Global stocks venture up despite recession fears - 8.12.2022

The Dollar weakening has paused 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, lost 0.2% Wednesday.

Both GBP/USD and EUR/USD reversed their sliding on Wednesday as the euro zone statistics agency Eurostat upgraded euro area economic growth for the third quarter. Euro and Pound are lower against the Dollar currently. USD/JPY reversed its climbing while AUD/USD reversed its retreating yesterday with the Australian dollar higher against the Greenback currently and the yen lower.

The US stock index futures are up currently after mixed session on Wednesday. The three main US stock indexes booked returns ranging from -0.5% to 0.0% Wednesday with tech stocks leading losses.

European stock indexes futures are rising currently after closing lower yesterday led by oil and gas shares. Asian stock indexes futures are mostly retreating today with Australia’s S&P/ASX 200 All Ordinaries index leading losses while Chinese stocks rose after Beijing announced relaxation of movement curbs and testing mandates in most major cities the previous day.

Brent is up at present. Prices fell yesterday as the Energy Information Administration reported US domestic crude oil inventories fell by smaller than forecast 5.2 million barrels last week. Prices rose as gasoline inventories climbed 5.3 million barrels against expectations for an increase of 2.7 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures fell 1.8% but is higher currently. Brent crude lost 1.55% to $78.15 a barrel on Wednesday.