Stocks track Wall Street rebound - 5.6.2024

The Dollar strengthening 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, ended 0.1% higher on Tuesday.

Both EUR/USD and GBP/USD reversed their advancing yesterday while the federal statistics office Destatis data showed German unemployment change was higher than expected in May. Euro is little changed against the dollar currently while Pound is higher. USD/JPY accelerated its sliding on Tuesday while AUD/USD reversed its climbing with the yen lower against the Greenback currently and Australian dollar higher.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.344%. Stock indexes advanced on Tuesday as three main stock benchmarks recorded daily gains in a range from 0.2% to 0.6% while the Jobs opening and labor turnover survey (JOLTS) data indicated vacancies in US slipped to just under 8.1 million in April, 300,000 less than a month earlier and below market expectations.

European stock indexes are higher currently after closing lower on Tuesday with energy stocks leading losses. Asian indexes futures are mostly rising today with Hong Kong’s Hang Seng index defying the trend.

Brent is edging up currently. Prices ended lower again yesterday after the decision on Sunday by Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, to begin tapering off its production cuts gradually from the end of September this year. The US oil benchmark West Texas Intermediate (WTI) fell 1.1% but is higher today. Brent slid 0.9% to $77.63 a barrel on Tuesday.