Markets undecided despite back-to-back Wall Street gains - 12.9.2023

Senior Analyst

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Todays’ Market Summary

The Dollar weakening has reversed
Futures on three main US stock indexes are down
Gold prices are moving lower currently

Top daily news

Global equities are pointing in different directions currently after Wall Street extended gains on Monday. China Evergrande Group stock jumped 5.2% today after China's largest private property developer Country Garden Holdings Co. won approval from creditors to extend repayment on six yuan bonds by three years, Tesla shares rallied 10.1% on Monday outperforming market after Morgan Stanley sharply raised its price target on Tesla’s stock as its projected that Tesla’s custom-built Dojo supercomputer, designed to make both its computer-based visual perception and the vehicle controls neural net-based, could add about $500 billion in value to the company.

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Forex news

The Dollar weakening has reversed 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, fell 0.8% on Monday.

GBP/USD joined EUR/USD’s accelerated climbing on Monday. Both euro and Pound are lower against the dollar currently. USD/JPY reversed its advancing yesterday while AUD/USD reversed its sliding with both the yen and Australian dollar lower against the Greenback currently while the Bank of China stepped up scrutiny of dollar buying and vowed to correct one-way moves.

Stock Market news

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year Treasury notes up at 4.294%. US markets closed higher second straight session on Monday with the three main stock benchmarks recording daily returns in the range from 0.2% to 1.1%.

European stock indexes futures are mixed currently after closing marginally higher on Monday while basic resources led gains despite European Commission revising its annual growth forecast for the European Union lower to 0.8% from 1%. Asian indexes futures are mixed today with Hong Kong’s Hang Seng index leading losses as Alibaba, Tencent and Baidu retreating pressures tech stocks after the head of Alibaba’s cloud unit unexpectedly quit this week.

Commodity Market news

Brent is edging up currently holding above $90. Prices ended virtually unchanged on Monday. US West Texas Intermediate WTI slid 0.3% but is higher currently. Brent slipped 1 cent to $90.64 a barrel on Monday.