Global equities rebound after dovish Powell comments - 29.7.2021

Senior Analytical Expert

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Todays’ Market Summary

The Dollar weakening is intact currently
The US stock index futures are up currently
Brent is extending gains currently.
Gold prices are rebounding

Top daily news

Stock markets are rising currently after mixed Wall Street session Wednesday as Fed chair Powell said US economy was “some ways away” from substantial progress on jobs deemed necessary for start of tapering of asset purchase. Facebook shares rose 1.49% outperforming market while the company announced it will require US workers returning to its offices to be vaccinated - as did Google, Tesla shares added 0.34% amid news it hiked electric car prices in US.

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Forex news

Currency Pair	Change
EURUSD	+0.44%
GBPUSD	+0.29%
USDJPY	-0.12%
AUDUSD	+0.32%

The Dollar weakening is intact currently ahead of the US Labor Department report at 14:30 CET expected to show 382 thousand Americans sought unemployment benefits over the last week, down from 419 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, lost 0.2% Wednesday.

Both EUR/USD and GBP/USD continued their climbing on Wednesday while GfK reported no change in German consumer sentiment for July. Both pairs are higher currently. Both AUD/USD and USD/JPY reversed their sliding on Wednesday with both the Australian dollar and yen higher against the Greenback currently.

Stock Market news

Indices	Change
DJI	+0.46%
NIKKEI	+2.9%
HK50	+0.34%

The US stock index futures are up currently ahead of US GDP advance report due at 14:30 CET today with the 10-year US Treasuries yields down at 1.234%. The three main US stock indexes booked returns Wednesday ranging from -0.36% to +0.7%.

European stock indexes are up currently after ending higher Wednesday with technology shares leading gains. Asian stock indexes are rising today with Hong Kong’s Hang Seng Index leading gains amid reports Chinese regulators had called banks overnight to ease market fears about tighter rules on the education sector.

Commodity Market news

Commodities	Change
OIL	+0.7%
#C-BRENT	+0.9%

Brent is extending gains currently. Prices ended higher Wednesday supported by the Energy Information Administration report US crude stockpile fell by 4.1 million barrels last week due to lower imports and a decline in weekly production. The US oil benchmark West Texas Intermediate (WTI) futures rose 1% and is higher currently. September Brent crude added 0.4% to $74.74 a barrel on Wednesday.