Dow logs a new record high
US stocks inched lower on Tuesday on uncertainty on timing and extent of proposed tax cuts under consideration in Congress. The dollar resumed strengthening: 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 94.722. The S&P 500 slipped less than a point to 2590.61 led by financial and consumer discretionary stocks. Dow Jones industrial average rose less than 0.1% to record high 23557.23. The NASDAQ Composite index fell 0.3% to 6767.78.
European stocks retreat on earnings misses
European stocks pulled back on Tuesday on weaker than expected corporate reports. The euro slid against the dollar while British Pound was little changed. The Stoxx Europe 600 fell 0.5%. German DAX 30 fell 0.7% closing at 13379.27. France’s CAC 40 closed 0.5% lower and UK’s FTSE 100 lost 0.7% to 7513.11. Markets opened 0.1%-0.2% higher today.
Asian stock indices mixed
Asian stock indices are mixed today as data showed China’s demand for imports above expectations while export growth was slightly lower than expected. Chinese imports rose 17.2% in October from a year earlier, but export growth was at 6.9% just under an expected 7% gain. Chinese stocks are mixed: the Shanghai Composite Index is 0.04% higher and Hong Kong’s Hang Seng Index is down 0.2%. Nikkei ended 0.1% lower at 22913.82 on weaker yen against the dollar. Australia’s ASX All Ordinaries Index gained 0.03% despite stronger Australian dollar against the greenback.
Oil lower on falling China imports
Oil futures prices are falling today as data showed China’s crude imports fell in October. China’s October oil imports fell to just 7.3 million barrels per day (bpd) in October from about 9 million bpd in September. Prices fell yesterday : January Brent fell 0.9% to $63.69 a barrel on Tuesday. The American Petroleum Institute industry group said late Tuesday US crude stocks declined by 1.56 million barrels last week. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
