Top daily news
Global stock markets’ advance has resumed currently following Federal Reserve Chair Jerome Powell’s Wednesday testimony to House of Representatives. Powel said “It may take more than three years” for inflation to exceeded 2% which will warrant the Fed to start raising interest rates. Apple shares lost 0.41% Wednesday, Tesla jumped 6.18%.
The Dollar weakening continues currently ahead of the US Labor Department report at 14:30 CET expected to show 828 thousand Americans sought unemployment benefits over the last week, down from 861 thousand the previous week. 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 0.1% Wednesday despite better than expected new home sales report for January.
EUR/USD joined GBP/USD’s continued climbing yesterday as German statistics bureau Destatis reported the German economy grew by more than expected in the final quarter of 2020, with strong exports and construction activity supporting GDP growth of 0.3%. Both Euro and Pound are higher against the Dollar currently. AUD/USD joined USD/JPY’s accelerated climbing Wednesday with the dynamics intact for both pairs currently.
Stock Market news
|Dow Jones Index||+0.09%|
|GB 100 Index||+1.25%|
|Hang Seng Index||+0.08%|
|Australian Stock Index||+0.05%|
The US stock futures are up currently after rebound Wednesday as Federal Reserve Chair Jerome Powell’s comments allayed inflation worries. The three main US stock indexes booked gains ranging from 1% to 1.4% with Dow ending at a fresh record.
European stock indexes are higher currently after a bullish session Wednesday led by travel and leisure shares. Asian stock indexes are mostly rising today with Nikkei leading gains while Australia passed law requiring Google, Facebook to pay for news.
Commodity Market news
|Brent Crude Oil||+0.42%|
Brent is edging higher currently. Prices ended higher Wednesday buoyed by report US crude oil production dropped last week by more than 10%, or 1 million barrels per day due to US deep freeze. Prices rose despite the US Energy Information Administration report of a surprise crude stockpile build of 1.3 million barrels last week. The US oil benchmark West Texas Intermediate (WTI) futures gained 2.5% and is higher currently. Brent crude advanced 2.6% to $67.04 a barrel on Wednesday.
Gold Market News
Gold prices are edging lower today. April gold lost 0.4% to $1797.90 an ounce on Wednesday.