Wall Street set to open lower after selloff resumed - 12.5.2022

Senior Analytical Expert

Articles:783

Todays’ Market Summary

The Dollar strengthening is intact
The US stock index futures are down currently
Brent is edging down currently.
Gold prices are edging down

Top daily news

Global stocks are retreating currently as Wall Street suffered another round of losses on Wednesday following the inflation report showing US consumer prices remain high. Apple shares slumped 5.18% underperforming market and Saudi Aramco surpassing Apple as the world’s most valuable firm, Bitcoin accelerated its sliding with BTCUSD down over 7% currently that has contributed to decline in Coinbase Global founder Brian Armstrong’s personal fortune to just $2.3 billion from $8 billion at the end of March.

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Forex news

Currency Pair	Change
EURUSD	-0.53%
GBPUSD	-0.4%
USDJPY	-0.92%
AUDUSD	-0.82%

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, added 0.1% Wednesday as the Bureau of Labor Statistics reported US consumer price index rose 8.3% over the last twelve months in April.

EUR/USD slowed its sliding while GBP/USD accelerated its retreating Wednesday. Both Pound and euro are down against the Dollar currently. AUD/USD reversed its sliding and USD/JPY reversed its climbing yesterday with the Australian dollar lower against the Greenback currently and yen higher still.

Stock Market news

Indices	Change
DJI	-0.44%
NIKKEI	-0.95%
HK50	-2.52%
AU200	-1.18%

The US stock index futures are down currently ahead of Bureau of Labor Statistics report on Producer Price Index due today at 14:30 CET. The three main US stock indexes booked losses ranging from 1.02% to 3.2% Wednesday after the Bureau of Labor Statistics reported inflation stayed elevated in April but eased off its 40-year high. Growth shares led losses with Nasdaq down nearly 8% in May so far and more than 25% this year.

European stock indexes are down currently after ending higher Wednesday led by auto shares. Asian stock indexes are falling today with Hong Kong’s Hang Seng Index leading losses as property developer Sunac China said it missed a bond interest payment and will miss more if the credit crunch in China's real estate sector persists.

Commodity Market news

Commodities	Change
#C-BRENT	-2.09%
OIL	-2.08%

Brent is edging down currently. Prices jumped yesterday as Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after Russia invaded Ukraine in February. Prices rose despite the US Energy Information Administration report domestic crude stocks rose 8 million barrels last week - largely due to another release of strategic reserves. However US gasoline stocks were down by 3.6 million barrels and stocks of distillates fell also. The US oil benchmark West Texas Intermediate (WTI) futures added 6% but is lower currently. Brent crude gained 4.9% to $107.51 a barrel on Wednesday.