Equities track Wall Street retreat - 6.9.2023

The Dollar strengthening has paused 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, rose 0.6% on Tuesday.

Both GBP/USD and EUR/USD reversed their climbing yesterday after data showed euro area producer prices continued to fall in July. Euro is higher against the dollar currently and Pound lower. USD/JPY accelerated its climbing Tuesday while AUD/USD reversed its advancing with both the yen and Australian dollar higher against the Greenback currently.

Futures on three main US stock indexes are lower currently as the yield on benchmark 10-year US notes has edged down to 4.25% currently. Stock indexes ended lower on Tuesday with three main stock benchmarks recording daily losses in the range from 0.08% to 0.56% while Census Bureau reported factory orders fell less than expected in July.

European stock indexes are falling currently after a bearish session on Tuesday while the European Central Bank survey revealed consumer inflation expectations ticked higher from 2.3% in June to 2.4% in July. Asian indexes futures are mostly down today with Australia’s All Ordinaries ASX 200 Index leading losses.

Brent is down currently. Oil prices rose by over $1 to 10-month high on Tuesday as Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. The Energy Information Administration will release its US inventory data tomorrow. The US oil benchmark West Texas Intermediate (WTI) rose 1.3% but is lower today. Brent gained 1.2% to $85.49 a barrel.