Equities selloff intact after hawkish Fed minutes - 7.4.2022

Senior Analytical Expert

Articles:1008

Todays’ Market Summary

The Dollar strengthening has halted
The US stock index futures are mixed currently
Brent is advancing currently on supply concerns amid reports cargoes of Russian Sokol crude from the Far East have sold out for next month in Asia.
Gold prices are edging up

Top daily news

Global stocks are mostly down currently as Wall Street logged back to back losses on Wednesday after hawkish Fed minutes. Amazon shares slumped 3.23% underperforming market amid news Federal securities regulators are investigating how the technology giant has disclosed its use of third-party-seller data for its private-label business, Apple shares lost 1.85% Wednesday.

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Forex news

Currency Pair	Change
EURUSD	+0.02%
GBPUSD	+0.2%
USDJPY	-0.02%
AUDUSD	-0.29%

The Dollar strengthening has halted 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, added 0.2% Wednesday.

Both GBP/USD and EUR/USD continued their sliding Wednesday after Destatis federal statistics agency data showing German factory orders fell a bigger than expected 2.2% over month in February. Both Pound and euro are up against the Dollar currently. AUD/USD reversed its climbing yesterday while USD/JPY continued its advancing with the Australian dollar lower against the Greenback currently and yen higher.

Stock Market news

Indices	Change
DJI	-0.12%
NIKKEI	-0.35%
HK50	-0.09%
AU200	-0.1%

The US stock index futures are mixed currently ahead of Federal Reserve Bank of St. Louis President James Bullard's speech on economy today due at 15:00 CET. The three main US stock indexes booked losses ranging from 0.4% to 2.2% Wednesday led by tech shares as Federal Reserve’s minutes revealed several policy makers supported half percentage point rate increases as well as $95 billion monthly reductions to central bank balance sheet as soon as the upcoming May 3-4 meeting.

European stock indexes are up currently after ending lower Wednesday with travel and leisure shares leading losses. Asian stock indexes are mostly down today with Nikkei leading losses while Shanghai, currently under a lockdown, reported nearly 20,000 new cases - the vast majority asymptomatic.

Commodity Market news

Commodities	Change
#C-BRENT	+0.5%
OIL	+0.78%

Brent is advancing currently on supply concerns amid reports cargoes of Russian Sokol crude from the Far East have sold out for next month in Asia. Prices fell yesterday after reports member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves to cap price gains. The release will include 60 million from the United States as part of the previously announced 180 million-barrel reserve release. The US Energy Information Administration reported a surprise US crude stockpiles build up of 2.4 million barrels last week, as domestic output rose to 11.8 million barrels a day. The US oil benchmark West Texas Intermediate (WTI) futures tumbled 5.6% but is higher currently. Brent crude lost 5.2% to $101.07 a barrel on Wednesday.