Stocks track Wall Street rebound - 1.3.2024

The Dollar strengthening has halted today. 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, ended 0.2% higher on Thursday while Department of Labor data showed the number of Americans filing new claims for unemployment benefits rose more than expected last week.

Both GBP/USD and EUR/USD accelerated their sliding on Thursday as preliminary data from federal statistics office Destatis showed German consumer price inflation slowed again in February. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its climbing yesterday while AUD/USD ended little changed with the yen lower against the Greenback currently and the Australian dollar higher.

US stock indexes futures are up currently as the yield on benchmark 10-year Treasury notes is steady at 4.252%. The three main stock benchmarks ended higher on Thursday in a range of 0.1% to 0.9% as Nasdaq Composite Index set a new record after the Federal Reserve’s preferred inflation measure personal consumption expenditures (PCE) price index edged lower on an annual basis in January.

European stock indexes are advancing currently after closing up on Thursday with construction shares leading gains. Asian stock indexes futures are rising today with Japan’s Nikkei index leading gains buoyed by chipmakers stocks tracking gains in their Wall Street peers.

Brent is retracing up currently ahead of an OPEC+ decision on supply agreements for the second quarter. Prices retreated on Thursday after the Energy Information Administration report previous day US crude inventories rose by above expected 4.2 million barrels last week. West Texas Intermediate (WTI) futures slid 0.4% but is higher currently. Brent futures slipped 0.07% to $83.62 a barrel on Thursday.