Stocks advance ahead of Powell testimony - 7.3.2023

Senior Analytical Expert

Articles:1008

Todays’ Market Summary

The Dollar weakening persists
Futures on three main US stock indexes are up
Brent is edging higher currently.
Gold prices are edging up currently

Top daily news

Global stocks are trading mostly up currently ahead of Federal Reserve chair Powell’s two-day testimony to Congress starting at 16:00 CET today. Wall Street ended mixed on Monday. Apple shares gained 1.85% outperforming market after Goldman Sachs initiated coverage with a “buy” rating, Tesla shares lost 2.01%. on Monday as the EV leader cut the prices of its higher end vehicles - Model S and Model X SUV luxury vehicles - by between 4% - 9%.

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Forex news

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

The Dollar weakening persists 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, lost 0.2% on Monday.

GBP/USD reversed its advancing while EUR/USD accelerated it climbing on Monday despite Eurostat report the retail trade in both the euro area and the EU grew by less than expected in January. Both Pound and euro are higher against the dollar currently. USD/JPY reversed its retreating while AUD/USD reversed its advancing yesterday with the yen little changed currently and Australian dollar lower against the Greenback.

Stock Market news

Indices	Change
Dow Jones Index	+0.1%
Nikkei Index	+0.3%
Hang Seng Index	-0.4%
Australian Stock Index	+0.6%

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year Treasury notes down at 3.964%. US stocks closed mixed on Monday, with three main stock benchmarks recording daily returns in the range from -0.1% to 0.1% with tech stocks leading losses while data showed new orders for US-manufactured goods fell less than expected in January.

European stock indexes futures are up currently after closing virtually flat Monday with travel and leisure shares leading gains. Asian indexes futures are mostly rising today with Hong Kong’s Hang Seng index leading losses as China’s trade data showed China’s imports shrank far more than expected in February.

Commodity Market news

Commodities	Change
Brent Crude Oil	+0.2%
WTI Crude	+0.1%

Brent is edging higher currently. Prices rose on Monday as top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April. US West Texas Intermediate WTI rose 1% and is higher currently. Brent added 0.4% to $86.18 a barrel on Monday.