Equities down as bond yields, commodities gain - 22.2.2021

Senior Analytical Expert

Articles:783

Todays’ Market Summary

The Dollar is on backfoot currently.
Futures on US equity benchmarks are down currently
Brent is rebounding currently.
Gold prices are edging higher

Top daily news

Global stocks are mostly in red currently as investors appetite for riskier assets moderated following unexpectedly weak jobless data which undermined some of the market's optimism about an accelerating US recovery. Nevertheless, those expectations for faster economic growth and inflation globally boost bond yields and commodities. Apple added 0.12% Friday while Google announced that the Apple TV app is coming to the Google TV platform, Tesla shares slid 0.77% closing 4% lower for the week.

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Forex news

Currency Pair	Change
EUR USD	+0.13%
GBP USD	+0.9%
USD JPY	+0.1%
AUD USD	+0.08%

The Dollar is on backfoot 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% on Friday while Markit reported flash Manufacturing PMI declined to 58.5 for February from 59.2 in January.

Both EUR/USD and GBP/USD continued climbing Friday despite UK Office for National Statistics report UK retail sales dropped 8.2% over month in January after 0.47% growth in December while Germany’s composite PMI reading came in at 51.3, up from 50.8 in January, with readings above 50 representing an expansion. Both are higher against the Dollar currently. AUD/USD accelerated its rising Friday while USD/JPY speeded up its sliding with Australian dollar higher against the greenback currently while yen is down.

Stock Market news

Indices	Change
Dow Jones Index	-0.59%
Nikkei Index	+0.51%
GB 100 Index	-0.29%
Hang Seng Index	-1.39%
Australian Stock Index	-0.56%

Futures on US equity benchmarks are down currently after ending mixed on Friday as President Biden again called for Congress to enact his US$1.9 trillion rescue package. The three main US stock benchmarks recorded returns ranging from -0.2% to +0.1%.

European stock indexes are edging lower currently after ending up on Friday led by basic resources shares. Asian indexes are mostly lower with Nikkei index leading the gains while China urged US to lift trade restrictions and stop ‘undermining’ its internal affairs.

Commodity Market news

Commodities	Change
Brent Crude Oil	+0.21%
WTI Crude	+1.11%

Brent is rebounding currently. Prices extended losses on Friday as Texas energy companies began preparations to restart oil and gas fields shuttered by a cold snap and power outages. The US oil benchmark West Texas Intermediate (WTI) futures fell 2.1% but is higher currently. Brent crude lost 1.6% to $62.91 a barrel on Friday. For the week, Brent gained about 0.5% while WTI fell about 0.7%.