September Daily Review - 29/09

 

1. U.S. stocks open higher on Tuesday, recovering some of their previous day's losses stemming from a selloff in shares of biotechs and raw materials producers. The Dow Jones industrial average was up 29.23 points, or 0.18 percent, at 16,031.12, the S&P 500 was up 4.11 points, or 0.22 percent, at 1,885.88 and the Nasdaq composite was up 11.08 points, or 0.24 percent, at 4,555.04.

2. Volkswagen (XETRA:VOWG) announced plans on Tuesday to refit up to 11 million vehicles and overhaul its namesake brand following the scandal over its rigging of emissions tests. New Chief Executive Matthias Mueller said the German carmaker would ask customers "in the next few days" to have diesel vehicles that contained illegal software refitted, a move which some analysts have said could cost more than $6.5 billion.

Europe's biggest carmaker has admitted cheating in diesel emissions tests in the United States and Germany's transport minister says it also manipulated them in Europe, where Volkswagen sells about 40 percent of its vehicles.

3. The dollar moved higher against the other major currencies on Tuesday, amid growing concerns over China's economy and despite uncertainty over a potential U.S. rate hike this year as investors eyed upcoming U.S. consumer sentiment data. The dollar was steady against the yen, with USD/JPY at 119.96.

4. U.S. consumer confidence improved to an eight-year peak in September, boosting optimism over the health of the economy and supporting the case for a U.S. interest rate hike this year, industry data showed on Tuesday.

5. Oil prices rose on Tuesday after evidence of tightening supplies in the United States, the world's biggest oil consumer, outweighed concerns for the health of the Chinese economy.

China's giant manufacturing sector is shrinking, economists say, as domestic demand falters, fanning worries that its economy may be slowing more sharply than feared. Asian stock markets skidded to 3-1/2-year lows on Tuesday and the dollar sagged.

 

 

 

Ask us about our FREE financial advice program: ChatButton

 

Other Top Stories:

Will Twitter's Share Crash?

Technical Analysis Lesson 1 - Introduction

How I Made Over $30,000 a Year by Investing in Binary Options

 

Follow us and SHARE this story on Facebook:   



 

Please publish modules in offcanvas position.