Stocks meander after Wall Street ended mixed - 8.5.2024

The Dollar strengthening is intact 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, rose 0.25% on Tuesday.

Both GBP/USD and EUR/USD reversed their advancing yesterday while federal statistics office Destatis data showed new orders in manufacturing in March declined in Germany. Both euro and Pound are lower against the dollar currently. USD/JPY continued its advancing on Tuesday while AUD/USD reversed its climbing with both the yen and Australian dollar lower against the Greenback currently.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.471%. Stock indexes ended mixed on Tuesday with three main stock benchmarks recording daily returns in a narrow range from -0.1% to 0.13%.

European stock indexes are higher currently after closing up on Tuesday with financial services stocks leading gains. Asian indexes futures are mixed today with Japan’s Nikkei leading losses while Chinese markets paused after rallying to over 6-month highs.

Brent is extending losses currently. Prices ended lower yesterday before the American Petroleum Institute (API) report showing jump in US crude oil and fuel stockpiles last week. The Energy Information Administration (EIA) yesterday raised its forecasts for this year's world oil and liquid fuels output and lowered its demand expectations, citing well-supplied market as opposed to prior forecasts that showed under-supply. EIA will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) fell 0.12% and is lower today. Brent lost 0.2% to $83.16 a barrel on Tuesday.