% to 7460.65. Markets opened mixed today.
Nikkei leads Asian indices higher
Asian stock indices are mostly higher today shrugging off the North Korean missile launch news. Nikkei rose 0.5% to 22597.20 despite a yen strengthening against the dollar. Chinese stocks are advancing: the Shanghai Composite Index is up 0.1% while Hong Kong’s Hang Seng Index is 0.3% lower. Australia’s ASX All Ordinaries added 0.4% with Australian dollar extending losses against the greenback.
Oil lower on expected US crude build
Oil futures prices are extending losses today on doubts OPEC and Russia will agree on extending a crude production cuts deal on November 30. Prices fell yesterday weighed by the American Petroleum Institute industry group report US crude stocks rose by 1.8 million barrels last week. January Brent fell 0.4% to $63.61 a barrel Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.