Markets subdued ahead of US inflation report - 14.3.2023

Senior Analytical Expert

Articles:785

Todays’ Market Summary

The Dollar weakening has reversed
Futures on three main US stock indexes are up
Brent is edging lower currently.
Gold prices are edging lower currently

Top daily news

Global stocks are trading mostly down currently ahead of February US inflation report at 13:30 CET today. Wall Street ended mixed on Monday. Microsoft shares gained 2.14% outperforming market as investors turned to safety bets against the background of contagion spilling over from US bank rout, Tesla shares added 0.6% on Monday amid reports Tesla has significantly ramped up its hiring effort for Cybertruck production which is just a few months away.

Open Account

Try Free Demo

Forex news

Currency Pair	Change
EUR/USD	-0.4%
GBP/USD	-0.1%
USD/JPY	+0.3%
AUDUSD	-0.1%

The Dollar weakening has reversed 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, lost 0.9% on Monday.

GBP/USD and EUR/USD accelerated their climbing on Monday. Both Pound and euro are lower against the dollar currently. USD/JPY accelerated its retreating while AUD/USD reversed its sliding yesterday with both the yen and Australian dollar lower against the Greenback currently.

Stock Market news

Indices	Change
DJI	+0.1%
NIKKEI	-2.7%
HK50	-1.9%
AU200	-1.9%

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year Treasury notes up at 3.568%. US stocks closed mixed on Monday, with three main stock benchmarks recording daily returns in the range from -0.28% to 0.45% with tech stocks leading gains after emergency announcements Sunday night from US federal bank regulators who took over the insolvent Silicon Valley Bank and Signature Bank and guaranteed all deposits at this two banks. Investors are concerned the contagion from the second largest bank bankruptcy in US history may spread while the Federal Reserve has vowed to continue the monetary tightening to bring down inflation to its target 2% level.

European stock indexes futures are mixed currently after closing sharply lower Monday with bank shares leading losses. Asian indexes futures are in red today with Japan’s Nikkei index leading losses as traders try to gauge the impact of high exposure to US bonds among Japanese financial firms.

Commodity Market news

Commodities	Change
#C-BRENT	-0.8%
OIL	-0.9%

Brent is edging lower currently. Prices fell on Monday as the unfolding financial crisis in US triggered by the insolvency of SVB Financial spurred concerns about the impact of a possible economic downturn on crude oil demand. US West Texas Intermediate WTI fell 2.5% and is lower currently. Brent lost 2.4% to $80.77 a barrel on Monday.