Markets bounce back after Fed stands pat on rates - 2.5.2024

Senior Analytical Expert

Articles:792

Todays’ Market Summary

The Dollar strengthening has resumed
The US stock index futures are higher currently
Brent is retracing up presently.
Gold prices are retracing down

Top daily news

Global equity indexes are pointing up currently after Wall Street ended mixed on Wednesday following widely expected Fed decision that left interest rates unchanged. Nvidia shares slumped 3.89% underperforming the market after disappointing AMD guidance for sales of processors used in data centers, Tesla shares lost 1.79% on Wednesday.

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Forex news

Currency Pair	Change
EUR USD	+0.2%
GBP USD	+0.1%
USD JPY	+0.4%
AUD USD	+0.2%

The Dollar strengthening has resumed 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, slid 0.5% on Wednesday.

Both GBP/USD and EUR/USD reversed their sliding yesterday while S&P Global final report confirmed UK manufacturing sector slipped back into contraction in April. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its climbing while AUD/USD reversed its advancing on Wednesday with the yen lower against the Greenback currently and the Australian dollar higher still.

Stock Market news

Indices	Change
Dow Jones Index	+0.4%
Nikkei Index	+1%
Hang Seng Index	+3.5%
Australian Stock Index	+0.5%

The US stock index futures are higher currently ahead of US Unemployment Claims report due at 14:30 CET today. The three main US stock indexes ended mixed on Wednesday in a narrow range from -0.3% to 0.2% as Fed chairman Jerome Powell called further rate hikes unlikely.

European stock indexes futures are mixed currently . London’s FTSE 100 index ended 0.3% lower on Wednesday while most European markets were closed for the Labor Day holiday. Asian stock indexes futures are rising today with Hong Kong’s Hang Seng Index leading gains buoyed by real estate developers after China lifted restrictions on multiple home buying across several major cities, mainly Beijing.

Commodity Market news

Commodities	Change
Brent Crude Oil	+0.3%
WTI Crude	+0.3%

Brent is retracing up presently. Prices ended lower yesterday as the US Energy Information Administration (EIA) reported US crude stockpiles built unexpectedly by 7.3 million barrels last week while gasoline inventories rose by 0.3-million barrels. The US oil benchmark West Texas Intermediate (WTI) futures dropped 3.6% but is higher currently. Brent crude dropped 3.4% to $83.44 a barrel on Wednesday.