Equities track Wall Street retreat - 24.7.2024

The Dollar is steady 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 Tuesday.

Both EUR/USD and GBP/USD reversed their climbing yesterday despite Eurostat data showing euro zone consumer sentiment improved marginally in July. Both euro and Pound are lower against the dollar currently. USD/JPY accelerated its retreating on Tuesday while AUD/USD slowed its sliding with the yen higher against the Greenback currently and Australian dollar lower still after purchasing managers index data showed manufacturing and services activity in Australia slowed in July.

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year US notes up at 4.255%. Stock indexes ended lower on Tuesday as three main stock benchmarks recorded daily losses in a narrow range from -0.2% to -0.1% after underwhelming quarterly reports from Tesla and Alphabet.

European stock indexes are retreating currently after closing higher on Tuesday. Asian indexes futures are falling today with Hong Kong’s Hang Seng index leading losses dragged lower by major electric vehicle stocks.

Brent is retreating lower currently. Prices ended about 2% lower yesterday. The American Petroleum Institute reported in late afternoon US crude oil stocks fell unexpectedly last week. The Energy Information Administration (EIA) will release its US inventory data at 18:30 CET today. The US oil benchmark West Texas Intermediate (WTI) fell 1.8% and is lower currently. Brent lost 1.7% to $81.01 a barrel on Tuesday.