Todays’ Market Summary
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The Dollar strengthening is intact
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Futures on three main US stock indexes are down
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Brent is rebounding currently as OPEC told the European Union it’s not possible to replace potential Russian oil supply loss ahead of data from the American Petroleum Institute on US crude inventory estimates later today.
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Gold and Palladium prices are edging up currently after the suspension of two Russian Palladium refiners by exchanges in London and Chicago
Top daily news
Stock index futures are mostly down currently after Wall Street selloff deepened on Monday ahead of US inflation data today. Tesla tumbled 4.83% amid reports Elon Musk has abandoned a plan to join Twitter’s board after revealing last week he had accepted a board seat, Microsoft shares lost 3.94% on Monday underperforming market.
Forex news
| Currency Pair | Change |
|---|---|
| EUR USD | -0.14% |
| GBP USD | -0.1% |
| USD JPY | +0.06% |
| AUD USD | -0.18% |
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 0.3% on Monday while Federal Open Market Committee member Michelle Bowman confirmed a half-point rate increase is possible in May.
Both EUR/USD and GBP/USD reversed their sliding on Monday as French president Emmanuel Macron beat far-right challenger Marine Le Pen in the first round of presidential elections. Both euro and Pound are lower against the Dollar currently. USD/JPY accelerated its advancing yesterday while AUD/USD accelerated its sliding with both the yen and Australian dollar higher against the Greenback currently.
Stock Market news
| Indices | Change |
|---|---|
| Dow Jones Index | -0.45% |
| Nikkei Index | -1.78% |
| Hang Seng Index | +0.39% |
| Australian Stock Index | -0.35% |
Futures on three main US stock indexes are down currently with the yield on benchmark 10-year Treasury notes up at 2.82%. US stock market closed down yesterday as White House Press Secretary Jen Psaki told reporters “We expect March headline inflation to be extraordinarily elevated.” The US inflation is due today at 15:30 CET, economists polled by Reuters forecast the consumer price index (CPI) would post an 8.4% over-year increase in March. The three main US stock index benchmarks booked daily losses in the range of 1.2% to 2.2% Monday led by tech shares.
European stock indexes are down currently after ending lower yesterday led by tech shares. Asian indexes are mixed today with Nikkei leading losses while Chinese markets defied the general trend on news Beijing encourages listed firms, investors to buy stocks to stabilize the market.
Commodity Market news
| Commodities | Change |
|---|---|
| Brent Crude Oil | +1.74% |
| WTI Crude | +1.68% |
Brent is rebounding currently as OPEC told the European Union it’s not possible to replace potential Russian oil supply loss ahead of data from the American Petroleum Institute on US crude inventory estimates later today. Prices retreated yesterday. US West Texas Intermediate WTI slumped 4% but is higher currently. Brent dropped 4.2% to $98.48 a barrel on Monday.
Gold Market News
| Metals | Change |
|---|---|
| Gold | +0.06% |
| Palladium | +0.49% |
Gold and Palladium prices are edging up currently after the suspension of two Russian Palladium refiners by exchanges in London and Chicago. Spot gold added 0.4% settling at $1953.69 an ounce on Monday.