Equities mixed ahead of Fed interest rate decision - 7.11.2024

Senior Analytical Expert

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Todays’ Market Summary

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

Top daily news

Global equity indexes are pointing in opposite directions currently ahead of Federal Reserve interest rate decision today at 23:00 CET after Wall Street ended sharply higher on Wednesday as Trump returned to presidency. Alphabet shares jumped 4.0% outperforming market while Loop Capital updated its outlook on Alphabet Inc. shares as it retained the Hold rating and increased its price target to $185 from $170, Tesla shares rallied 14.75% on Wednesday as Donald Trump praised SpaceX CEO and X boss “super genius” Elon Musk during victory speech in Florida.

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Forex news

Currency Pair	Change
EUR USD	+0.5%
GBP USD	+0.6%
USD JPY	-0.2%
AUD USD	+0.1%

The Dollar strengthening has halted 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, jumped 1.7% on Wednesday.

Both EUR/USD and GBP/USD reversed their climbing yesterday while SP Global’s final PMI data indicated that the euro zone businesses began the final quarter of 2024 in stagnation as shrinking levels of business activity in the currency bloc’s two largest economies – Germany and France – offset expansion elsewhere. Both Pound and euro are higher against the dollar currently. USD/JPY reversed its sliding while AUD/USD reversed its climbing on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

Stock Market news

Indices	Change
Dow Jones Index	+0.2%
Nikkei Index	-2%
Hang Seng Index	+2.4%
Australian Stock Index	+0.4%

The US stock index futures are up currently ahead of unemployment claims data and Federal Reserve interest rate decision due at 16:30 CET and 23:00 CET respectively today. The Fed is widely expected to cut interest rates by 25 basis points. US stocks closed at record highs on Wednesday with the three main US stock benchmarks recording daily gains in a range from 2.5% to 3.6% after Republican Donald Trump won the 2024 US presidential election.

European stock indexes futures are mixed currently after closing lower on Wednesday with utility shares leading losses. Today the Bank of England is widely expected to cut the benchmark rate from its current level of 5% to 4.75% when the decision is announced at 16:00 CET. Asian stock indexes futures are mixed currently with Japan’s Nikkei leading losses after surging 2.6% in the prior session.

Commodity Market news

Commodities	Change
Brent Crude Oil	-0.1%
WTI Crude	-0.1%

Brent is retracing down presently. Prices ended higher yesterday after the US Energy Information Administration (EIA) report US crude oil stocks climbed by above expected 2.1 million barrels to 427.7 million barrels last week. The US oil benchmark West Texas Intermediate (WTI) futures lost 0.4% and is lower currently. Brent crude fell 0.8% to $74.92 a barrel on Wednesday.