Equities rebound as Fed meeting looms - 18.3.2024

Senior Analytical Expert

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Todays’ Market Summary

The Dollar strengthening has halted
US stocks indexes futures are higher currently
Brent is edging up currently.
Gold prices are extending losses currently

Top daily news

Global equity indexes are pointing mostly up currently ahead of Fed’s two-day meeting starting tomorrow after Wall Street closed lower again on Friday. Nvidia shares slipped 0.12%, Amazon shares slumped 2.42% on Friday underperforming market while the company announced it will kick off its Big Spring Sale event on March 20 which will last through March 25.

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Forex news

Currency Pair	Change
EUR/USD	+0.1%
GBP/USD	+0.07%
USD/JPY	+0.5%
AUD/USD	+0.1%

The Dollar strengthening has halted 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, ended 0.1% higher on Friday.

GBP/USD slowed its retreating while EUR/USD reversed its sliding on Friday as the preliminary reading of French consumer prices inflation was upgraded to 0.9% over month from 0.8%. Both euro and Pound are higher against the Dollar currently. USD/JPY accelerated its advancing and AUD/USD slowed its retreating on Friday with the yen lower still against the Greenback currently and the Australian dollar higher.

Stock Market news

Indices	Change
DJI	+0.1%
NIKKEI	+1.8%
HK50	+0.1%
AU200	+0.2%

US stocks indexes futures are higher currently after ending lower on Friday. The three main US stock benchmarks recorded daily losses in the range from -1.0% to -0.5% on Friday while University of Michigan data showed US consumer confidence dropped slightly in March.

European stock indexes futures are up currently after closing marginally lower on Friday with household goods shares leading losses. Asian stock indexes futures are mostly up today with Japan's Nikkei leading gains on rising confidence in the Japanese economy on the prospect of increased wages in the country while the Bank of Japan conducted an unscheduled operation to buy bonds aimed to prevent any significant rise in yields and avoid market volatility.

Commodity Market news

Commodities	Change
#C-BRENT	+0.8%
OIL	+0.8%

Brent is edging up currently. Prices ended lower on Friday while energy services firm Baker Hughes reported US energy firms increased the number of active oil rigs by six to 510 last week, their highest since September 15. The US oil benchmark West Texas Intermediate (WTI) lost 0.3% but is higher currently. Brent fell 0.15% to $85.29 a barrel on Friday. However both benchmarks posted weekly gains of more than 3%.