Todays’ Market Summary
- The Dollar strengthening is intact
- Futures on US equity benchmarks are down
- Brent is extending gains today as expectations of a supply cut by the OPEC offset heightened concerns over an economic slowdown concerns after Fed’s chair Powell’s speech at Jackson Hole.
- Gold prices are extending losses today
Top daily news
Equity indexes are down currently after US stocks ended solidly down on Friday after Powell pledged to act “forcefully” against soaring inflation in his Jackson Hole speech. Apple shares plummeted 3.77% amid reports Justice Department lawyers are in the early stages of drafting a potential antitrust complaint against the IT giant, Amazon shares dropped 4.76% underperforming market on Friday.
Forex news
| Currency Pair | Change |
|---|---|
| EUR USD | -0.2% |
| GBP USD | -1.18% |
| USD JPY | +0.8% |
| AUD USD | -1.48% |
The Dollar strengthening 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, rose 0.4% on Friday despite Bureau of Economic Analysis report the personal consumption expenditures price index, Fed’s preferred gauge for inflation, dipped 0.1% in July from June, and slowed to 6.3% from 6.8% over year.
Both EUR/USD and GBP/USD reversed their climbing Friday as GfK reported consumer sentiment for September continued to deteriorate while UK energy regulator Ofgem announced its latest increase in the country’s energy price cap and gave a bleak guidance on deepening cost-of-living crisis. Both Pound and euro are lower against the Dollar currently. USD/JPY reversed its sliding Friday while AUD/USD reversed its climbing with both the yen and Australian dollar lower against the Greenback currently still.
Stock Market news
| Indices | Change |
|---|---|
| Dow Jones Index | -0.3% |
| Nikkei Index | -2.1% |
| Hang Seng Index | -1% |
| Australian Stock Index | +0.1% |
Futures on US equity benchmarks are down currently after US stocks sold off on Friday as Powell reiterated his commitment to halting inflation. The three main US stock benchmarks recorded daily losses ranging from 3.0% to 3.9% - registering losses for the week too.
European stock indexes futures are down currently after ending lower on Friday with retail and travel and leisure shares leading losses. Asian indexes futures are mostly lower today with Japan’s Nikkei Index leading losses while data over the weekend showed China’s industrial profits continued to decline in July.
Commodity Market news
| Commodities | Change |
|---|---|
| Brent Crude Oil | +1.2% |
| WTI Crude | +1.3% |
Brent is extending gains today as expectations of a supply cut by the OPEC offset heightened concerns over an economic slowdown concerns after Fed’s chair Powell’s speech at Jackson Hole. Prices edged up Friday. West Texas Intermediate (WTI) futures gained 0.6% and is higher currently. Brent crude added 1.7% to $100.99 a barrel on Friday. Both benchmarks gained over 2% on the week.
Gold Market News
| Metals | Change |
|---|---|
| Gold | -0.88% |
Gold prices are extending losses today. Prices ended lower on Friday: spot gold lost 1.1% to $1736.80 an ounce.