Equities attempt recovery as US yields ease - 21.4.2022

Senior Analyst

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Todays’ Market Summary

The Dollar weakening is intact
The US stock index futures are up currently
Gold prices are edging down

Top daily news

Global stocks are mostly rising currently as US bond yields are easing while Wall Street ended mixed on Wednesday. Netflix shares plunged 35.1% underperforming market after the streaming services provider reported first loss of paying subscribers in over 10 years, Tesla shares fell 4.96% Wednesday ahead of company’s earnings call in after-hours where it reported another record quarter.

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Forex news

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, lost 0.5% Wednesday.

Both GBP/USD and EUR/USD reversed their sliding Wednesday after federal statistics office Destatis data showing the rise of the index of producer prices in Germany accelerated to 30.9% compared with March 2021, the highest increase ever. Both Pound and euro are up against the Dollar currently. USD/JPY reversed its climbing yesterday while AUD/USD continued rising with the Australian dollar little changed against the Greenback currently and yen higher.

Stock Market news

The US stock index futures are up currently ahead of Fed chair Powell’s speeches today due at 17:00 CET and 19:00CET. The three main US stock indexes booked returns ranging from -1.2% to 0.71% Wednesday with Netflix dragging down tech-heavy Nasdaq.

European stock indexes are up currently after ending higher Wednesday with tech stocks leading gains.. Asian stock indexes are mostly up today with Nikkei leading gains while Chinese shares edged down as the central bank surprised markets on Wednesday by keeping benchmark lending rates unchanged.

Commodity Market news

Brent is edging up currently. Prices dipped yesterday despite the US Energy Information Administration report of US crude stockpiles drop of 8 million barrels last week. The US oil benchmark West Texas Intermediate (WTI) futures added 0.2% and is higher currently. Brent crude slid 0.4% to $106.80 a barrel on Wednesday.