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Global stocks end the week on a high – futures rise ahead of Wall Street open

by | 16 Feb, 2018

Up up and away for equities

We saw an impressive turnaround for stocks this week, with major indices recovering most of the losses that came as a result of last week’s market correction in the U.S.

The Dow Jones, S&P500 and Nasdaq each finished 1.23, 1.21 and 1.58 per cent higher last night, boosting sentiment for investors across the world. U.S. stock futures also hinted that Wall Street would rise for a sixth straight session ahead of data on import prices ahead of the Presidents Day weekend.

This morning the key European indices are racing ahead following Wall Street’s rally, led by the FTSE MIB Italy, up by 1.28 per cent! Japanese markets looked similarly bullish, while Indian stocks fell against their peers across the region.

A little steam was lost for South African markets, but this was not surprising given the FTSE South Africa Index had already gained over 300 points in a single week due to Jacob Zuma’s exit from high office. The Rand/Dollar pair still looks very healthy.

Sterling strengthens as Dollar weakens

The Pound saw a nice move up against the Dollar after reports showed diplomats from the European Union had removed a “punishment clause” from a draft text of the arrangement for the Brexit transition period. Overall, the British currency is heading for its best weekly performance since September! For the Dollar though, it’s a different story. The greenback is continuing to weaken despite a strengthening economy, which is helping to push up gold prices – read more on why here. The USD has fallen on 21 days of the year so far.

Elsewhere, fresh U.K. retail sales data was once again disappointing, a surprise to no one given the bleak forecasts for the economy over the near future. Amid higher inflation and economic uncertainty overall sales rose only 0.1 per cent month on month against hopes for 0.5 per cent. It seems shoppers are feeling the squeeze on their wallets.

Related: Gold in bull market as Dollar weakness drives interest higher

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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