Equities mixed ahead of US inflation data - 29.3.2024

The Dollar strengthening continues today. 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 0.2% higher on Thursday while Department of Labor data showed the number of Americans filing new claims for unemployment insurance fell last week when no change was expected.

GBP/USD reversed its sliding on Thursday while EUR/USD continued retreating as final gross domestic product data confirmed that the UK economy fell into a recession in 2023. Both euro and Pound are lower against the dollar currently. USD/JPY reversed its sliding yesterday while AUD/USD slowed its retreating with the yen higher against the Greenback currently and the Australian dollar lower still.

US stock market is closed today for Good Friday with the yield on benchmark 10-year Treasury notes steady at 4.206%. The three main stock benchmarks ended mixed with Dow and SP 500 notching new records on Thursday as daily gains posted in the range of -0.12% to 0.12% amid final data showing US gross domestic product increased at a 3.4% annualized rate in the fourth quarter, revised up from the previously reported 3.2% pace.

European markets are closed today for Good Friday after stock indexes closed marginally higher on Thursday with travel shares leading gains. Asian stock indexes futures are mixed today with Japan’s Nikkei index leading losses weighed by losses in Fishery, Railway and Finance & Investment sectors.

Brent advanced more than $1 a barrel on Thursday. Energy services firm Baker Hughes reported the count of active oil and gas rigs in US, an early indicator of future output, fell by three to 621 in the week to March 28. West Texas Intermediate (WTI) futures rose 2.2%. Brent futures gained 1.8% to $87 a barrel on Thursday. On the week, Brent rose 2.4% and WTI gained about 3.2%.