Global equities mixed after Wall Street sets more records - 2.11.2021

Senior Analyst

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Todays’ Market Summary

The Dollar weakening has not ceased currently
Futures on three main US stock indexes are down
Gold prices are rising currently

Top daily news

Equity index futures are mixed currently after Wall Street edged higher to fresh records Monday. Tesla shares jumped 8.5% surging over 50% in a single month after news of a new lithium partnership with Ganfeng Lithium, the world’s largest provider of the metal by valuation, which will supply Tesla with lithium products for three years as prices for battery metals surge, Facebook shares added 1.98% on Monday outperforming market.

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Forex news

The Dollar weakening has not ceased 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, lost 0.24% on Monday as Institute for Supply Management reported US manufacturing activity slowed in October.

EUR/USD reversed its retreating Monday while GBP/USD continued sliding despite statistics office Destatis report German retail sales declined in September. Euro is higher against the Dollar currently while Pound is lower still. AUD/USD continued retreating while USD/JPY continued advancing Monday. The Australian dollar is lower against the Greenback currently and yen higher as the Reserve Bank of Australia’s step toward unwinding extraordinary pandemic stimulus policies by abandoning an ultra-low target for bond yields was deemed less hawkish than expected.

Stock Market news

Futures on three main US stock indexes are down while US 10-year Treasury yields inched down to 1.559% currently. Stocks edged higher Monday ahead of Federal Reserve meeting starting today. The Federal Reserve is expected to approve on Wednesday plans to scale back its $120 billion monthly bond-buying program. The three major Wall Street stock benchmarks notched fresh records, booking daily gains in the range of 0.2% to 0.6% led by energy shares.

European stock indexes are up currently after ending higher Monday with all sectors finishing in positive territory. Asian indexes are mostly down today led by Shanghai Composite despite Beijing’s pledge of more support for the consumer services sector.

Commodity Market news

Brent is extending gains currently ahead of data from the American Petroleum Institute later today. Prices closed solidly higher Monday as The Organization of the Petroleum Exporting Countries, collectively known as OPEC, pumped 27.50 million barrels per day (bpd) in October, a rise of 190,000 bpd from the previous month but below the 254,000 increase permitted under the supply deal. Prices rose despite China’s release of gasoline and diesel reserves to increase market supply and support price stability in some regions. US West Texas Intermediate WTI rose 0.57% and is higher currently. Brent gained 1.2% to $83.03 a barrel on Monday.