Equities track Wall Street rebound - 29.7.2024

Senior Analyst

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Todays’ Market Summary

The Dollar weakening has halted
US stock indexes futures are up currently
Gold prices are extending gains currently

Top daily news

Global equity indexes are pointing mostly higher currently after US stocks advanced on Friday following moderate inflation report. Nvidia stock rose 0.69%, Alphabet stock slipped 0.17% on Friday underperforming market after OpenAI launched a new artificial intelligence-powered search engine to be implemented into ChatGPT that could enter OpenAI into an internet search market dominated by Google.

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Forex news

The Dollar weakening has halted 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 Friday.

GBP/USD joined EUR/USD’s accelerated climbing on Friday. Both Pound and euro are lower against the Dollar currently. USD/JPY resumed its sliding while AUD/USD reversed its retreating on Friday with the yen higher against the Greenback currently and the Australian dollar lower.

Stock Market news

US stock indexes futures are up currently after ending higher on Friday. The three main US stock benchmarks recorded daily gains in a range from 1.0% to 1.6% after Bureau of Economic Analysis reported the personal consumption expenditures index—the inflation gauge watched most closely by Fed officials rose 2.5% over year in June after 2.6% increase in May.

European stock futures are mixed currently after closing higher on Friday led by construction and household goods shares. Asian stock indexes futures are mostly rising today with Japan’s Nikkei leading gains.

Commodity Market news

Brent is retracing higher currently. Prices ended 1.5% lower on Friday on demand concerns after data released last week showed that China's total fuel oil imports dropped 11% in the first half of 2024. US West Texas Intermediate WTI slid 1.4% but is higher currently. Brent lost 1.5% to $81.13 a barrel on Friday. For the week, Brent lost over 1% while WTI futures posted over 3% loss.