Stocks fall despite Wall Street record closings - 17.8.2021

Senior Analyst

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Todays’ Market Summary

The Dollar strengthening is intact currently
Futures on three main US stock indexes are down currently
Gold prices are edging higher currently

Top daily news

Stock markets are in a retreat mode currently ahead of US retail sales report at 14:30 CET after Wall Street ended with a fifth straight record on Monday. Tesla dropped 4.3% after US auto safety regulators said they had opened a formal safety probe into the company's driver assistance system Autopilot following a series of crashes involving emergency vehicles, Google shares added 0.42% on Monday as Google and Facebook announced their participation in a new subsea cable system for 2024 set to improve internet connectivity across the Asia-Pacific region.

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Forex news

The Dollar strengthening 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, added 0.1% on Monday as Boston Federal Reserve Bank President Eric Rosengren said that one more month of strong job gains could satisfy the US central bank's requirements for beginning to reduce its monthly asset purchases.

GBP/USD reversed its climbing Monday while EUR/USD ended little changed. Both euro and Pound are down against the Dollar currently. AUD/USD joined USD/JPY’s continued sliding Monday with both the yen and Australian dollar lower against the Greenback currently after minutes from Australia's central bank August meeting showed policy makers were prepared to take action should coronavirus lockdowns across the country threaten a deeper economic setback.

Stock Market news

Futures on three main US stock indexes are down currently as 10-year US Treasury yields dipped to 1.248%. The three major Wall Street stock benchmarks ended mixed Monday recording daily returns in the range of -0.2% to +0.3% Monday.

European stock indexes are down currently ahead of second estimate of euro-zone GDP due at 11:00 CET after ending lower Monday with retail shares leading losses. Asian indexes are mostly in red today with Shanghai Composite leading losses after weak retail sales, industrial production and urban investment data previous day pointed to economic slowdown in China in July.

Commodity Market news

Brent is extending losses currently ahead of data from the American Petroleum Institute later today. Prices closed solidly lower Monday after weak Chinese economic data and Energy Information Administration's estimate US oil output from seven major shale formations is expected to rise by about 49,000 barrels per day (bpd) in September, led by growth in the Permian basin, according to the EIA’s monthly report Monday. US West Texas Intermediate WTI dropped 1.7% and is lower currently. Brent lost 1.5% to $69.51 a barrel on Monday.

Gold Market News

Gold prices are edging higher currently . December gold gained 0.7% to $1789.80 an ounce on Monday, posting back-to-back gains to highest settlement in more than a week.