Stocks mixed ahead of US inflation data - 11.9.2024

The Dollar weakening has resumed 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 0.06% higher on Tuesday.

EUR/USD slowed its sliding while GBP/USD reversed its retreating yesterday while the Office for National Statistics reported UK unemployment eased to 4.1% in May to July period. Both Pound and euro are higher against the dollar currently. USD/JPY joined AUD/USD’s continued sliding on Tuesday with both the yen and Australian dollar higher against the Greenback currently.

Futures on three main US stock indexes are down currently ahead of August inflation data due at 16:30 CET today with the yield on benchmark 10-year US notes down at 3.62%. Stock indexes ended mixed on Tuesday as three main stock benchmarks recorded daily returns in a range from -0.2% to 0.8% as Dow was weighed by JPMorgan Chase and Goldman Sachs losses after executives from each raised concerns about their full-year net interest income expectations.

European stock indexes are mixed currently after closing down on Tuesday with auto shares leading losses. Asian indexes futures are mixed today with Japan’s Nikkei leading losses as Bank of Japan member Junko Nakagawa said that the central bank will continue to raise interest rates, especially if inflation moves in line with central bank’s forecasts.

Brent is retracing up currently. Prices ended over 3% lower yesterday as the Organization of the Petroleum Exporting Countries (OPEC) in a monthly report revised down its demand forecast for this year and 2025. The US oil benchmark West Texas Intermediate (WTI) fell 4.3% but is higher currently. Brent dropped 3.69% to $69.19 a barrel on Tuesday.