Nasdaq hits a fresh record
US stocks closed marginally higher on Wednesday led by energy shares as oil advanced. The dollar inched higher as Treasury yields edged higher: 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, closed up 0.1% at 99.627. The S&P 500 added less than 0.1% settling at 2399.63 with eight out of 11 sectors ending higher, led by the energy sector up 1.1%. The Dow Jones industrial average fell 0.2% to 20943.11 weighed by Walt Disney and Boeing shares, down 2.15% and 1.25% respectively. Nasdaq index posted its fifth consecutive gain rising 0.1% to a record high 6129.14.
European stocks rise on positive earnings reports
European stocks advanced on Wednesday with investor confidence further buoyed by solid earnings updates after market-friendly victory of Emmanuel Macron in the French presidential election on Sunday. Both the euro and British Pound slipped against the dollar. The Stoxx Europe 600 added 0.2% to Tuesday’s 0.5%, up 9.7% year to date. Germany’s DAX 30 rose 0.1% to 12757.46. France’s CAC 40 gained less than 0.1% and UK’s FTSE 100 index rose 0.6% settling at 7385.24.
Asian stocks extend gains
Asian stock indices are up today led by energy and materials stocks as oil price continues rising. Nikkei ended 0.4% higher at 19975.00 despite a yen pullback against the dollar. Chinese stocks are up after reports country’s stock regulator’s crackdown in the shadow-banking sector is targeted at nonstandard assets and doesn’t include bonds, relieving liquidity concerns. Shanghai Composite Index is 0.3% higher and Hong Kong’s Hang Seng Index is up 0.5%. Australia’s All Ordinaries Index is 0.02% higher as the Australian dollar extends gains against the greenback.
Oil prices rebound on US inventory draw
Oil futures prices are rising after US government data revealed the biggest weekly decline in domestic crude supplies so far this year. On Wednesday the Energy Information Administration reported that US crude supplies fell 5.2 million barrels last week, as imports dropped sharply while inventories of refined products also fell. However US crude oil output continued rising, up 21 thousand barrels to 9.314 million barrels per day. Oil prices were supported also by news Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June as domestic consumption grew. July Brent crude rose 3.1% to $50.22 a barrel on Wednesday on London’s ICE Futures exchange.
