Global stocks recover ground after back to back Wall Street gains - 1.2.2022

The Dollar weakening is intact 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, lost 0.7% on Monday despite ISM-Chicago report business activity in the Chicago area accelerated in January for the second month in a row.

Both EUR/USD and GBP/USD accelerated their climbing Monday despite report euro zone gross domestic product growth slowed in the fourth quarter of 2021, in line with expectations, to 0.3% over quarter for a 4.6% annual gain. Both Pound and euro are higher against the Dollar currently. AUD/USD reversed its sliding yesterday while USD/JPY accelerated retreating with both yen and the Australian dollar higher against the Greenback currently despite the Reserve Bank of Australia maintaining its cash rate at 0.1% on Tuesday, against market expectations for a rate hike, although the RBA ended its bond buying program as forecast.

Futures on three main US stock indexes are down ahead of the Institute for Supply Management (ISM) Purchasing Managers' Index report at 16:00 CET today while US 10-year Treasury yields inched down to 1.775% currently. The three main US stock index benchmarks booked daily gains in the range of 1.2% to 3.4% Monday led by consumer discretionary stocks.

European stock indexes are mixed currently after ending sharply higher Monday led by tech shares. Asian indexes are up today in thin trading with markets in mainland China, Hong Kong, South Korea and Singapore closed for a holiday.

Brent is steady currently ahead of data from the American Petroleum Institute later today. Prices advanced yesterday. US West Texas Intermediate WTI rose 1.5% and is little changed currently. Brent gained 1.3% to $91.21 a barrel on Monday.