Monday , December 17 2018

US stocks mixed as dollar gains after 3 weekly declines, oil rises

epa05674878 Staff member of a money exchange center counts US dollar notes during an exchange, in Yangon, Myanmar, 14 December 2016. Myanmar currency (Kyat) reached its record low against US dollar in the country's history. Current market exchange rate on 14 December is 1,385 Kyats per dollar meanwhile Myanmar Central Bank reference exchange rate reaches to 1,340 Kyats per dollar.  EPA/LYNN BO BO


US stocks were mixed, with the S&P 500 Index on track for its first decline of the year, as investors assessed the prospects for corporate earnings, while the dollar strengthened after three straight weekly declines.
The benchmark for American equities took a breather after its best week in 13 months, while the Nasdaq indexes pushed higher as semiconductors advanced before a corporate results due later this week. European equities added to the biggest weekly advance since April, while markets in Tokyo were closed for a holiday. Oil held above $61 a barrel, and a measure of financial-market stress sank to its lowest level since 2014.
With risk assets globally enjoying a strong start to 2018, corporate earnings may dictate the next move for equity markets.
JPMorgan Chased & Co., Wells Fargo & Co. and BlackRock Inc. are among firms reporting results this week. Last week’s surge in US stocks came as investors looked past weaker-than-forecast jobs
figures, speculating that Republican tax cuts will lead to higher company profits.
While data showed confidence in the euro area continued its advance at the end of 2017, Germany’s continued struggle to form a government restrained the single currency. The pound fell and UK stocks were flat after weak economic data and reports that Prime Minister Theresa May is considering creating a position for a minister in charge of contingency planning for a no-deal Brexit.
South Korea’s won reversed gains as authorities said they would take action to stem one-sided moves in the currency. The comments came a day before the nation is to hold its first high-level talks with North Korea since 2015.
US inflation data will probably show price pressures remain muted, giving hawks little reason to argue for faster tightening.
San Francisco Fed President John Williams and head of the New York Fed Bill Dudley are among policy makers scheduled to speak. China producer and consumer prices data are due on Wednesday, while a reading on the country’s money supply is expected in coming days.
The S&P 500 Index decreased 0.1 percent to 2,741.63 as of 11:12 am in New York. It jumped 2.6 percent earlier. The Nasdaq Composite Index rose 0.1 percent. The MSCI All-Country World Index declined 0.1 percent, the first retreat in a week. The MSCI Emerging Market Index gained 0.4 percent to the highest in almost seven years.
The euro sank 0.6 percent to $1.1962, in the largest decrease in almost six weeks. The Bloomberg Dollar Spot Index jumped 0.3 percent, the biggest increase in more than three weeks. The British pound fell 0.2 percent to $1.3546.
The yield on 10-year Treasuries declined one basis point to 2.47 percent. Germany’s 10-year yield sank three basis points to 0.41 percent, the lowest in more than
a week.
Gold increased less than 0.05 percent to $1,320.14 an ounce. West Texas Intermediate crude rose 0.4 percent to $61.68 a barrel. Copper advanced less than 0.05 percent to $3.23 a pound.

About Admin

Check Also

Asia stock traders hit ‘buy’ as US-China trade magic returns

Bloomberg The power of news headlines is back, and a renewed dose of trade optimism ...

Leave a Reply

Your email address will not be published. Required fields are marked *