Markets rise after SP500 ends at all time high - 25.1.2024

The Dollar weakening 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, slid 0.5% Wednesday.

Both GBP/USD and EUR/USD reversed their retreating on Wednesday as the Eurostat reported private business activity expanded in euro area in January. Both euro and Pound are higher against the dollar currently. Both USD/JPY and AUD/USD reversed their advancing yesterday with the yen lower against the Greenback currently and the Australian dollar higher.

The US stock index futures are higher currently ahead of gross domestic product and Jobless Claims reports at 14:30 CET today. The three main US stock indexes ended mixed on Wednesday in the narrow range from -0.3% to 0.4% led by technology shares after stronger than expected US purchasing managers’ survey data.

European stock indexes futures are mixed currently after indexes closed higher yesterday with technology stocks leading gains. The European Central Bank is widely expected to hold interest rates today at their current record high. Asian stock indexes futures are mostly higher today with Hong Kong’s Hang Seng Index leading gains as China’s government announced more monetary stimulus measures after the People’s Bank of China unexpectedly cut its reserve requirement ratio (RRR) yesterday.

Brent is extending gains presently. The US Energy Information Administration (EIA) reported US crude stockpiles fell by above-expected 9.2 million barrels last week. Meanwhile, US crude output fell from a record-tying 13.3 million barrels per day (bpd) two weeks ago to a five-month low of 12.3 bpd last week after oil wells froze during an Arctic freeze. The US oil benchmark West Texas Intermediate (WTI) futures added 1.0% and is higher currently. Brent crude rose 0.6% to $80.04 a barrel on Wednesday.