Investors cautious ahead of Wall Street reopening - 28.5.2024

Senior Analyst

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Todays’ Market Summary

The Dollar weakening is intact
Futures on three main US stock indexes are up
Gold prices are retracing lower currently

Top daily news

Global stocks are trading mixed currently ahead of Wall Street reopening following Memorial Day holiday on Monday. BP shares rose 0.39% amid reports Trinidad and Tobago received six bids from BP, Shell and a US shale producer on four blocks to explore for oil and gas as its 2023 shallow water auction closed on Monday, Toyota Motor shares slipped 0.058% today as Toyota Motor showcased next-generation engines that can be used in cars as varied as hybrids and those running on biofuel.

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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, ended 0.1% lower on Monday.

Both EUR/USD and GBP/USD slowed their advancing on Monday while Ifo survey indicated business sentiment in Germany was stagnant for the month of May. Both Pound and euro are higher against the dollar currently. USD/JPY continued its sliding yesterday while AUD/USD accelerated its advancing with both the yen and Australian dollar higher against the Greenback currently still.

Stock Market news

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year Treasury down at 4.463% ahead of the Conference Board’s Consumer Confidence report at 16:00 CET today. US markets were closed on Monday after the three main stock benchmarks recorded daily gains in a range from 0.0% to 0.1% on Friday.

European stock indexes futures are mixed currently after indexes closed marginally higher on Monday with utilities stocks leading gains. Asian indexes futures are mixed today with Australia’s All Ordinaries ASX 200 Index leading losses as data showed retail sales in Australia grew less than expected in April.

Commodity Market news

Brent is edging higher currently. Oil prices ended higher yesterday while Goldman Sachs raised its global oil demand forecast for 2030. US West Texas Intermediate WTI ended 1.30% higher and is up currently. Brent rose 1.2% to $83.12 a barrel on Monday.