Stocks rebound after back-to-back Wall Street losses - 27.10.2023

The Dollar strengthening has halted today. 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 0.1% on Thursday while the Department of Labor data showed the number of Americans who sought unemployment benefits over the last week was higher than the forecast while their number rose.

EUR/USD slowed its sliding and GBP/USD reversed its retreating on Thursday as the European Central Bank held interest rates steady after 10 consecutive hikes. Both euro and Pound are lower against the dollar currently. AUD/USD joined USD/JPY ‘s slowed climbing yesterday with both the yen and the Australian dollar higher against the Greenback currently.

US stock indexes futures are up currently as the yield on benchmark 10-year Treasury notes edged up to 4.856%. The three main stock benchmarks ended lower on Thursday in the range of -1.8% to -0.8% after Bureau of Economic Analysis report US gross domestic product recorded a 4.9 per cent quarterly annualized jump in third quarter, the strongest reading in nearly two years.

European stock indexes are mixed currently after closing down on Thursday led by auto stocks. Asian stock indexes futures are mostly higher today with Hong Kong’s Hang Seng index leading gains amid reports China Evergrande Group held talks this week with creditors who had opposed its restructuring plan.

Brent is rebounding currently. Prices fell over 2% yesterday. The US oil benchmark West Texas Intermediate (WTI) lost 2.5% but is higher currently. Brent futures dropped 2.4% to $87.93 a barrel on Thursday.