Stocks mixed after weak Chinese data - 31.7.2023

Senior Analyst

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Todays’ Market Summary

The Dollar strengthening has resumed
US stocks indexes futures are mixed currently
Gold prices are retreating presently

Top daily news

Global equity indexes are trading mixed currently after weak Chinese Purchasing Managers' Indexes reports today while Wall Street resumed advancing on Friday. Apple shares added 1.35%, Alphabet shares rose 2.42% outperforming market on Friday after a better than expected earnings report by Roku, which makes the bulk of its revenue from the digital advertising shown on its platform, boosted hopes that the advertising market may have finally turned the corner from its downturn-induced dry spell.

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Forex news

The Dollar strengthening has resumed today. 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, slipped 0.2% Friday.

Both EUR/USD and GBP/USD reversed their retreating on Friday as gross domestic product reports showed France’s economy grew by 0.5% versus the prior quarter, up from 0.1% growth, though Germany stagnated. Both Euro and Pound are lower against the Dollar currently. USD/JPY resumed its climbing on Friday while AUD/USD accelerated its sliding with the yen lower still against the Greenback currently and the Australian dollar higher.

Stock Market news

US stocks indexes futures are mixed currently after closing up on Friday. The three main US stock benchmarks recorded daily gains in the range from 0.5% to 1.9% on Friday as data showed that the Federal Reserve’s preferred gauge of inflation, the personal consumption expenditures price index, rose 3% last month from the same period a year ago following 3.8% growth in May.

European stock indexes futures are mixed currently after closing marginally lower on Friday with media shares leading losses. Asian stock indexes futures are mixed today with Japan's Nikkei leading gains even as data showed that industrial production grew less than expected in June, while large retailers' sales fell.

Commodity Market news

Brent is up currently. Oil prices ended higher on Friday as energy services firm Baker Hughes said US energy firms reduced the number of active oil rigs by 1, while Exxon Mobil chief Darren Woods said he expected record oil demand this year and next. The US oil benchmark West Texas Intermediate (WTI) rose 0.6% and is higher currently. Brent gained 0.9% to $84.99 a barrel on Friday. Both benchmarks recorded nearly 5% gains for the week.