Downbeat earnings reports weigh on US indices
US stocks closed lower on Wednesday as a string of corporate reports missed expectations. The dollar weakened: 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 0.3% to 93.618. The S&P 500 fell 0.5% to 2557.15 led by telecom and industrial shares. All 11 main sectors ended lower. The Dow Jones dropped 0.5% to 23329. Nasdaq composite lost 0.5% to 6563.89.
European stocks extend losses
European stocks continued the retreat on Wednesday as traders were cautious ahead of the European Central Bank meeting. The euro accelerated gains against the dollar and British Pound ended higher against the greenback erasing all of previous day losses. The Stoxx Europe 600 index fell 0.6%. Germany’s DAX 30 lost 0.5% to 12953.41. France’s CAC 40 slipped 0.4% and UK’s FTSE 100 dropped 1.1% to 7447.21. Indices opened mixed today.
Asian indices advance
Asian stock indices are mostly higher. Nikkei rose 0.2% to 21755 supported by strong earnings and resumed yen weakness against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is 0.3% higher while Hong Kong’s Hang Seng Index is down 0.3%. Australia’s All Ordinaries Index added 0.2% as Australian dollar added to previous day’s sharp losses following a weaker than expected inflation report.
Oil slips as US crude inventories rise
Oil futures prices are edging lower today. Prices ended higher yesterday despite US Energy Information Administration report domestic crude supplies rose by 856 thousand barrels last week. That was above the 519 million barrel build reported by the American Petroleum Institute late Tuesday. At the same time US crude oil output rebounded 1.1 million barrel per day (bpd) to 9.5 million bpd. Brent crude rose 0.2% to $58.44 a barrel on Wednesday.