Markets rise as US stocks advance continued - 24.4.2024

Senior Analytical Expert

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Todays’ Market Summary

The Dollar weakening has reversed currently
Futures on three main US stock indexes are up
Brent is edging lower currently.
Gold prices are edging down currently

Top daily news

Global equity indexes are pointing mostly up currently after Wall Street ended up second session in a row on Tuesday. Microsoft shares rose 1.52%, Google parent Alphabet stock added 1.29% on Tuesday underperforming market while Keybanc raised its price target to $175 on Alphabet stock while reaffirming his overweight (buy) rating.

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Forex news

Currency Pair	Change
EURUSD	+0.2%
GBPUSD	+0.2%
USDJPY	+0.1%
AUDUSD	+0.5%

The Dollar weakening has reversed 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 0.4% on Tuesday.

Both GBP/USD and EUR/USD reversed their retreating yesterday while data showed euro zone private business activity continued expanding in April. Both euro and Pound are lower against the dollar currently. USD/JPY ended flat on Tuesday while AUD/USD accelerated its advancing with the yen lower against the Greenback currently and Australian dollar higher still.

Stock Market news

Indices	Change
DJI	+0.1%
NIKKEI	+0.8%
HK50	+0.9%
AU200	-0.5%

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.621%. Stock indexes ended higher on Tuesday with three main stock benchmarks recording daily returns in a range from 0.7% to 1.6% while data showed US private business activity contracted in April.

European stock indexes are higher currently after closing up on Tuesday with only mining stocks recording losses. Asian indexes futures are mostly rising today with Hong Kong’s Hang Seng index leading gains while Australia’s All Ordinaries ASX 200 Index defied general trend as Australian dollar strengthened after hotter than expected consumer price data that led the markets to price out any expectations of rate cuts this year.

Commodity Market news

Commodities	Change
#C-BRENT	-0.3%
OIL	-0.3%

Brent is edging lower currently. Prices advanced yesterday before the American Petroleum Institute (API) report showing US crude oil and gasoline stockpiles fell last week, while distillates - which include diesel and heating oil - rose. The Energy Information Administration (EIA) will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) rose 1.8% but is lower today. Brent gained 1.6% to $88.42 a barrel on Tuesday.