Stocks advance ahead of US inflation report - 10.8.2023

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, slid 0.2% Wednesday.

EUR/USD reversed its retreating on Wednesday while GBP/USD slowed its sliding. Both Pound and euro are higher against the dollar. USD/JPY slowed its advancing yesterday while AUD/USD slowed its sliding with the yen lower against the Greenback currently and the Australian dollar higher.

The US stock index futures are higher currently ahead of US inflation report at 14:30 CET today. The three main US stock indexes ended solidly lower on Wednesday in the range from -1.17% to -0.54% with large tech companies leading stocks lower as Amazon, Facebook parent Meta and Netflix all fell 1.5% or more.

European stock indexes futures are rising currently after indexes closed marginally higher yesterday led by oil and gas stocks. Asian stock indexes futures are mostly advancing today with Japan’s Nikkei index leading gains while mainland Chinese stocks declined after president Biden on Wednesday signed an executive order that will block some new investment in Chinese technologies such as semiconductors and other tech-related sectors.

Brent is at multi-month highs extending gains presently. Prices ended higher yesterday despite a build in US fuel stockpiles. Energy Information Administration reported US crude inventories rose by 5.85 while gasoline stocks fell by 2.7 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures rose 1.8% and is higher currently. Brent crude gained 1.6% to $87.55 a barrel on Wednesday.