Stocks mixed after Wall Street ended at records - 5.12.2024

The Dollar weakening has resumed 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, ended little changed on Wednesday.

Both EUR/USD and GBP/USD continued their advancing yesterday. Both Pound and euro are higher against the dollar currently. USD/JPY accelerated its climbing while AUD/USD reversed its advancing on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are mixed currently ahead of unemployment benefits report at 17:30 CET today. US stocks closed higher on Wednesday with the three main US stock benchmarks recording daily gains in a range from 0.6% to 1.3% as Fed chair Jerome Powell highlighted the strength in the US economy and did not downplay expectations for a December rate cut while the payroll firm ADP said US private sector hiring in November came in lower than expected and the Institute for Supply Management data showed slower than expected expansion in the services sector.

European stock indexes futures are mixed currently after closing higher on Wednesday while the OECD cut the German economic growth outlook for 2025 to 0.7% and said it was expecting the country’s gross domestic product to stagnate this year. Asian stock indexes futures are mixed currently with Japan’s Nikkei leading losses.

Brent is edging lower presently ahead of an OPEC+ meeting later in the day where they are likely to extend output cuts until the end of the first quarter of next year. Prices ended nearly 2% down on Wednesday despite an Energy Information Administration report US oil inventories fell more than expected last week as refiners ramped up operations while gasoline stockpiles rose by more than expected. The US oil benchmark West Texas Intermediate (WTI) futures lost 2% and are lower currently. Brent crude fell 1.78% to $72.31 a barrel on Wednesday.