Stocks slump after Wall Street falls again - 23.9.2022

The Dollar strengthening has resumed currently. 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 0.1% Thursday while the US Bureau of Labor Statistics reported more Americans applied for initial jobless claims last week than expected while their number declined.

Both GBP/USD and EUR/USD continued their sliding Thursday while the Swiss central bank and Bank of England hiked interest rates. Both Pound and euro are lower against the Dollar currently. USD/JPY reversed its climbing yesterday after Japan intervened in the foreign exchange market to buy yen for the first time since 1998. AUD/USD reversed its sliding Thursday with the Australian dollar lower against the Greenback currently and yen higher.

US stock indexes futures are down currently ahead of Markits preliminary Service PMI report at 15:45 CET with the yield on benchmark 10-year Treasury notes up at 3.718%. The three main stock benchmarks closed lower yesterday with the losses in the range of 0.4% to 1.4% while data showed US current account deficit narrowed in the second quarter.

European stock market futures are lower today after ending down Thursday while banking and basic resources shares ended flat. Asian stock indexes futures are retreating currently with Australia’s All Ordinaries index leading losses after reopening following a holiday on Thursday.

Brent is edging down presently. Prices fell Thursday amid reports European Union is considering an oil price cap, tighter curbs on high-tech exports to Russia and more sanctions against individuals. The US oil benchmark West Texas Intermediate (WTI) added 0.7% but is lower currently. Brent crude gained 0.7% to $90.46 a barrel on Thursday.