Stocks rebound after Wall Street dipped again - 27.3.2024

The Dollar strengthening continues 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 0.1% on Tuesday.

Both EUR/USD and GBP/USD resumed their retreating yesterday as GfK survey results showed consumer sentiment in Germany continues to improve at a slow pace in March. Both euro and Pound are lower against the dollar currently. USD/JPY continued advancing on Tuesday while AUD/USD reversed its climbing with both the yen and Australian dollar lower against the Greenback currently.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.236%. Stock indexes ended lower on Tuesday with three main stock benchmarks recording daily losses in a range from -0.4% to -0.08% while data showed orders for durable US manufactured goods increased more than expected in February and consumer confidence was little changed in March.

European stock indexes are rising currently after closing higher on Tuesday with retail stocks leading gains. Asian indexes futures are mostly higher today with Hong Kong’s Hang Seng index defying regional trend despite data showing Chinese industrial profits rose sharply in the first two months of 2024.

Brent is extending losses currently. Prices fell yesterday before the American Petroleum Institute (API) report showing US crude stockpiles rose by 9.3 million barrels last week. The Energy Information Administration (EIA) will release its US inventory data at 15:30 CET today. The US oil benchmark West Texas Intermediate (WTI) slid 0.4% and is lower today. Brent lost 0.6% to $86.25 a barrel on Tuesday.