Global shares rise ahead of US inflation data - 12.10.2023

The Dollar weakening continues 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, dipped 0.1% Wednesday.

Both GBP/USD and EUR/USD slowed their advancing on Wednesday while federal statistics office Destatis' inflation final report indicated German inflation cooled to 4.5% last month. Both euro and Pound are higher against the dollar currently. USD/JPY accelerated its climbing yesterday while AUD/USD reversed its advancing with both the yen and the Australian dollar little changed against the Greenback currently.

The US stock index futures are higher currently ahead of US inflation data at 14:30 CET today expected to show US inflation slowed in September. The three main US stock indexes ended higher on Wednesday in the range from 0.2% to 0.7% as Bureau of Labor Statistics data showed US producer price index rose more than expected.

European stock indexes futures are up currently after indexes closed marginally higher yesterday with food and beverage stocks leading gains. Asian stock indexes futures are advancing today with Hong Kong’s Hang Seng Index leading gains as China’s state owned Central Huijin Investment Ltd fund increased its stake in the nation’s biggest banks for the first time since 2015.

Brent is extending losses presently. Prices ended over 2% lower yesterday ahead of American Petroleum Institute report US crude stocks rose by about 12.9 million barrels in the week ended October 6. The Energy Information Administration will release its US inventory data at 16:30 CET today. Russian President Vladimir Putin said that OPEC+ coordination will continue "for the predictability of the oil market" at Russia and Saudi Arabia meeting in Moscow. The US oil benchmark West Texas Intermediate (WTI) futures dropped 2.9% and is lower currently. Brent crude slumped 2.1% to $85.82 a barrel on Wednesday.