Equities retreat after Wall Street rebound - 21.11.2022

The Dollar strengthening continues 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 03% Friday while the National Association of Realtors reported existing home sales retreated for the ninth straight month in October.

EUR/USD continued its sliding while GBP/USD reversed its retreating on Friday as the UK Office for National Statistics reported retail sales rose by higher than expected 0.6% over month in October. Both Pound and euro are lower against the Dollar currently. USD/JPY slowed its climbing Friday while AUD/USD slowed its retreating with both the yen and Australian dollar lower against the Greenback currently.

Futures on US equity benchmarks are down currently after US stocks closed higher on Friday despite Federal Reserve Bank of Boston president Susan Collins comment the Fed may need to hike interest rates another 75-basis points to get inflation under control. The three main US stock benchmarks recorded daily gains ranging from 0.01% to 0.6%.

European stock indexes futures are down currently after stocks closed higher on Friday with retail and auto shares leading gains. Asian indexes futures are retreating today led by Hong Kong’s Hang Seng index after reports of rising new COVID-19 cases in China while Beijing's most populous district urged residents to stay at home.

Brent is extending losses today as supply shortage concerns ease. Prices fell Friday on concern about weakening demand in China as cases of new COVID-19 continue to increase in the major crude importer China. West Texas Intermediate (WTI) futures lost 1.9% and is lower currently. Brent crude dropped 2.4% to $87.62 a barrel on Friday. Both prices posted losses for the second straight week.