Markets mixed after US stocks rally continued - 4.3.2024

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, ended 0.2% lower on Friday.

Both GBP/USD and EUR/USD reversed their sliding on Friday while Eurostat flash report showed the headline consumer price index in euro zone fell to 2.6% from January’s 2.8%. Both euro and Pound are higher against the Dollar currently. Both USD/JPY and AUD/USD reversed their retreating on Friday with both the yen and the Australian dollar lower against the Greenback currently.

US stocks indexes futures are mixed currently after extending gains on Friday. The three main US stock benchmarks recorded daily gains in the range from 0.1% to 1.1% on Friday with Nasdaq and SP 500 finishing at fresh records while Institute for Supply Management reported weaker than expected survey data for February, spurring speculation the Federal Reserve may cut interest rates in May.

European stock indexes futures are lower currently after closing higher on Friday with tech shares leading gains. Asian stock indexes futures are mostly down today with Japan's Nikkei leading losses after crossing a major psychological hurdle of the 40,000 points.

Brent is extending gains currently after OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day to second quarter. Prices ended 2% higher on Friday while energy services firm Baker Hughes reported US energy firms increased the number of active oil rigs by three to 506 last week, the highest increase in oil rigs since September. The US oil benchmark West Texas Intermediate (WTI) rose 2.2% and is higher currently. Brent added 2% to $83.55 a barrel on Friday. Both benchmarks posted weekly gains - US crude gained more than 4.5% for the week, the global benchmark added about 2.4% for the week.