Markets downcast following tech stocks selloff - 25.7.2024

The Dollar weakening persists 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 0.06% on Wednesday.

GBP/USD ended flat while EUR/USD slowed its sliding yesterday while final data from SP Global’s PMI survey showed euro area economic growth stalled in July. Both euro and Pound are lower against the dollar currently. Both USD/JPY and AUD/USD accelerated their retreating on Wednesday with the yen higher against the Greenback currently and the Australian dollar lower still.

The US stock index futures are mixed currently ahead of advance GDP report due at 16:30 CET today while US stocks closed sharply lower on Wednesday with the three main US stock benchmarks recording daily losses in a range from -3.6% to -1.25% despite S&P Global report US business activity growth edged up to its fastest for 27 months in July.

European stock indexes futures are down currently after closing lower on Wednesday led by tech shares. Asian stock indexes futures are retreating today with Hong Kong’s Hang Seng Index leading losses despite a surprise 20 basis point cut in the one-year lending rate by China's central bank.

Brent is down presently. Prices ended higher yesterday after the US Energy Information Administration (EIA) report US crude oil stocks fell by above expected 3.7 million barrels last week while gasoline inventories dropped by 5.6 million barrels, compared with analysts' expectations for a 400,000 draw. The US oil benchmark  West Texas Intermediate (WTI) futures added 0.8% but are lower currently. Brent crude rose 0.9% to $81.71 a barrel on Wednesday.