Stocks slump after Wall Street dip - 16.9.2022

The Dollar strengthening is intact 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, gained 0.1% Thursday while the US Bureau of Labor Statistics reported less Americans applied for initial jobless claims last week than expected while their number declined.

GBP/USD reversed its climbing Thursday while EUR/USD continued inching up as federal statistics office Destatis reported German wholesale prices inflation slowed in August. Pound is lower against the Dollar currently while euro is little changed. USD/JPY resumed its climbing yesterday while AUD/USD reversed its advancing with both the Australian dollar and yen higher against the Greenback currently.

US stock indexes futures are up currently ahead of University of Michigan preliminary Consumer Sentiment report at 16:00 CET with the yield on benchmark 10-year Treasury notes down at 3.455%. The three main stock benchmarks closed lower yesterday with the losses in the range of 0.6% to 1.44% while data showed US industrial production fell modestly in August when retail sales rose surprisingly.

European stock market futures are lower today after ending down Thursday while banking shares ended higher. Asian stock indexes futures are retreating currently with Chinese stocks getting little help from data showing China's economy was surprisingly resilient in August with factory output and retail sales both growing more than expected last month.

Brent is edging up presently. Prices fell Thursday after major US railroads and unions secured a tentative deal following 20 hours of intense talks. Strike concerns provided some support to oil prices as rail shutdown could hit fuel supplies across the country. The US oil benchmark West Texas Intermediate (WTI) dropped 3.8% but is higher currently. Brent crude fell 3.5% to $90.84 a barrel on Thursday.