Stocks subdued ahead of US nonfarm payrolls report - 6.9.2024

The Dollar weakening is intact 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 0.2% lower on Thursday.

Both EUR/USD and GBP/USD continued their climbing yesterday while federal statistics office Destatis reported factory orders in Germany rose again in August. Both euro and Pound are higher against the dollar currently. USD/JPY slowed its sliding while AUD/USD accelerated its advancing on Thursday with the yen higher against the Greenback currently and Australian dollar lower.

US stock index futures are lower currently with the yield on benchmark 10-year Treasury notes down at 3.71%. The three main stock benchmarks ended mixed on Thursday recording daily returns in a range from -0.5% to 0.3% as ADP data showed US private sector employment rose by 99,000 in August, well below the 150,000 estimated by analysts.

European indexes futures are falling today after stock indexes closed down on Thursday while healthcare shares led losses. Asian stock indexes futures are all in red today with Japan’s Nikkei leading losses while government data showed Japanese household spending rose less than expected in July.

Brent is inching up currently. Prices edged lower on Thursday amid Energy Information Administration report US crude oil inventories fell by above expected 6.9 million barrels last week ended August 30. West Texas Intermediate (WTI) futures slipped 0.1% but are higher currently. Brent futures ended 1 cent lower at $72.69 a barrel on Thursday.