Evening update - US stocks climb as investors await signs of stimulus progress …European market slips 1% each …Gold Climbs to One-Week High
· US stocks climbed as investors waited for news on stimulus talks. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before their Tuesday deadline and now aim to finalize an agreement before the weekend. Pelosi told reporters she remains hopeful a compromise can be reached. Still, White House chief of staff Mark Meadows told CNBC both parties "still have a ways to go." Both Dow Jones and S&P 500 gained nearly half percent each.
· European stocks fell for a third day amid mixed earnings reports, with the U.K.’s FTSE 100 being hit by sterling strength after the European Union’s chief Brexit negotiator said an agreement was within reach.
· Oil dropped after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential U.S. stimulus agreement.
· Gold advanced to a one-week high as the dollar weakened amid optimism that U.S. lawmakers may clinch a pre-election spending deal to bolster the economy. Silver also
climbed. Gold spiked by 1% to $1924/ounce.
· FIIs net buyers Rs2108cr while net sellers Rs1634cr