Stocks mixed after soft US inflation data - 29.1.2024

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, slipped less than 0.1 % on Friday.

EUR/USD reversed its sliding while GBP/USD slowed its retreating on Friday while Gfk reported UK consumers’ confidence improved marginally hitting its highest since January 2022. Both euro and Pound are higher against the Dollar currently. USD/JPY reversed its retreating on Friday while AUD/USD reversed its climbing with both the yen and the Australian dollar higher against the Greenback currently.

US stocks indexes futures are mixed currently after closing mixed on Friday following Bureau of Economic Analysis report showing US consumer inflation continued moderating in December. The three main US stock benchmarks recorded daily returns in the range from -0.4% to 0.16% on Friday amid mixed corporate reports.

European stock indexes futures are mixed currently after closing higher on Friday led by household goods shares. Asian stock indexes futures are mostly rising today with Hong Kong’s Hang Seng index leading gains buoyed by Beijing’s new steps to stabilize the market while a Hong Kong court order to liquidate Evergrande after the property giant, with more than $300 billion of total liabilities, was unable to offer a concrete restructuring plan after several court hearings more than two years following a default on a bond repayment.

Brent is extending gains currently. Prices ended at their highest in nearly two months on Friday amid rising Middle East tensions. The US oil benchmark West Texas Intermediate (WTI) added 0.8% and is higher currently. Brent rose 1.4% to $83.55 a barrel on Friday. Both benchmarks posted weekly gains of more than 6%.