Markets subdued ahead of US markets reopening - 3.9.2024

The Dollar is advancing 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, ended little changed on Monday.

Both EUR/USD and GBP/USD reversed their sliding on Monday while data showed euro zone manufacturing activity remained in contraction territory in August. Both Pound and euro are lower against the dollar currently. USD/JPY slowed its climbing yesterday while AUD/USD reversed its sliding with the yen higher against the Greenback currently and Australian dollar lower.

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year Treasury down at 3.915%. US markets were closed yesterday for a holiday after ending higher on Friday as the three main stock benchmarks recorded daily gains in a range from 0.6% to 1.1% while data showed the Fed’s preferred inflation gauge, the personal consumption expenditures price index, rose 0.2% on a monthly basis in July.

European stock indexes futures are retreating currently after indexes closed mixed on Monday. Asian indexes futures are mostly falling today with Japan’s Nikkei leading losses as tensions between China and Japan continue after China threatened severe economic consequences if Japan further tightened restrictions on sales and servicing of chipmaking equipment to Chinese firms.

Brent is edging lower currently. Oil prices ended higher yesterday as Libyan oil exports remained halted and country's National Oil Corp. also declared force majeure on El Feel oil field from September 2. Libya's oil production was about 1.18 million barrels per day in July, according to the Organization of the Petroleum Exporting Countries. US West Texas Intermediate WTI ended 0.7% higher but is lower currently. Brent rose 0.8% to $77.52 a barrel on Monday.