US market edges up - 14.11.2017

SP 500 ends within 1% of all-time high

US major stock indices ended marginally higher on Monday with gains capped by uncertainty about Republicans’ tax cuts bill. The dollar edged higher: 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, rose 0.1% to 94.504. S&P 500 closed 0.1% higher settling at 2584.84. The Dow Jones industrial average added less than 0.1% to 23439.63. The Nasdaq composite index rose 0.1% to 6757.60.

US broad stocks market index is less than 1% below its all-time high after recent pullback started on worries about delays in corporate tax cuts. The SP 500 however is 16% up year to date. Stocks eked out gains despite the Treasury report US federal budget deficit for October rose $17 billion from the same period last year to $63.2 billion dollars.

European markets fall on Brexit impact concerns

European stocks ended lower on Monday on concerns about possible negative impact of Brexit on euro-zone economy. Both the euro and British Pound fell against the dollar. The Stoxx Europe 600 index ended 0.7% lower led by bank stocks. The DAX 30 pulled back 0.4% to 13074.42. France’s CAC 40 fell 0.7% and UK’s FTSE 100 slipped 0.2% to 7415.18.

The International Monetary Fund official’s comment the euro-zone economy would suffer along with the UK’s if there’s a “disruptive” Brexit weighed on market sentiment. Pound fell after a report that 40 lawmakers in the British parliament had agreed to sign a letter of no confidence in Prime Minister Theresa May. That is eight votes short of the required number of signatures to start a formal leadership challenge.

DE30

Asian indices fall on slower China growth data

Asian stock indices are lower today on slowing Chinese growth concerns. Nikkei closed little changed in choppy trade at 22380.01 despite a weaker yen against the dollar. Chinese stocks are lower after data showed slower industrial output and fixed asset investment growth in China in October: the Shanghai Composite Index is 0.5% lower and Hong Kong’s Hang Seng Index is down 0.1%. Australia’s All Ordinaries Index is 0.8% lower led by mining stocks as Australian dollar advanced against the greenback.

Oil lower

Oil futures prices are inching lower today. Prices fell Monday on a US Energy Information Administration report showing another monthly climb in US shale oil production from seven major US oil plays: about 80 thousand barrels a day in December to 6.174 million barrels a day. The report has forecast increases in shale oil output every month so far this year. January Brent crude lost 0.6% settling at $63.16 a barrel on Monday.