Equities track Wall Street rebound - 11.9.2023

Senior Analyst

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Todays’ Market Summary

The Dollar strengthening has reversed
US stocks indexes futures are up currently
Gold prices are retracing higher

Top daily news

Global equity indexes are trading up currently after Wall Street ended marginally higher on Friday. Alphabet shares rose 0.83% outperforming market despite reports Alphabet’s President of Global Affairs and Chief Legal Officer sold Alphabet’s shares worth $5.9 million, Nvidia shares fell 1.46% on Friday extending two-day slump that cost $250 billion capitalization loss for Apple and Nvidia amid speculation that Nvidia has artificially inflated revenue in its AI segment by lying about its sales to CoreWeave, a Nvidia-backed cloud computing startup reportedly valued at about $8 billion.

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Forex news

The Dollar strengthening has reversed 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 0.1% higher on Friday.

EUR/USD reversed its retreating on Friday while GBP/USD slowed its sliding as final data from the federal statistics office Destatis confirmed German inflation eased to 6.4% in August. Both euro and Pound are higher against the Dollar currently. USD/JPY reversed its retreating on Friday while AUD/USD continued its sliding with both the yen and the Australian dollar higher against the Greenback currently.

Stock Market news

US stocks indexes futures are up currently after closing marginally higher on Friday. The three main US stock benchmarks recorded daily gains in the range from 0.1% to 0.2% on Friday as the Census Bureau reported US wholesale inventories declined more than expected in July.

European stock indexes futures are higher currently after closing marginally higher on Friday. Asian stock indexes futures are advancing mostly today with Hong Kong’s Hang Seng index leading gains as data released on Saturday showed consumer price inflation in China rose in August after a decline in the prior month while Japan's Nikkei is defying regional trend after Bank of Japan Governor Kazuo Ueda said that the bank could potentially consider a pivot away from negative interest rates that supported local stocks for decades.

Commodity Market news

Brent is extending gains currently. Oil prices ended higher on Friday supported by rising US diesel prices. The energy services firm Baker Hughes reported the total count of active US oil rigs rose by one oil rig, the first weekly increase since June last week. The US oil benchmark West Texas Intermediate (WTI) rose 0.7% and is higher currently. Brent gained 0.8% to $90.65 a barrel on Friday. Brent and WTI gained about 2% for the week.