- Wall Street futures in the red, those of the Nasdaq lose more than 1%.
- The dollar gains momentum on Thursday and recovers ground.
- Oil and metals fall away from recent highs.
Markets are trading mostly in the red on Thursday, in a generally corrective day. The dollar gains momentum, while raw materials fall.
Stock indices move away from recent highs
The markets in Europe are falling. The FTSE 100 lost 0.65%, the DAX lost 0.18% and the CAC 40 fell 0.86%. The S&P 500 closed 0.83% lower on Wednesday and fell 0.74% in Thursday’s preview. The Dow Jones falls 0.68% and the Nasdaq 0.77%.
Among the positive developments, the four-month agreement allowing Ukraine to export grains was resumed.
A bigger-than-expected rise in US retail sales for October was reported on Wednesday. The home loan rate in India fell below 7% last week, one of the most significant drops since July. The weekly jobless claims report, the Philly Fed, and housing sector data will be released on Thursday.
The UK Chancellor of Finance, jeremy hunt is presenting the autumn budget, so expect hours of volatility for the sterling crosses. In the Eurozone, the final inflation reading for October showed a year-on-year rise of 10.6%.
Among the companies that will present results on Thursday are AlibabaApplied Materials and Burberry.
General correction props up the dollar
Following Wednesday’s data and statements from Fed officials, the dollar has regained strength and more recently, the correction after last week’s slide has picked up pace.
The DXY rises 0.53% and approaches 107.00, after two days of falls. Treasury yields are trading flat. The 2-year bond yields 4.36% and the 10-year 3.73%.
The upward trend of dollar on Thursday, together with the declines in the stock markets, are putting pressure on raw materials. The copper loses almost 1%, silver 1.75% and Prayed it is testing the short-term support at $1760. Even agricultural commodities fall, with the grain price index shedding 0.85%. Oil prices lose more than 1% with a barrel of WTI trading below $84.50.
The cryptocurrencies They operate mixed, with the market still in turmoil from the FTX situation and the repercussions on other smaller exchanges. The Bitcoin remains sideways around $16,500 and ethereum below $1,200.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
