Stocks waver after US stocks dip - 11.3.2024

The Dollar weakening 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, ended 0.1% lower on Friday.

GBP/USD slowed its advancing while EUR/USD reversed its climbing on Friday while federal statistics office Destatis reported German producer prices slowed their decline in January to 4.4% annually. Euro is higher against the Dollar currently and Pound lower. USD/JPY slowed its retreating and AUD/USD slowed its advancing on Friday with yen higher still against the Greenback currently and the Australian dollar lower.

US stocks indexes futures are lower currently after ending lower on Friday. The three main US stock benchmarks recorded daily losses in the range from -1.2% to -0.2% on Friday after Department of Labor data showed that hiring remained solid in February even as the unemployment rate ticked up and wage gains cooled, undermining speculation the Federal Reserve may cut interest rates in May.

European stock indexes futures are lower currently after closing marginally higher on Friday with financial shares leading gains. Asian stock indexes futures are mostly down today with Hong Kong’s Hang Seng index defying regional trend after higher than expected Chinese consumer inflation data released over the weekend.

Brent is retracing up currently. Prices ended over 1% lower on Friday while energy services firm Baker Hughes reported US energy firms cut the number of active oil rigs by two to 504 last week, their lowest since February 23. The US oil benchmark West Texas Intermediate (WTI) lost 1.2% and is higher currently. Brent fell 1.1% to $82.08 a barrel on Friday. Both benchmarks posted weekly losses - US crude tumbled 2.5% for the week, the global benchmark lost 1.8% for the week.