Markets subdued after hotter than expected US inflation - 11.10.2024

Senior Analytical Expert

Articles:884

Todays’ Market Summary

The Dollar strengthening has resumed
US stock index futures are down
Brent is inching down currently.
Gold is extending gains presently.

Top daily news

Global stocks are trading mostly lower currently ahead of US producer prices inflation report scheduled at 16:30 CET today after Wall Street dipped on Thursday following hotter than expected US inflation data. Apple shares slid 0.2% while the investment firm Jefferies downgraded iPhone maker’s stock from Buy to Hold amid concerns that expectations for Apple’s new AI-enabled iPhones may be too high, Tesla shares lost 0.96% on Thursday underperforming market.

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Forex news

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

The Dollar strengthening has resumed today. 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, ended 0.04% lower on Thursday.

Both EUR/USD and GBP/USD slowed their sliding yesterday while the German government forecast Germany's economy is on track to shrink for a second year in 2024. Both euro and Pound are steady against the dollar currently. USD/JPY reversed its advancing while AUD/USD reversed its sliding on Thursday with both the yen and Australian dollar lower against the Greenback currently.

Stock Market news

Indices	Change
DJI	-0.1%
NIKKEI	-0.3%
GB100	-0.3%
AU200	-0.2%

US stock index futures are down currently with the yield on benchmark 10-year Treasury notes down at 4.065%. The three main stock benchmarks ended marginally lower on Thursday recording daily losses in a range from -0.2% to -0.05% as inflation for September came in higher than expected while weekly applications for US unemployment benefits rose.

European indexes futures are falling today after stock indexes closed down on Thursday. Asian stock indexes futures are retreating today with Japan’s Nikkei leading losses as Hong Kong markets were closed for a holiday.

Commodity Market news

Commodities	Change
#C-BRENT	-0.4%
OIL	-0.5%

Brent is inching down currently. Prices ended over 3% higher on Thursday on a rise in US fuel use before Hurricane Milton’s landfall in Florida. West Texas Intermediate (WTI) futures rose 3.6% but are lower currently. Brent futures gained 3.7% to $79.40 a barrel on Thursday.