Stocks mixed after Wall Street dip - 2.3.2023

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, lost 0.3% Wednesday.

GBP/USD slowed its sliding while EUR/USD reversed its retreating on Wednesday as federal statistics office Destatis reported hotter than expected German inflation for February. Euro and Pound are lower against the Dollar currently. USD/JPY resumed its sliding while AUD/USD reversed its retreating yesterday with both the yen and the Australian dollar lower against the Greenback currently.

The US stock index futures are mixed currently ahead of Department of Labor report on unemployment claims scheduled for 14:30 CET today. The three main US stock indexes ended mixed on Wednesday recording daily returns in the range from -0.7% to 0.02% after the Institute for Supply Management reported an unexpected rise in manufacturing prices through February reinforcing views the Fed will raise interest rates and keep them higher for longer.

European stock indexes futures are mixed currently after closing lower yesterday with utility stocks leading losses. Asian stock indexes futures are mixed today with Australia’s S&P/ASX 200 All Ordinaries index leading losses as data showed Australian building approvals plummeted far more than expected in January.

Brent is retreating presently. Prices ended higher yesterday after Energy Information Administration report US crude inventories rose by below expected 1.165 million barrels in the last week. The US oil benchmark West Texas Intermediate (WTI) futures added 0.8% but is lower currently. Brent crude rose 1.03% to $84.31 a barrel on Wednesday.