Trump to unveil tax cut plan
US stocks ended higher on Tuesday after Monday’s rally on back of better than expected corporate reports. The dollar continued the slide as investors awaited unveiling of Trump’s tax cut plans: 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, ended 0.2% lower at 98.825. Dow Jones industrial average rose 1.1% to 20996.12, led by Caterpillar and McDonald shares, which added 7.9% and 5.6% respectively. The S&P 500 gained 0.6% settling at 2388.62 led by materials and energy stock, up 1.6% and 0.9% respectively. The Nasdaq index added 0.7% to 6025.49, settling above the psychological milestone of 6000.
European stocks advance as election relief rally endures
European stocks extended gains on Tuesday on the back of increased risk appetite amid relief that centrist Emmanuel Macron won the first round of voting in France’s presidential race. Both the euro and British Pound strengthened against the dollar. The Stoxx Europe 600 added 0.2%, building on 2.1% jump the previous day. Germany’s DAX 30 gained 0.1% closing at 12467.04. France’s CAC 40 rose 0.2% and UK’s FTSE 100 ended 0.2% higher at 7275.64.
Asian markets up
Asian stock indices are higher today as risk on sentiment endures after gains on Wall Street overnight and reduced geopolitical tensions. Nikkei rose 1.1% to one month high 19289.43 as yen slide against the dollar continued. Chinese shares are higher despite lingering concerns about tighter regulation : Shanghai Composite Index is up 0.2%, Hong Kong’s Hang Seng Index is 0.3% higher. Australia’s All Ordinaries Index is up 0.6% as Australian dollar continues the slump against the greenback.
Oil prices lower ahead of inventory data
Oil futures prices are down today after the American Petroleum Institute report late Tuesday US crude oil inventories rose by 897 thousand barrels last week to 532.5 million barrels. Prices edged higher yesterday snapping six session losing streak supported by continued dollar slide. However continued global oversupply despite the 1.8 million barrels a day output cut agreed by OPEC and other major producers in the first half of 2017 weighs on oil prospects. June Brent crude closed 1% higher at $52.10 a barrel on London’s ICE Futures exchange on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.