Industrials lead US stocks lower - 26.4.2019

Dollar strengthening continued on strong durable goods data

US stock market edged lower on Thursday as industrials sector losses offset tech rally. The S&P 500 slipped 0.04% to 2926.17. The Dow Jones industrial average slid 0.5% to 26462.08 dragged by 13% drop in 3M on 2019 guidance downgrade. Nasdaq composite index however gained 0.2% to 8118.68. The dollar strengthening persisted as data showed orders for durable goods rose by 2.7% in March, while initial jobless claims for unemployment benefits rose more than expected. 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 98.148 but is lower currently. Futures on US stock indexes point to lower openings today.

FTSE 100 loss leader among European indices

European stocks extended losses on Thursday with mixed corporate reports of little support. Both the EUR/USD and GBP/USD continued their slide but are currently higher. The Stoxx Europe 600 index slipped 0.2% weighed by 9% drop in Nokia on surprise quarterly loss. Germany’s DAX 30 lost 0.3% to 12282.60. France’s CAC 40 declined 0.3% and UK’s FTSE 100 fell 0.5% to 7434.13.

Shanghai Composite still loss leader among Asian indexes

Asian stock indices are mixed today. Nikkei lost 0.2% to 22258.73 despite yen turning lower against the dollar. Chinese shares are mixed: the Shanghai Composite Index is down 1.2% while Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s All Ordinaries Index extended gains 0.05% despite Australian dollar continued climb against the greenback.

Brent down

Brent futures prices are extending losses today on reports OPEC will soon raise crude oil output to compensate for a decline in exports from Iran as United States confirmed it would end all waivers on imports of Iranian oil: June Brent crude lost 0.3% to $74.35 a barrel on Thursday.