Stocks advance persists as inflation fears subside - 12.11.2021

The Dollar strengthening persists 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, added 0.3% Thursday.

Both GBP/USD and EUR/USD slowed their sliding Thursday as the Office for National Statistics reported Q3 UK GDP grew 1.3% over quarter after 5.5% growth in Q2. Both euro and Pound are lower against the Dollar currently. USD/JPY continued climbing yesterday while AUD/USD continued sliding with the Australian dollar higher against Greenback currently and yen lower.

Futures on three main US stock indexes are up currently with US 10-year Treasury note yields up at 1.568% ahead of the US bond market reopening following the Veterans Day holiday. The three main US stock benchmarks ended mixed Thursday after data showing inflation hitting a 30-year high last month caused indexes to fall Wednesday. Indexes recorded daily returns in the range of -0.4% to 0.5% with Nasdaq recouping losses suffered in the prior session.

European stock indexes are higher currently after closing up Thursday led by mining shares. Asian indexes are advancing today led by Nikkei underpinned by bargain hunting for tech shares.

Brent is edging lower currently. Prices ended lower yesterday after president Biden said following higher inflation report Wednesday he asked the National Economic Council to work to reduce energy costs and the Federal Trade Commission to push back on market manipulation in the energy. The US oil benchmark West Texas Intermediate (WTI) ended down 3.3% and is lower currently. Brent crude lost 2.5% to $82.64 a barrel on Thursday.