Stocks mixed after US stocks extended losses - 6.3.2024

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, slipped 0.1% on Tuesday.

Both GBP/USD and EUR/USD slowed their advancing yesterday as Eurostat, the statistical office of the European Union, reported that industrial producer prices decreased by 8.6% in the euro area in January compared with January 2023. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its climbing and AUD/USD slowed its sliding on Tuesday with both the yen and Australian dollar higher against the Greenback currently.

Futures on three main US stock indexes are mixed currently with the yield on benchmark 10-year US notes up at 4.149%. Stock indexes ended lower on Tuesday with three main stock benchmarks recording daily losses in a range from -1.65% to -1.05% while data showed a slowing expansion of the US services sector and a steeper than expected drop in new factory orders.

European stock indexes are mixed currently after closing mixed on Tuesday with utilities stocks leading gains. Asian indexes futures are mixed today with Hong Kong’s Hang Seng index leading gains after Beijing set a widely expected 5% growth target for 2024 at its week-long annual session of parliament yesterday.

Brent is retracing higher currently. Prices retreated nearly 1% yesterday before the American Petroleum Institute (API) report showing US crude stockpiles rose by below expected 423 thousand barrels last week. The Energy Information Administration (EIA) will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) lost 0.8% but is higher today. Brent slid 0.9% to $82.04 a barrel on Tuesday.