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US stocks advance on positive corporate report

US stocks end at record high

US stocks closed higher on Tuesday as positive corporate reports lifted market sentiment weighed by uncertainty about president Trump’s fiscal stimuls plans. The dollar recovered after earlier losses following Trump’s Treasury secretary nominee Steven Mnuchin’s comment a hypothetical 25% rise in the value of the dollar could have negative “short-term implications” for the economy. 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 0.37% higher at 100.276. The Dow Jones industrial average rose 0.6% to 19912.71 led by DuPont and IBM shares. The S&P 500 closed 0.7% higher settling at 2280.07 with the materials and financials sectors leading the advance. The Nasdaq index gained 0.9% to 5600.96.

UK Supreme Court rules Parliament vote needed to trigger Article 50

European stocks inched higher on Tuesday after UK’s highest court ruled Parliament’s vote is needed before the UK can start the Brexit process. Both the euro and the British Pound slipped against the dollar. The Stoxx Europe 600 gained 0.25%. Germany’s DAX 30 outperformed advancing 0.43% to 11594.94. France’s CAC 40 gained 0.18% and UK’s FTSE 100 index slipped less than a point to 7150.34.

Asian markets follow Wall Street’s lead

Asian stocks are up today with investor confidence supported by overnight gains on Wall Street and positive regional data. Nikkei ended 1.4% higher today at 19057.50 rebounding from seven-week low while the yen strengthened against the dollar. Data showed Japan’s exports rose from a year earlier in December, the first increase in 15 months. Chinese stocks are advancing notwithstanding the central bank decision to raise the rate on its medium-term lending facility by 10 basis points. The Shanghai Composite Index is 0.1% higher and Hong Kong’s Hang Seng index is up 0.3%. Australia’s All Ordinaries Index rose 0.35% with the Australian dollar continuing the slide against the dollar.

Oil prices retreat on expected US crude stock build

Oil future prices are edging lower today after ending higher on Tuesday as traders weighed the impact of OPEC report over the weekend major oil-exporting countries had succeeded in cutting 1.5 million barrels a day from the oil market, about 80% of the amount they pledged to cut. March Brent crude closed 0.4% higher at $55.44 a barrel on Tuesday on London’s ICE Futures exchange. The American Petroleum Institute reported late yesterday US crude stocks rose by 2.8 million barrels last week. Today at 16:30 CET the Energy Information Administration will release the Crude Oil Inventories.

IFC Markets Review

Wednesday, 25 Jan, 2017 / 10:16

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