Markets subdued after weak Chinese data - 15.8.2023

Senior Analytical Expert

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Todays’ Market Summary

The Dollar strengthening has halted
Futures on three main US stock indexes are down
Brent is extending losses currently.
Gold prices are edging lower currently

Top daily news

Global equities are pointing down currently following weak Chinese industrial output data after Wall Street rebounded on Monday. Nvidia’s shares jumped 7.09% outperforming market as Morgan Stanley reiterated that Nvidia continues to be a “Top Pick” after the company’s most recent earnings report, Tesla shares lost 1.19% on Monday amid reports the company cut its prices in China again.

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Forex news

Currency Pair	Change
EUR/USD	+0.17%
GBP/USD	+0.07%
USD/JPY	+0.18%
AUD/USD	+0.32%

The Dollar strengthening 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, added 0.3% on Monday.

GBP/USD joined EUR/USD’s continued sliding on Monday while German federal statistics office Destatis reported German wholesale prices fell 2.8% in July after a 2.9% drop year over year in June, and a 2.6% fall in May. Both euro and Pound are higher against the dollar currently. USD/JPY accelerated its climbing while AUD/USD slowed its retreating with the yen lower against the Greenback currently and Australian dollar higher.

Stock Market news

Indices	Change
DJIA	-0.5%
Nikkei 225	-0.68%
Hang Seng (HSI)	-0.84%
Australia 200	-0.26%

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year Treasury notes up at 4.199%. US stocks reversed their retreating Monday, with three main stock benchmarks recording daily gains in the range from 0.07% to 1.05% led by Nvidia, Amazon, Alphabet, Netflix and Meta shares up more than one percent.

European stock indexes futures are down currently after closing marginally higher on Monday with mining stocks leading losses. Asian indexes futures are mixed today with Hong Kong’s Hang Seng index leading losses while data showed China's industrial output and retail sales growth both slowed from a month earlier and China cut 15 basis points the one-year loans rate to financial institutions.

Commodity Market news

Commodities	Change
Brent Oil	-0.3%
WTI Crude Oil	-0.5%

Brent is extending losses currently. Prices fell on Monday as Shell announced Nigeria's Forcados crude oil exports resumed on Sunday, roughly a month after loadings of the medium sweet crude oil grade were suspended because of a potential leak at the export terminal. US West Texas Intermediate WTI lost 0.82% and is lower currently. Brent fell 0.69% to $86.21 a barrel on Monday.