Trading news

Trump reflation rally intact

Nasdaq closes at a record for a seventh session row

US stocks closed at fresh highs on Wednesday with the broad market index recording the seventh winning session after President Trump said a “massive” tax plan would be coming in the “not-too-distant future”. The dollar pulled back: 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 down 0.16% at 101.058. The S&P 500 gained 0.5% settling at 2349.17 led by consumer staples stocks with seven of the S&P 500′s 11 primary sectors ending higher. The Dow Jones industrial rose 0.5% to close at 20611.17 led by Procter & Gamble. The Nasdaq index closed up 0.6% at record high of 5819.44, ending higher for seventh straight session.

Bank shares lead gains in European stocks

European markets advanced on Wednesday with market sentiment buoyed by Fed chair Yellen’s upbeat assessment of US economy. The euro strengthened against the dollar while the British Pound slipped against the greenback. The Stoxx Europe 600 rose 0.3% to highest close since December 2015. Germany’s DAX 30 added 0.2% to 11793.93. France’s CAC 40 outperformed gaining 0.6% and UK’s FTSE 100 index rose 0.5% to 7302.41.

Asian stocks up

Asian stock indexes are mostly up today with investor optimism boosted by Fed chair Yellen’s positive assessment of US economy outlook at her testimonies before US Senate and Congress committees. Nikkei fell 0.5% to 19347.53 today on stronger yen. The Shanghai Composite Index is up 0.5% and Hong Kong’s Hang Seng Index is 0.4% higher. Australia’s All Ordinaries Index is up 0.07% after labor market data showed a surprise dip in Australia's unemployment rate and the Australian dollar pared gains edgeing lower against the dollar.

Oil prices steady following steep US stockpile build

Oil future prices are steady today after official data showed US crude stockpiles rose by 9.5 million barrels last week to 518.1million barrels, an all-time high. Higher imports and a drop in crude refinery runs due to seasonal maintenance contributed to the inventory build. April Brent crude closed 0.4% lower at $55.75 a barrel on Wednesday on London’s ICE Futures exchange after EIA reported a sixth straight weekly rise in US crude inventories.

IFC Markets Review

Thursday, 16 Feb, 2017 / 10:34

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