Equities rebound ahead of US inflation data - 29.2.2024

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 0.1% Wednesday.

Both EUR/USD and GBP/USD continued their sliding yesterday. Both euro and Pound are lower against the dollar currently. Both USD/JPY and AUD/USD reversed their climbing on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are mixed currently ahead of Bureau of Economic Analysis inflation report and Department of Labor unemployment claims report at 14:30 CET today. The three main US stock indexes ended lower on Wednesday in the range from -0.55% to -0.06% led by technology shares as data showed gross domestic product growth in the United States was revised to an annual rate of 3.2% in the final three months of 2023 from an initial estimate of 3.3%.

European stock indexes futures are higher currently after indexes closed marginally lower yesterday with auto shares leading gains. Asian stock indexes futures are mostly higher today with Japan’s Nikkei leading gains amid mixed data indicating Japanese retail sales grew more than expected in January while industrial production shrank much more than expected.

Brent is edging lower presently. Prices ended mixed yesterday as the US Energy Information Administration (EIA) reported US crude stockpiles rose by above expected 4.2 million barrels last week while gasoline stocks were drawn down for a fourth straight week to a two-month low at 244.2 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures slid 0.4% and is lower currently. Brent crude added 0.04% to $83.68 a barrel on Wednesday.