US stocks end month solidly higher
Dollar weakened on slowing inflation report
US stock market accelerated gains on Friday as bank shares rose after reports on positive results of Federal Reserve’s second round of stress tests. The S&P 500 rose 0.6% to 2941.76, rallying 6.9% for the month. Dow Jones industrial added 0.3% to 26599.96. The Nasdaq advanced 0.5% to 8006.24. The dollar weakened giving back previous sessions gain as data showed the personal consumption expenditure index declined from 1.6% over year in April to 1.5% in May. 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, fell 0.1% to 96.16 but is higher currently. Futures on US stock indices point to higher openings today.
DAX 30 leads European indexes gains
European stocks resumed advancing on Friday led by German shares. Both the GBP/USD and EUR/USD turned higher both are lower currently. The Stoxx Europe 600 Index rose 0.7% Friday. The DAX 30 rallied 1% to 12398.80 lifted by 3.3% jump in Deutche Bank after it passed an annual stress test by the US Federal Reserve. France’s CAC 40 rose 0.8% and UK’s FTSE 100 added 0.3% to 7425.63.
Shanghai Composite leads Asian indexes rebound
Asian stock indices are rising today after Presidents Xi Jinping and Donald Trump said on Saturday that current tariffs would remain in place, but new ones would be placed on hold for the “time being” as they resume trade talks. Nikkei gained 2.13% to 21729.97 with yen resuming its slide against the dollar. China’s markets are gaining despite reports China's manufacturing and services sectors cooled in June: the Shanghai Composite Index is up 2.2% with market closed for a holiday in Hong Kong. Australia’s All Ordinaries Index turned 0.4% higher as the Australian dollar reversed its climb against the greenback.
Brent jumps as producers agree to extend output cuts
Brent futures prices are rising today after news Iran joined top producers Saudi Arabia, Iraq and Russia in extending crude output curbs at least until the end of 2019. Prices ended unchanged on Friday: Brent for August settlement ended flat at $66.55 a barrel Friday, gaining 3.2% for the week.
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