Equities edge up after Wall Street closed down - 26.3.2024

The Dollar weakening 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 0.2% lower on Monday.

Both EUR/USD and GBP/USD reversed their sliding on Monday while Confederation of British Industry Realized Sales data showed UK retail sales stabilized in March after ten months of decline. Both Pound and euro are higher against the dollar currently. Both AUD/USD and USD/JPY reversed their retreating yesterday with both the yen and Australian dollar higher against the Greenback currently while Westpac Banking Corporation reported Australia’s consumer sentiment deteriorated in March.

Futures on three main US stock indexes are higher currently with the yield on benchmark 10-year Treasury down at 4.242%. US markets closed down on Monday with the three main stock benchmarks recording daily losses in a narrow range from -0.41% to -0.27%.

European stock indexes futures are mixed currently after closing marginally up on Monday with oil and gas shares leading gains. Asian indexes futures are mostly higher today with Hong Kong’s Hang Seng index leading gains led by tech shares.

Brent is retracing down currently. Oil prices ended over $1 higher yesterday amid reports Moscow has ordered companies to reduce oil output in the second quarter to meet a production target of 9 million barrels per day by the end of June, in line with its pledges to the producer group OPEC+. US West Texas Intermediate WTI rose 1.6% but is lower currently. Brent added 1.55% to $86.75 a barrel on Monday.