Equities advance after blowout Nvidia report - 24.8.2023

The Dollar strengthening has resumed 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 0.3% Wednesday.

EUR/USD reversed its retreating on Wednesday while GBP/USD slowed its sliding while S&P Global data showed deepening downturn in manufacturing output and decline in business activity in euro area. Both Pound and euro are lower against the dollar currently. USD/JPY accelerated its sliding yesterday while AUD/USD accelerated its advancing with both the yen and the Australian dollar lower against the Greenback currently.

The US stock index futures are higher currently ahead of US unemployment benefits and durable goods reports at 14:30 CET today. The three main US stock indexes ended solidly higher on Wednesday in the range from 0.5% to 1.6% as Treasury bond yields declined ahead of Nvidia quarterly reports while activity in US private sector slowed down in August according to S&P Global’s flash US PMI data.

European stock indexes futures are advancing currently after indexes closed higher yesterday led by utilities stocks while purchasing managers indexes reports showed euro zone business activity shrank more than expected in August as services activity contracted. Asian stock indexes futures are rising today with Hong Kong’s Hang Seng Index leading gains buoyed by tech heavyweights Baidu , Alibaba Group and Tencent Holdings gains.

Brent is little changed presently. Prices ended lower yesterday despite a big draw in US fuel stockpiles. Energy Information Administration reported US crude inventories fell by 6.1 million barrels last week while gasoline stockpiles rose by 1.5 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures fell 0.9% and is lower currently. Brent crude lost 0.98% to $83.21 a barrel on Wednesday.