Stocks mixed as uncertainty drags on Wall Street - 4.4.2024

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, slid 0.6% on Wednesday.

Both GBP/USD and EUR/USD accelerated their climbing yesterday while Eurostat reported Inflation in the 20-nation euro zone eased to below-expected 2.4% in March. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its retreating while AUD/USD accelerated its advancing on Wednesday with the yen lower against the Greenback currently and the Australian dollar higher still.

The US stock index futures are higher currently ahead of US Unemployment Claims report due at 14:30 CET today. The three main US stock indexes ended mixed on Wednesday in a narrow range from -0.11% to 0.23% as data from payroll firm ADP showed stronger than expected hiring in March whereas a survey of the US services sector showed slowing growth. At the same time Federal Reserve Chair Powell cautioned that lowering interest rates too soon could be disruptive.

European stock indexes futures are mixed currently after indexes closed marginally higher yesterday with bank shares leading gains. Asian stock indexes futures are mixed today as Japan’s Nikkei leads losses in thin trading with markets in China and Hong Kong closed for a holiday.

Brent is edging lower presently. Prices ended higher for the third consecutive session yesterday despite the US Energy Information Administration (EIA) report US crude stockpiles rose unexpectedly by 3.2 million barrels last week. At the same time OPEC+ , the Organization of Petroleum Exporting Countries and its allies including Russia, kept oil supply policy unchanged. The US oil benchmark West Texas Intermediate (WTI) futures added 0.3% but is lower currently. Brent crude rose 0.5% to $89.35 a barrel on Wednesday.