Technology stocks lead US equities higher
US stocks extended gains on Wednesday on back of positive economic data. The dollar rebound continued: 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 0.5% at 92.837. The S&P 500 advanced 0.5% settling at 2457.59 led by technology stocks. Eight out of 11 main sectors ended higher. The Dow Jones industrial average added 0.1% to 22892.43. Nasdaq composite outperformed jumping 1% to 6368.31 helped by gains biotechnology stocks.
European stocks rebound as North Korea tensions ease
European stocks rebounded on Wednesday as investor risk appetite was boosted by easing of North Korea tensions. The euro continued the slide against the dollar while British Pound inched higher. The Stoxx Europe 600 index rose 0.7%. Germany’s DAX 30 gained 0.5% to 12002.47. France’s CAC 40 rose 0.4% and UK’s FTSE 100 added 0.4% to 7365.26.
Asian stocks mixed
Asian stock indices are mixed today. The Nikkei ended 0.7% higher at 19646.24 helped by weaker yen against the dollar. Chinese stocks are down after data showed China’s nonmanufacturing sector growth slowed in August while factory growth unexpectedly accelerated: Shanghai Composite Index is 0.2% lower and Hong Kong’s Hang Seng Index is down 0.7%. Australia’s All Ordinaries Index is 0.7% higher with the Australian dollar little changed against the greenback.
Oil lower despite US inventory draw
Oil futures prices are lower today after US inventories official report on Wednesday indicated crude inventories dropped by 5.39 million barrels last week to 457.77 million barrels. Prices fell nevertheless as demand is expected to be weak in near term after flooding from storm Harvey shut down almost a quarter of US refineries. October Brent crude fell 2.2% to $50.86 a barrel on Wednesday on London’s ICE Futures exchange. At the same time US gasoline prices jumped to $2 per gallon amid fears of a supply squeeze.