Alphaseeker IM | May 04, 2016 11:21
Global News:
In Asia stocks were mixed on Tuesday as a weaker than expected Caixin manufacturing survey was shrugged off and investors eyed U.S. jobs data at the end of the week. The Shanghai Composite Index was last up 1.39% to 2,979.05. The Caixin Manufacturing PMI for April came in at 49.4, below the 49.9 expected.
The U.S. dollar fell below 106.00 yen for the first time in about 18 months on Tuesday, as the yen rose against the Australian dollar after Australia’s central bank cut interest rates to a record low of 1.75%. The dollar last traded at 105.97 yen, down 0.4% on the day. The euro hit its strongest level since last August at $1.1543. The euro last stood near $1.1539, steady on the day. The Australian dollar was down 1.26% to $0.7571 and it fell 1.5% against the yen to 80.36 yen.
Oil prices rose on Tuesday as the dollar fell to an 18-month low against the yen, potentially spurring fuel demand, but gains were restricted by rising Middle East output that renewed concerns of a global supply overhang. The international Brent crude benchmark was trading at $46.04 per barrel, up 21 cents from its last close. U.S. WTI crude futures were 20 cents up at $44.98 a barrel.
In the U.S. stocks closed higher and near session highs Monday, with the Nasdaq Composite snapping a seven-day streak of losses after data showed slow-but-steady economic growth unfolding in the U.S. The S&P 500 rose 0.8% to 2,081.43. The Dow Jones Industrial Average added 0.7%, to 17,891.16 and the Nasdaq Composite Index increased 0.9%. Amazon (NASDAQ:AMZN) increased 3.7%, after its biggest one-day gain in nine months on Friday followed better-than-estimated earnings. Wells Fargo & Co. (NYSE:WFC) and Bank of America Corp (NYSE:BAC) climbed at least 1.2%. Halliburton Co. (NYSE:HAL) added 1.8% and Baker Hughes Inc. (NYSE:BHI) fell 2% after ditching their $28 billion merger.
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