Stock markets downbeat as dollar firms


Stocks markets kicked off the week in lacklustre fashion on Monday as the dollar recovered some ground after slumping last week to three-year lows against the euro. London was one of the few risers, with the index benefitting from gains to share prices of heavyweight mining companies on rising copper prices, traders said. “After managing to staunch its bleeding last Friday, the dollar has continued to try and claw back the acres of ground lost in the last few months,” said Connor Campbell, an analyst at Spreadex trading group. Earlier Monday, Asian stock markets ended down on profit-taking, as investors tracked last week’s record-breaking close on Wall Street. The three major US indices all closed at record highs on Friday with earnings season in full swing, on the back of strong earnings announcements. The trend is expected to continue, with major companies signalling higher profits in anticipation of tax cuts recently enacted in the United States. With more data expected this week — including from tech giants like Apple, Amazon, Facebook, Alibaba and Google’s parent company Alphabet — analysts say strong results could sustain the positive sentiment in the markets. —AFP



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