Top daily newsGlobal stock markets’ advance has resumed currently following a choppy session Wednesday as Federal Reserve chair Powell said he wanted to see inflation reach 2% or more before even thinking of tapering the bank’s super-easy policies. Tesla tumbled 5.3% following news e-car rival Rivian is preparing for an IPO, Twitter shares jumped 13. 2% on fourth quarter revenue beat.
The Dollar weakening continues currently ahead of the US Labor Department report at 14:30 CET expected to show 755 thousand Americans sought unemployment benefits over the last week, down from 779 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, slipped 0.01% Wednesday as Bureau of Labor Statistics reported core US inflation eased to 1.4% in January from 1.6% in December.
GBP/USD slowed its rising yesterday while EUR/USD reversed its climbing after French statistics bureau INSEE reported French industrial output contraction accelerated in December. Both Euro and Pound are higher against the Dollar currently. AUD/USD reversed its climbing Wednesday while USD/JPY reversed its sliding with both yen and Australian dollar higher against the Greenback currently.
Stock Market news
|Dow Jones Index||+0.25%|
|GB 100 Index||+0.02%|
|Hang Seng Index||+0.15%|
|Australian Stock Index||-0.2%|
The US stock futures are up currently ahead of Monetary Policy Report the Federal Reserve is due to submit to Senate today. Stocks ended mixed Wednesday as Fed chair Powell called for a “society-wide commitment” to reducing unemployment which he estimated was nearer 10% than the reported 6.3% once pandemic effects were stripped out. The three main US stock indexes booked returns ranging from -0.03% to +0.2% against the background of surprisingly soft reading on core US inflation and a dovish Federal Reserve outlook.
European stock indexes are higher currently after a bearish session Wednesday amid reports German Chancellor Angela Merkel was set to announce that Germany will extend its coronavirus lockdown until March 7. Asian stock indexes are mixed today with Hong Kong’s Hang Seng Index leading gains in thin trading with markets in China, Japan, South Korea and Taiwan all on holiday.
Commodity Market news
|Brent Crude Oil||-0.3%|
Brent is edging lower currently. Prices ended higher Wednesday buoyed by the US Energy Information Administration report that US crude oil inventories fell by 6.6 million barrels last week, the third weekly decline in a row. The US oil benchmark West Texas Intermediate (WTI) futures gained 0.6% but is lower currently. Brent crude advanced 0.6% to $61.47 a barrel on Wednesday.
Gold Market News
Gold prices are edging lower today. April gold added 0.3% to $1842.70 an ounce on Wednesday.