Stocks advance after Wall Street dip - 18.4.2024

The Dollar weakening 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, lost 0.4% on Wednesday.

Both GBP/USD and EUR/USD reversed their retreating yesterday as Office for National Statistics reported UK inflation eased to above expected 3.2% in March. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its advancing while AUD/USD reversed its retreating on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are higher currently ahead of US Unemployment Claims report due at 14:30 CET today. The three main US stock indexes ended lower on Wednesday in a range from -1.15% to -0.12% led by chip companies while the Fed “beige book” indicated “overall economic activity expanded slightly, on balance” in US since late February.

European stock indexes futures are up currently after indexes closed higher yesterday with household goods shares leading gains. Asian stock indexes futures are rising today with Hong Kong’s Hang Seng Index leading gains while data showed Australia’s labor market cooled somewhat as Unemployment Rate ticked up to 3.8%.

Brent is extending losses presently. Prices ended 3% lower yesterday as the US Energy Information Administration (EIA) reported US crude stockpiles rose by above expectedly 2.7 million barrels last week to 460 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures lost 3.1% and is lower currently. Brent crude fell 3% to $87.29 a barrel on Wednesday.