Stocks down ahead of megacap earnings - 31.10.2024

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 0.17% on Wednesday.

EUR/USD accelerated its advancing yesterday while GBP/USD reversed its climbing as flash data indicated that the euro zone economy grew 0.4% in the third quarter of 2024, above the 0.2% rise expected. Pound is higher against the dollar currently and euro is lower. USD/JPY ended little changed while AUD/USD reversed its sliding on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are down currently ahead of unemployment claims data and Chicago Purchasing Managers' Indexes reports due at 16:30 CET and 17:45 CET respectively today. US stocks closed lower on Wednesday with the three main US stock benchmarks recording daily losses in a range from -0.56% to -0.22% led by tech shares as data showed the US gross domestic product increased at a 2.8% annualized rate below forecast of 3.0% while US private payrolls growth surged by a higher than expected 233,000 jobs in October.

European stock indexes futures are falling currently after closing lower on Wednesday with tech shares leading losses. Asian stock indexes futures are mostly lower today with Japan’s Nikkei leading losses as yen rose after Bank of Japan stood pat but noted that inflationary risks were "biased toward the upside" for next fiscal year.

Brent is retracing down presently. Prices ended 2% higher yesterday after the US Energy Information Administration (EIA) report US crude oil stocks and gasoline inventories fell last week as imports slipped. There were also reports OPEC+, comprising the Organization of the Petroleum Exporting Countries and its allies such as Russia, could delay a planned oil production increase in December by a month or more because of concern over soft oil demand and rising supply. The US oil benchmark West Texas Intermediate (WTI) futures rose 2.08% but is lower currently. Brent crude added 2.01% to $72.55 a barrel on Wednesday.