Stocks venture up ahead of US elections - 5.11.2024

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 0.04% lower on Monday.

EUR/USD joined GBP/USD’s accelerated climbing on Monday as S&P Global final reading of manufacturing PMI indicated eurozone manufacturing downturn eased slightly in October. Pound and euro are higher against the dollar currently. USD/JPY reversed its advancing yesterday while AUD/USD reversed its sliding with the yen lower against the Greenback currently and Australian dollar higher.

Futures on three main US stock indexes are higher currently with the yield on benchmark 10-year Treasury down at 4.297%. US markets ended lower on Monday as the three main stock benchmarks recorded daily losses in a range from -0.61% to -0.28% with polls showing the race between presidential candidates Donald Trump and Kamala Harris as extremely close.

European stock indexes futures are rising currently after indexes closed lower on Monday with banks shares leading gains. Asian indexes futures are mostly up today with Hong Kong’s Hang Seng index leading gains as Caixin purchasing managers index data showed China’s services sector grew much more than expected in October while the Reserve Bank of Australia kept interest rates steady.

Brent is steady currently. Oil prices ended nearly 3% higher yesterday after OPEC+ said on Sunday it would extend its output cut of 2.2 million barrels per day for another month in December, with an increase already delayed from October because of falling prices and weak demand. US West Texas Intermediate WTI ended 2.8% higher and is little changed currently. Brent gained 2.7% to $75.08 a barrel on Monday.