Dow Jones climbs above 27,000 points, Europe stocks fall as IMF calls for more stimulus

Australian shares are expected to drop at the open, following a mixed performance across global markets.

Market snapshot at 7:20am (AEST):ASX SPI futures -0.4pc at 6,628, ASX 200 (Thursday’s close) +0.4pc at 6,716AUD: 69.74 US cents, 55.66 British pence, 61.95 euro cents, 75.65 Japanese yen, $NZ1.05US: Dow Jones +0.9pc at 26,088, S&P 500 +0.2pc at 3,000, Nasdaq -0.1pc at 8,196Europe: FTSE 100 -0.3pc at 7,510, DAX -0.3pc at 12,332, CAC -0.3pc at 5,552, Euro Stoxx 50 -0.1pc at 3,497Commodities: Brent crude -0.4pc at $US66.76/barrel, spot gold -1.1pc at $US1,403.45/ounce, iron ore -1.3pc at $US119.37/tonne

At 6:55am (AEST), ASX futures were down 22 points, or 0.3 per cent.

Meanwhile, the Australian dollar is slightly higher at 69.74 US cents.

On Wall Street, the Dow Jones Industrial Average jumped 228 points to cross the 27,000 points marks for the first time.

In fact, the Dow surpassed that level by quite a margin, finishing at a record 27,088 points.

The broader S&P 500 closed at its highest-ever level, 3,000 points.

The tech-heavy Nasdaq index slipped 0.1 per cent.

Markets in New York have been surging in the past few weeks over strong expectations the Federal Reserve will cut interest rates at the end of July — to prop up the US economy and counteract slowing economic growth worldwide.

European markets were slightly lower, with London, Paris and Frankfurt down 0.3 per cent each.

This was after the International Monetary Fund released a report, calling on the European Union’s central bank to provide more stimulus in the face of risks like Brexit and global trade disputes, including the one between the United States and China.

Brent crude oil is modestly weaker (-0.4pc) at $US66.73 US dollars a barrel.

Spot gold has fallen sharply (-1.1pc) to $US1,403.45 an ounce, after the US

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