Stocks venture up ahead of US inflation report - 10.4.2024

Senior Analytical Expert

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Todays’ Market Summary

The Dollar strengthening has resumed currently
Futures on three main US stock indexes are up
Brent is retracing up currently.
Gold prices are edging higher currently

Top daily news

Global equity indexes are pointing mostly up currently ahead of US March inflation data at 14:30 CET today after Wall Street ended mixed on Tuesday. Alphabet shares gained 1.28% outperforming market as Google announced an Arm-based central processor and revealed the details of a new version of its data center artificial intelligence chips, Tesla stock rose 2.25% on Tuesday.

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Forex news

Currency Pair	Change
EUR/USD	-0.3%
GBP/USD	+0.4%
USD/JPY	+0.2%
AUD/USD	-0.3%

The Dollar strengthening has resumed currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.1% on Tuesday.

EUR/USD ended little changed while GBP/USD continued advancing yesterday. Euro is lower against the dollar currently and Pound is higher. USD/JPY reversed its advancing on Tuesday while AUD/USD continued its climbing with both the yen and Australian dollar lower against the Greenback currently.

Stock Market news

Indices	Change
DJI	+0.1%
NIKKEI	-0.3%
HK50	+1.3%
AU200	+0.1%

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes down at 4.356%. Stock indexes ended mixed on Tuesday with three main stock benchmarks recording daily returns in a range from -0.03 to 0.3% ahead of US consumer price data today expected to show a rise in headline inflation to 3.4% over year from 3.2% in February.

European stock indexes are higher currently after closing lower on Tuesday with insurance stocks leading losses. Asian indexes futures are mostly lower today with Hong Kong’s Hang Seng index defying the trend while mainland Chinese shares retreated as Fitch affirmed China's sovereign rating at 'A+' while the outlook was downgraded to negative and it forecast economic growth this year would slow.

Commodity Market news

Commodities	Change
#C-BRENT	+0.1%
OIL	+0.1%

Brent is retracing up currently. Prices declined almost $1 yesterday after US Energy Information Administration (EIA) estimate US crude oil output is expected to rise by 280,000 barrels per day (bpd) to 13.21 million bpd in 2024 versus a prior forecast for a 260,000 bpd increase. The Energy Information Administration will release its US inventory data at 15:30 CET today. The US oil benchmark West Texas Intermediate (WTI) fell 1.4% but is higher today. Brent slid 1.1% to $89.42 a barrel on Tuesday.