Markets rise as US stocks advance continued - 24.4.2024

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, lost 0.4% on Tuesday.

Both GBP/USD and EUR/USD reversed their retreating yesterday while data showed euro zone private business activity continued expanding in April. Both euro and Pound are lower against the dollar currently. USD/JPY ended flat on Tuesday while AUD/USD accelerated its advancing with the yen lower against the Greenback currently and Australian dollar higher still.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.621%. Stock indexes ended higher on Tuesday with three main stock benchmarks recording daily returns in a range from 0.7% to 1.6% while data showed US private business activity contracted in April.

European stock indexes are higher currently after closing up on Tuesday with only mining stocks recording losses. Asian indexes futures are mostly rising today with Hong Kong’s Hang Seng index leading gains while Australia’s All Ordinaries ASX 200 Index defied general trend as Australian dollar strengthened after hotter than expected consumer price data that led the markets to price out any expectations of rate cuts this year.

Brent is edging lower currently. Prices advanced yesterday before the American Petroleum Institute (API) report showing US crude oil and gasoline stockpiles fell last week, while distillates - which include diesel and heating oil - rose. The Energy Information Administration (EIA) will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) rose 1.8% but is lower today. Brent gained 1.6% to $88.42 a barrel on Tuesday.