Wall St. opens higher on earnings, trade optimism
Reuters August 21, 2018
U.S. stocks opened higher on Tuesday, helped by some encouraging earnings reports and anticipation that planned trade talks between the United States and China would help resolve the spat between the world's two largest economies.
The Dow Jones Industrial Average (.DJI) rose 28.30 points, or 0.11 percent, at the open to 25,786.99.
The S&P 500 (.SPX) opened higher by 4.46 points, or 0.16 percent, at 2,861.51.
The Nasdaq Composite (.IXIC) gained 19.09 points, or 0.24 percent, to 7,840.09 at the opening bell.
Sep S&P 500 E-minis (ESU18 +0.16%) this morning are up +5.50 points (+0.19%) at a 6-1/2 month high.
S&P 500 +0.24%
Dow Jones +0.35%
Nasdaq 100 -0.08%
The S&P 500 on Monday rose to a 1-week high and closed higher on strength in miners as copper prices jumped +1.50% on signs of stronger demand.
There was also strength in energy stocks as crude oil prices climbed +0.79%. Stocks also received a boost from some optimism that China and the U.S. may be able to resolve their trade differences as the two countries hold trade talks this Wed/Thu.
Tuesday Morning 10:04 AM-ET
North and South American Indexes
North and South American markets are mixed today. The IPC is up 0.82% while the S&P 500 gains 0.49%. The Bovespa is off 0.51%.
Index Country Change% Level Last Update
Dow Jones Industrial Average U.S. States
+113.01 +0.44% 25,871.70
S&P 500 INDEX United States
+14.00 +0.49% 2,871.05
-339.12 -0.44% 75,988.77
Canada S&P/TSX 60 Canada
-1.02 -0.10% 972.96
Santiago Index IPSA Chile
+6.23 +0.16% 3,886.40
+394.76 +0.81% 49,180.24
European stocks are higher by +0.70% on strength in miners and commodity producing stocks as Sep COMEX copper (HGU18 +0.94%) gains +0.94% on signs of increased copper demand after LME canceled warrants, or orders to withdraw copper from LME warehouses, rose +18,000 MT to a 1-1/2 month high.
UK Aug CBI trends total orders fell -4 to 7, weaker than expectations of -3 to 8. The Aug CBI trends selling prices rose +2 to 15, stronger than expectations of +1 to 14.
UK Jul public sector net borrowing fell -2.9 billion pounds, weaker than expectations of -2.0 billion pounds and the biggest decline in 6 months.
European Indexes - Updates After Market-Markets Closed
European markets finished mixed as of the most recent closing prices. The CAC 40 gained 0.54% and the DAX rose 0.43%. The FTSE 100 lost 0.34%.
Index Country Change% Change Level Last Update
FTSE 100 England
-25.56 -0.34% 7,565.70
Euronext 100 Europe
+3.88 +0.37% 1,061.85
CAC 40 France
+28.95 +0.54% 5,408.60
+53.19 +0.43% 12,384.4
Swiss Market Index Switzerland
+23.33 +0.26% 9,082.86
Asian stocks settled mostly higher.
Chinese stocks rose for a second day and the yuan strengthened to a 1-week high against the dollar on speculation that government buying of equities will limit declines. The Shanghai Composite rebounded from a 2-1/3 year low in the last hour of trade Monday on reports of buying of Chinese blue chip stocks by state-sponsored funds. Japan's Nikkei Stock Index shook off early losses and closed higher after USD/JPY recovered from a 1-3/4 month low and moved higher, which boosted Japanese exporters.
Taiwan has pledged to fight China's "increasingly out of control" behavior after Taipei lost another ally to Beijing. El Salvador has become the third country to switch allegiances to China this year as President Xi warns that the issue of unification cannot be put off indefinitely. Taiwan now has formal relations with only 17 countries worldwide, many of them small, less developed nations in Central America and the Pacific.
Iraq's economy is so closely linked to Iran that Baghdad is going to ask Washington for permission to ignore some U.S. sanctions on its neighbor, according to government and central bank officials. The request would mark an important change in political tactics for Iraqi Prime Minister Haider al-Abadi. He initially said Baghdad would respect all the U.S. sanctions but faced heavy criticism from rivals.
Australian Prime Minister Malcolm Turnbull has survived a leadership challenge after struggling to pass key pieces of his legislative agenda and keep members of his party in line. A bid to cut corporate taxes has stalled in Parliament, a devastating drought is threatening to hurt growth and a spat with China over political interference has chilled relations with the country's top trading partner.
Asian Indexes - After Market
Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.31% while Hong Kong's Hang Seng is up 0.56% and Japan's Nikkei 225 is up 0.09%.
Index Country Change %Change Level Last Update
Australia ASX All Ordinaries Australia
-52.10 -0.81% 6,383.00
+35.36 +1.31% 2,733.83
Hang Seng Hong Kong
+154.77 +0.56% 27,752.79
Mumbai Sensex India
+7.00 +0.02% 38,285.75
Nikkei 225 Japan
+20.73 +0.09% 22,219.73
Taiwan TSEC 50 Index Taiwan
+93.15 +0.87% 10,792.20