Todays’ Market Summary
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The Dollar strengthening has halted
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Futures on three main US stock indexes are mixed
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Brent is extending losses currently.
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Gold prices are retreating currently
Top daily news
Stock index futures are mostly retreating currently ahead of Fed’s two-day meeting starting today. Chinese stocks are leading losses after Wall Street ended mixed on Monday. Apple shares dropped 2.7% underperforming market after Foxconn, its supplier, suspended operations in China’s Shenzhen amid rising Covid-19 cases, Microsoft shares lost 1.3% despite technology giant’s announcement it has made technological breakthrough that could enable new type of quantum chip.
Forex news
| Currency Pair | Change |
|---|---|
| EUR USD | +0.5% |
| GBP USD | +0.2% |
| USD JPY | +0.2% |
| AUD USD | -0.2% |
The Dollar strengthening has halted 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, gained 0.06% on Monday.
EUR/USD reversed its retreating Monday while GBP/USD continued sliding as federal statistics agency Destatis reported wholesale prices in Germany continued rising in February. Both euro and Pound are higher against the Dollar currently. USD/JPY continued its advancing yesterday while AUD/USD accelerated its sliding with both the yen and Australian dollar lower against the Greenback currently.
Stock Market news
| Indices | Change |
|---|---|
| Dow Jones Index | -0.5% |
| Nikkei Index | +0.05% |
| Hang Seng Index | -3.6% |
| Australian Stock Index | -0.4% |
Futures on three main US stock indexes are mixed currently with the yield on benchmark 10-year Treasury notes up at 2.145% compared with its US close of 2.14% on Monday. US stock market closed mixed yesterday with tech shares still loss leaders ahead of expected decision by Fed to raise rates for the first time in three years tomorrow. The three main US stock index benchmarks booked daily returns in the range of -2.04% to 0.06% Monday.
European stock indexes are mixed currently after rebounding yesterday led by bank and autos shares ahead of further talks between Russian and Ukrainian negotiators. Asian indexes are retreating today with Hong Kong’s Hang Seng index leading losses as investors worry China’s growth in the first quarter may be much lower than the official target of 5.5% as the National Health Commission reported today 3,602 new confirmed coronavirus cases compared with 1,437 on Monday.
Commodity Market news
| Commodities | Change |
|---|---|
| Brent Crude Oil | -4.4% |
| WTI Crude | -5.2% |
Brent is extending losses currently. Prices slumped yesterday amid optimism as Russian and Ukrainian delegations held a fourth round of talks on Monday by video link. Possibility of lower Chinese demand for oil as the COVID cases rise in the country - increasing the likelihood of shutdowns, is another bearish factor for oil prices. US West Texas Intermediate WTI dropped 5.8% and is lower currently. Brent sank 5.1% to $106.90 a barrel on Monday.
Gold Market News
| Metals | Change |
|---|---|
| Gold | -1.2% |
Gold prices are retreating currently . Spot gold fell 1.9% settling at $1950.00 an ounce on Monday, ahead of Fed policy meeting that is expected to conclude by raising interest rates.
https://www.ifcmarkets.com/en/market-overview/market-overview-15-03-2022