Stocks climb after Wall Street recovery - 27.3.2023

The Dollar strengthening 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, rose 0.5% Friday while the SP Global data showed US private sector resumed expanding in March.

GBP/USD joined EUR/USD’s accelerated retreating on Friday despite SP Global data showing euro area private sector accelerated expansion in March. Both Pound and euro are higher against the Dollar currently. USD/JPY slowed its retreating while AUD/USD accelerated its sliding Friday with the yen lower against the Greenback currently and the Australian dollar higher.

US stocks indexes futures are up currently after indexes closed higher second session in a row on Friday as the SP Global reported US companies renewed expanding their business activity in March with services sector firms driving the increase. The three main US stock benchmarks recorded daily gains in the range from 0.31% to 0.56% on Friday.

European stock indexes futures are higher currently after stocks closed lower on Friday with bank shares leading losses as Deutsche Bank accelerated its slump after its credit default swaps, a form of insurance for bondholders, climbed. Asian indexes futures are mostly advancing today while Chinese stocks defy the regional trend as the search engine giant Baidu fell more than 3% after it cancelled a planned launch of its ChatGPT-like Ernie bot. Baidu retreating weighed on Hong Kong’s Hang Seng index, leading losses.

Brent is edging up currently. Prices ended lower on Friday as US Energy Secretary Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Earlier in October the White House had said it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. West Texas Intermediate (WTI) futures settled down 1.2% but is higher currently. Brent added 1% to $74.99. Both benchmarks ended more than 2.8% higher on the week.