Stocks mixed ahead of US producer prices data - 14.3.2024

The Dollar strengthening has resumed 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, slid 0.2% Wednesday.

GBP/USD joined EUR/USD’s accelerated climbing yesterday as Office for National Statistics data showed UK services sector growth and a bounce in construction output resulted in a return to moderate growth in UK economy in January. Euro is lower against the dollar currently while Pound is higher. USD/JPY slowed it advancing while AUD/USD reversed its retreating on Wednesday with both the yen and the Australian dollar lower against the Greenback currently.

The US stock index futures are higher currently ahead of US wholesale prices and retail sales reports at 13:30 CET today. The three main US stock indexes ended mixed on Wednesday in the range from -0.5% to 0.1% with energy shares leading gains.

European stock indexes futures are mixed currently after indexes closed marginally higher yesterday with retail shares leading gains. Asian stock indexes futures are mixed today with Hong Kong’s Hang Seng Index leading losses ahead of new loans data from China.

Brent is edging higher presently. Prices ended about 3% higher yesterday as the US Energy Information Administration (EIA) reported US crude stockpiles fell by 1.5 million barrels last week while gasoline stockpiles were drawn down by larger than expected 5.7 million barrels - the sixth straight week of drawdowns. The US oil benchmark West Texas Intermediate (WTI) futures rose 2.8% and is higher currently. Brent crude added 2.6% to $84.03 a barrel on Wednesday.