US stocks pulled back as rate cut expectations moderate

8/7/2019

Dollar strengthened on strong June jobs report

US stock market pulled back on Friday as strong jobs report dampened Fed rate cut expectations. The S&P 500 slid 0.2% to 2990.41, rebounding 1.7% for the week. Dow Jones industrial lost 0.2% to 26922.12. The Nasdaq slipped 0.1% to 8161.79. The dollar strengthened after report US economy created above-expected 224,000 new jobs in June, after 75,000 jobs created 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, jumped 0.5% to 97.22 but is lower currently. Stock index futures point to lower market openings today

FTSE 100 leads European indexes retreat

European stocks snapped six-session winning streak on Friday. The EUR/USD joined GBP/USD’s continued slide with euro higher currently while Pound lower still. The Stoxx Europe 600 Index lost 0.7% Friday. The DAX 30 slid 0.5% to 12568.53 weighed by steeper than expected fall in German industrial orders in May. France’s CAC 40 slumped 0.5% and UK’s FTSE 100 fell 0.7% to 7553.14.

FR40 testing uptrend channel   07/08/2019 Market Overview IFC Markets chart

Shanghai Composite leads Asian indexes losses

Asian stock indices are all in red today. Nikkei lost 1% to 21534.35 with yen resuming its climb against the dollar. China’s markets are falling: the Shanghai Composite Index is down 2.6% and Hong Kong’s Hang Seng Index is 1.7% lower. Australia’s All Ordinaries Index turned 1.7% lower as the Australian dollar reversed its slide against the greenback.

Brent advancing

Brent futures prices are edging higher today. Prices rose on Friday: Brent for September settlement ended 1.5% higher at $64.23 a barrel Friday, declining 0.8% for the week.




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