Equities track Wall Street advance - 12.9.2024

The Dollar strengthening is intact 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, added 0.07% on Wednesday.

GBP/USD joined EUR/USD’s slowed sliding yesterday while Office for National Statistics data showed UK gross domestic product was stagnant in July. Both Pound and euro are lower against the dollar currently. USD/JPY slowed its sliding while AUD/USD reversed its retreating on Wednesday with both the yen and the Australian dollar lower against the Greenback currently.

The US stock index futures are up currently ahead of unemployment claims and producer prices report due at 16:30 CET today. US stocks closed higher on Wednesday with the three main US stock benchmarks recording daily gains in a range from 0.3% to 2.2% while data showed consumer price index rose 2.5% in August from a year ago, down from a 2.9% increase in July. However, core consumer price index- a measure of inflation that strips out volatile food and energy costs, rose by a larger than expected 0.3% from a month earlier.

European stock indexes futures are mixed currently after closing mixed on Wednesday as technology shares led gainers. European Central Bank is expected to slash rates again by 25 basis points today. Asian stock indexes futures are rising today with Australia’s S&P/ASX 200 All Ordinaries index leading gains.

Brent is extending gains presently on fears of lengthy production shutdowns in the US offshore output as Hurricane Francine is on the way to landfall in Louisiana. Prices ended over $2 higher yesterday despite the Energy Information Administration report of above-expected build in US crude oil inventory of 883 thousand barrels last week. The US oil benchmark West Texas Intermediate (WTI) futures rose 2.37% and are higher currently. Brent crude gained 2.05% to $70.61 a barrel on Wednesday.