Stocks rebound ahead of US Nonfarm employment data - 5.5.2023

Senior Analytical Expert

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Todays’ Market Summary

The Dollar strengthening has resumed
US stock indexes futures are up currently
Brent is extending gains today.
Gold is edging lower today.

Top daily news

Equity indexes futures are pointing mostly up currently ahead of US Nonfarm payrolls report at 14:30 CET today. Wall Street posted losses on Thursday. Meta shares fell 1.48%, Microsoft shares added 0.33% outperforming market on Thursday as the software giant opened up the new AI-powered version of tis Bing search engine to all users.

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Forex news

Currency Pair	Change
EURUSD	+0.1%
GBPUSD	+0.3%
USDJPY	-0.2%
AUDUSD	+0.5%

The Dollar strengthening has resumed 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 0.18% Thursday despite the Department of Labor data showing the number of Americans who sought unemployment benefits over the last week was higher than the forecast while their number rose.

EUR/USD reversed its climbing and GBP/USD slowed its advancing Thursday while the Eurostat reported industrial producer prices declined more than expected in March in euro area. Both euro and Pound are higher against the Dollar currently. USD/JPY slowed its sliding and AUD/USD slowed its advancing yesterday with both the yen and the Australian dollar higher against the Greenback currently.

Stock Market news

Indices	Change
DJI	+0.6%
NIKKEI	+0.4%
HK50	+0.5%

US stock indexes futures are up currently ahead of the of April Nonfarm payrolls report at 14:30 CET today as the yield on benchmark 10-year Treasury notes ticked up to 3.384%. The three main stock benchmarks recorded marginal losses Thursday in the range of 0.5% to 0.9% as shares of regional banks continued retreating after regional lender PacWest Bancorp tumbled following confirmation it was exploring strategic options, including a sale.

European stock indexes are up currently after closing down on Thursday with media shares leading losses. The European Central Bank on Thursday raised interest rates by a quarter percentage point, in line with market expectations. Asian stock indexes futures are rising today with Australia’s All Ordinaries index leading gains buoyed by stronger than expected results from major bank ANZ Group Holdings.

Commodity Market news

Commodities	Change
#C-BRENT	+1.3%
OIL	+1.3%

Brent is extending gains today. Prices ended mixed yesterday while Russian Deputy Prime Minister Alexander Novak said that Russia was abiding by its voluntary pledge to cut oil output by 500,000 barrels per day (bpd) from February until the end of the year. The US oil benchmark West Texas Intermediate (WTI) slipped 0.06% but is higher currently. Brent crude added 0.24% to $72.50 a barrel on Thursday.