Dow snaps six-session winning streak
Dollar weakening resumed on slowing wholesale inflation
US stock market ended marginally lower on Tuesday as China’s foreign ministry said it would respond firmly if the US insisted on escalating its standoff with China. The S&P 500 slid 0.03% to 2885.72. Dow Jones industrial edged down 0.05% to 26048.51. The Nasdaq slipped 0.01% to 7822.57. The dollar weakening resumed as data showed the increase in wholesale prices over the past year slowed to 1.8% from 2.2% in April. 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, slipped 0.1% to 96.71 and is lower currently. Futures on US stock indices point to lower openings today.
DAX 30 outperforms European indexes
European stocks recovery accelerated on Tuesday led by basic resources shares. Both the EUR/USD and GBP/USD turned higher and are climbing currently. The Stoxx Europe 600 ended 0.7% higher. The German DAX 30 rose 0.9% to 12155.81. France’s CAC 40 gained 0.5%. UK’s FTSE 100 added 0.3% to 7398.45 as data showed wages in the three months to April beat forecasts while the jobless rate held at its lowest rate since 1975.
Hang Seng leads Asian indexes retreat
Asian stock indices are mostly lower today after President Trump’s comment he had “no interest” in a deal unless China agrees to terms it had previously agreed upon . Nikkei lost 0.4% to 21129.72 with yen resuming its climb against the dollar. Chinese stocks are falling despite report China's consumer inflation hit 15-month high in May: the Shanghai Composite Index is down 0.6% while Hong Kong’s Hang Seng index is 2% lower. Australia’s All Ordinaries Index pulled back 0.04% with Australian dollar accelerating its decline against the greenback.
Brent down on expected US inventories build
Brent futures prices are edging lower today. The American Petroleum Institute late Tuesday report indicated US crude inventories rose by 4.9 million barrels last week. Prices fell yesterday. Prices of August Brent ended down 1.5% at $61.35 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.
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