Global stocks rebound after tech stocks rally - 1.4.2021

Senior Analyst

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Todays’ Market Summary

The Dollar strengthening has resumed currently
The US stock futures are up currently
Gold prices are extending gains

Top daily news

Equities markets are advancing currently after technical shares rallied Wednesday following President Joe Biden's announcement about $2 trillion infrastructure plan. Apple shares rose 1.88%, Tesla jumped 5.08% Wednesday as Biden asked Congress to sustain tax incentives that encourage more motorists to buy electrical vehicles.

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Forex news

The Dollar strengthening has resumed currently ahead of the US Labor Department report at 13:30 CET expected to show 678 thousand Americans sought unemployment benefits over the last week, down from 684 thousand the previous week. 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, slid 0.1% Wednesday despite ADP report private US employment jumped by 517,000 in March, after the 176,000 gain in February.

Both EUR/USD and GBP/USD reversed their sliding yesterday despite Eurostat report core consumer price index rose 0.9% over month in March after 1.1% increase in February, when a 1.1% increase was forecast. Euro is higher against the Dollar currently while Pound is down. AUD/USD continued its sliding while USD/JPY sustained its climbing Wednesday with the dynamics intact for both currently.

Stock Market news

The US stock futures are up currently after ending mixed on Wednesday as President Biden outlined a broad $2 trillion plan to re-make the US economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture. The three main US stock indexes booked returns ranging from -0.3% to 1.54%.

European stock indexes are higher currently after a bearish session Wednesday with bank stocks leading losses. Asian stock indexes are rising today with Hong Kong’s Hang Seng Index leading gains.

Commodity Market news

Brent is up currently. Prices retreated Wednesday after new lockdowns in Europe spurred concerns about fuel consumption and a downcast demand outlook from OPEC and its allies ahead of their meeting to decide on production curbs. President Emmanuel Macron ordered France into its third national lockdown and said schools would close for three weeks. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet today to decide on output policy. OPEC+ downgraded oil demand growth forecast for this year by 300,000 barrels per day. Prices fell despite Energy Information Administration report US crude stocks fell unexpectedly by 876,000 barrels last week as refinery runs increased. The US oil benchmark West Texas Intermediate (WTI) futures lost 2.3% but is higher currently. June Brent crude fell 2.2% to $62.74 a barrel on Wednesday.

Gold Market News

Gold prices are extending gains today. April gold rose 1.8% to $1713.80 an ounce on Wednesday but recorded biggest quarterly loss in over 4 years.