Nasdaq closes at record high
US stocks rebounded on Monday joining the global rally after centrist Emmanuel Macron came ahead in first-round presidential elections in France relieving fears of a euroskeptic-only runoff. The dollar weakened as haven demand subsided with renewed euro optimism: 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, fell 0.8% to 99.045. The Dow Jones average rose 1.1% to 20763.89, led by JP Morgan and Goldman Sachs shares, up 3.5% and 2.9% respectively. S&P 500 added 1.1% settling at 2374.15 led by financial, industrial and tech stocks, with nine of 11 main sectors recording gains. The Nasdaq composite index gained 1.2% closing at record high 5983.82.
Bank stocks lead European equities higher after Macron win
European stocks closed at sixteen month high on Monday after establishment candidate Emmanuel Macron won in the first round of the French presidential election. The euro hit more than five month high against the dollar while British Pound slid. The Stoxx Europe 600 index added 2.1%. The DAX 30 rose 3.4% to close at 12454.98. France’s CAC 40 rallied 4.4% and UK’s FTSE 100 gained 2.1% settling at 7264.68.
Asian markets advance as Macron win boosts risk appetite
Asian stock indices are rising today as investor risk appetite was boosted following the centrist victory in the first round of the French presidential election. Lingering North Korean tensions capped the gains as North Korea conducted a massive live-fire drill on Tuesday on the 85th anniversary of the foundation of its army. Nikkei ended 1.1% higher at 19079.33 today with yen retreating against the dollar. Chinese stocks are higher amid concerns over possible regulatory action and liquidity squeezes: the Shanghai Composite Index is up 0.2% after Monday’s 1.4% drop, the biggest in four months, and Hong Kong’s Hang Seng Index is 1.2% higher. Australia and New Zealand are closed for the Anzac Day holiday.
Oil prices recover after six-session drop
Oil futures prices are edging higher today after dropping in six previous sessions. Market sentiment is bearish with Brent down 10% since late 2016 as global oversupply lasts despite the Organization of the Petroleum Exporting Countries (OPEC) and major producers’ agreement to cut output by 1.8 million barrels per day in the first half of 2017. Russia said on Monday that its oil output could climb to the highest rate in 30 years if OPEC and non-OPEC producers do not extend a supply reduction deal beyond June 30. June Brent crude fell 0.7% to settle at $51.60 a barrel on Monday on London’s ICE Futures exchange.