Markets down after Wall Street pause - 28.2.2024

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, added less than 0.1% on Tuesday despite a Conference Board report of a bigger than expected drop in consumer confidence in February.

Both GBP/USD and EUR/USD reversed their advancing yesterday despite GfK report consumer sentiment in Germany made a slight recovery in February. Both euro and Pound are lower against the dollar currently. USD/JPY reversed its climbing and AUD/USD reversed its sliding on Tuesday with both the yen and Australian dollar lower against the Greenback currently.

Futures on three main US stock indexes are lower currently with the yield on benchmark 10-year US notes down to 4.291%. Stock indexes ended mixed on Tuesday with three main stock benchmarks recording daily returns in a range from -0.25% to 0.37% while the Census Bureau reported new durable goods orders for January decreased by larger then anticipated 6.1% to $276.7 billion.

European stock indexes are mixed currently after closing marginally higher on Tuesday led by mining stocks. Asian indexes futures are lower today with Hong Kong’s Hang Seng index leading losses as Chinese property shares slumped amid reports a liquidation petition against developer Country Garden Holdings was filed in a Hong Kong court over the developer’s inability to repay a HK$1.6 billion ($200 million) loan.

Brent is retracing lower currently. Prices rose over $1 yesterday amid reports Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, is considering extending voluntary oil output cuts into the second quarter to provide additional support. The US oil benchmark West Texas Intermediate (WTI) rose 1.7% but is lower today. Brent added 1.4% to $83.65 a barrel on Tuesday.