Markets subdued ahead of US inflation report - 15.5.2024

Senior Analytical Expert

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Todays’ Market Summary

The Dollar weakening is intact currently
Futures on three main US stock indexes are mixed
Brent is edging up currently.
Gold prices are extending gains currently

Top daily news

Global equity indexes are pointing in opposite directions currently ahead of US April inflation data at 14:30 CET today after Wall Street ended higher on Tuesday. Alphabet shares ended 0.6% higher underperforming market while the Google parent showed how it is using artificial intelligence (AI) across its businesses including an enhanced Gemini chatbot and improvements to its prized search engine, Microsoft stock gained 0.69% on Tuesday.

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Forex news

Currency Pair	Change
EUR/USD	+0.4%
GBP/USD	+0.3%
USD/JPY	-0.2%
AUD/USD	+0.2%

The Dollar weakening 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, lost 0.2% on Tuesday.

Both GBP/USD and EUR/USD continued their advancing yesterday while the Office for National Statistic data showed UK unemployment rate ticked up slightly in March. Both euro and Pound are higher against the dollar currently. USD/JPY slowed its advancing on Tuesday while AUD/USD accelerated its climbing with both the yen and Australian dollar higher against the Greenback currently.

Stock Market news

Indices	Change
DJIA	+0.1%
Japan 225	-0.6%
Hang Seng	-0.7%
Australia 200	+0.1%

Futures on three main US stock indexes are mixed currently with the yield on benchmark 10-year US notes down at 4.441%. Stock indexes ended up on Tuesday with three main stock benchmarks recording daily gains in a range from 0.3% to 0.75% while Fed chair Powell said he did not expect the central bank’s next interest rate move to be a hike despite April’s producer price index reading coming in above expectations.

European stock indexes are mixed currently after closing marginally up on Tuesday with auto stocks leading gains. Asian indexes futures are mixed today with Hong Kong’s Hang Seng index leading losses after President Biden unveiled a list of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products.

Commodity Market news

Commodities	Change
Brent	+0.1%
Light Weight Crude Oil	+0.1%

Brent is edging up currently. Prices ended lower yesterday while the Organization of Petroleum Exporting Countries - OPEC maintained its forecast for world oil demand in its monthly report to rise by 2.25 million barrels per day in 2024 and 1.85M bpd in 2025. The Energy Information Administration (EIA) will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) fell 1.4% but is higher today. Brent lost 1.1% to $82.42 a barrel on Tuesday.