Stock rally stalls ahead of US inflation data - 13.11.2024

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, ended 0.4% higher on Tuesday.

EUR/USD slowed its retreating while GBP/USD accelerated its sliding yesterday while the ZEW report indicated German investors’ sentiment declined in November. USD/JPY climbing slowed while AUD/USD sliding accelerated on Tuesday with both the yen and Australian dollar lower still against the Greenback currently.

Futures on three main US stock indexes are lower currently with the yield on benchmark 10-year US notes down at 4.429%. Stock indexes ended lower on Tuesday as three main stock benchmarks recorded daily losses in a range from -0.9% to -0.1% while Treasury yields jumped to highest levels since late July on Tuesday as the bond market reopened after the Veterans Day holiday.

European stock indexes are down currently after closing lower on Tuesday with mining shares leading losses. Asian indexes futures are mixed today with Hong Kong’s Hang Seng index defying the bearish trend while the People's Bank of China set a firmer than expected official guidance for the exchange rate for yuan against the dollar.

Brent is retracing higher currently. Prices extended losses yesterday as OPEC cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year, marking the producer group's fourth consecutive downward revision. The US oil benchmark West Texas Intermediate (WTI) rose 0.7% but is lower currently. Brent gained 0.6% to $75.53 a barrel on Tuesday.