Equities subdued after hawkish Fed signals - 20.12.2024

Senior Analytical Expert

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Todays’ Market Summary

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

Top daily news

Global stocks are trading mostly down currently after Wall Street ended little changed on Thursday following hawkish Fed signals indicating fewer 2025 rate cuts in its forecast. Meta shares slid 0.27% underperforming market, Microsoft shares slipped 0.08% on Thursday amid reports the Bill & Melinda Gates Foundation Trust reduced its stake in Microsoft by 17% or 5.93 million shares worth $12.46 billion in third quarter.

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Forex news

Currency Pair	Change
EUR/USD	+0.1%
GBP/USD	-0.2%
USD/JPY	-0.3%
AUD/USD	+0.1%

The Dollar strengthening has stalled 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 0.1% higher on Thursday.

GBP/USD slowed its retreating yesterday while EUR/USD reversed its sliding as the Bank of England kept its benchmark interest rate on hold at 4.75% as expected. Euro is higher against the dollar currently and Pound lower still. USD/JPY accelerated its advancing while AUD/USD reversed its retreating on Thursday with both the yen and Australian dollar higher against the Greenback currently.

Stock Market news

Indices	Change
DJI	-0.4%
NIKKEI	-1.1%
HK50	+0.1%
AU200	-1.3%

US stock index futures are lower currently with the yield on benchmark 10-year Treasury notes down at 4.56%. The three main stock benchmarks ended mixed on Thursday recording daily returns in a narrow range from -0.1% to 0.04% as Department of Labor reported initial unemployment claims decreased from the previous week.

European indexes futures are down today after stock indexes closed sharply lower yesterday with tech and real estate shares leading losses. Asian stock indexes futures are mostly lower today with Hong Kong’s Hang Seng defying the trend while the People’s Bank of China left its benchmark loan prime rate unchanged.

Commodity Market news

Commodities	Change
#C-BRENT	-0.1%
OIL	-0.1%

Brent is inching down currently. Prices ended lower on Thursday as JPMorgan predicted that global crude oil supply will outpace demand to the tune of 1.2 million barrels per day in the next year. West Texas Intermediate (WTI) futures slid 0.9% and are lower currently. Brent futures lost 0.7% to $72.88 a barrel on Thursday.