Stocks rebound after Wall Street dip - 19.9.2024

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 0.07% on Wednesday.

Both GBP/USD and EUR/USD reversed their sliding yesterday while Office for National Statistics data showed UK inflation was unchanged from July and in line with expectations. Both Pound and euro are higher against the dollar currently. USD/JPY reversed its advancing while AUD/USD continued its climbing on Wednesday with the yen lower against the Greenback currently and the Australian dollar higher still.

The US stock index futures are up currently ahead of unemployment claims report due at 16:30 CET today. US stocks closed lower on Wednesday with the three main US stock benchmarks recording daily losses in a narrow range from -0.3% to -0.25% after the Federal Reserve announced an interest rate cut of half a percentage point while Fed chair Jerome Powell said “the US economy is in good shape.”

European stock indexes futures are rising currently after closing down on Wednesday as food and beverage shares led losses. Bank of England is meeting today and it is widely expected to stand pat. Asian stock indexes futures are rising today with Hong Kong’s Hang Seng Index leading gains.

Brent is retracing higher presently. Prices ended lower yesterday despite the Energy Information Administration report of above-expected draw in US crude oil inventory of 1.6 million barrels last week while gasoline and distillate inventories rose slightly. The US oil benchmark West Texas Intermediate (WTI) futures slid 0.4% but are higher currently. Brent crude slipped 5 cents to $73.65 a barrel on Wednesday.