Stocks subdued after Wall Street bounce - 16.5.2023

The Dollar strengthening 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, slid 0.26% on Monday.

Both GBP/USD and EUR/USD reversed their sliding on Monday while Eurostat reported industrial production fell more than expected in March in euro area. Both euro and Pound are lower against the dollar currently. USD/JPY accelerated its advancing yesterday while AUD/USD reversed its sliding with the yen higher against the Greenback currently and Australian dollar lower.

Futures on three main US stock indexes are mixed currently with the yield on benchmark 10-year Treasury notes down at 3.483%. US stocks closed up on Monday, with three main stock benchmarks recording daily gains in the narrow range from 0.14% to 0.66% while New York Federal Reserve's "Empire State" index, a gauge of manufacturing activity in New York State on current business conditions, fell to a reading of -31.8 in May, against expectations of -3.75 and several Fed officials indicated they expect interest rates to stay high.

European stock indexes futures are mixed currently after closing in a flat to higher range on Monday led by mining shares. Asian indexes futures are mostly lower today with Hong Kong’s Hang Seng index leading losses against the background of Chinese data showing industrial production and retail sales missed expectations for April..

Brent is retreating currently. Prices ended higher on Monday on supply concerns as Alberta declared a state of emergency over the weekend in response to wildfires that shut at least 300,000 barrels of oil equivalent per day production last week in Alberta, about 3.2% of Canada's output. US West Texas Intermediate WTI gained 1.5% but is lower currently. Brent rose 1.4% to $75.23 a barrel on Monday.