Stocks mixed ahead of US inflation data - 31.5.2024

The Dollar strengthening has resumed 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 0.5% lower on Thursday.

Both GBP/USD and EUR/USD reversed their retreating on Thursday while Eurostat reported unemployment rate in the euro area ticked down in April. Both euro and Pound are lower against the dollar currently. USD/JPY reversed its climbing while AUD/USD reversed its retreating yesterday with the yen lower against the Greenback currently and the Australian dollar higher still.

US stock index futures are mixed currently with the yield on benchmark 10-year Treasury notes down at 4.542%. The three main stock benchmarks ended lower on Thursday with daily losses in the range of -1.1% to -0.6% while the Commerce Department revised downward US economy growth rate to 1.3% in the January to March period from the 1.6% published in April.

European indexes futures are mixed today after stock indexes closed higher on Thursday with telecoms shares leading gains. Asian stock indexes futures are mostly higher today with Japan’s Nikkei leading gains while the consumer price index data from Tokyo showed a mild increase in inflation in May.

Brent is edging up currently. Prices extended losses on Thursday as data from the Energy Information Administration (EIA) showed US crude inventories fell more than expected last week as refiners increased their output to their highest rate in over nine months last week. At the same time there was a surprise jump in gasoline and distillate fuel inventories as demand weakened. West Texas Intermediate (WTI) futures ended 1.7% lower and are lower currently. Brent futures lost 2.1% to $81.86 a barrel on Thursday.