Related Articles
International
US Dollar Rises Early Thursday Ahead of Busy Economic Data Schedule
The US dollar rose against its major trading partners early Thursday, except for a decline versus the yen, ahead of a busy day of economic data releases, starting with weekly jobless claims, the second look at Q1 GDP, and durable goods and personal income and spending data for April, all at 8:30 am ET.New York Federal Reserve President John Williams is due to speak at 8:55 am ET, followed by new-home sales data for April at 10:00 am ET and an appearance by St. Louis Fed President Alberto Musalem at 10:15 am ET.Weekly natural gas stocks are due to be released at 10:30 am ET, followed by weekly petroleum stocks data at 12:00 pm ET and an update to the Atlanta Fed's GDP nowcast estimate for Q2 around midday.A quick summary of foreign exchange activity heading into Thursday:EUR/USD fell to 1.1607 from 1.1628 at the Wednesday US close and 1.1639 at the same time Wednesday morning. Eurozone consumer confidence improved in May but remained pessimistic, while business sentiment was little changed, just below the breakeven point, according to data released overnight. European Central Bank President Christine Lagarde, in a speech overnight, raised concerns that central bank independence remains at risk, yet remains key. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3398 from 1.3430 at the Wednesday US close and 1.3440 at the same time Wednesday morning. There are no UK data on Thursday's schedule. The next Bank of England meeting is scheduled for June 18.USD/JPY fell to 159.4453 from 159.5459 at the Wednesday US close but was above a level of 159.4051 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3855 from 1.3832 at the Wednesday US close and 1.3834 at the same time Wednesday morning. Canadian current account data for Q1 and average weekly earnings for March are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 10.
$EUR/USD$GBP/USD$USD/CAD$USD/JPY
International
Higher Crude, Middle East Hostilities Dent European Bourses Midday
European bourses tracked moderately lower midday Thursday as traders weighed higher oil prices, faltering Tehran-Washington peace negotiations, and media reports of US strikes on Iranian positions in the Persian Gulf.Tech stocks led gains on continental trading floors, while food and bank shares lagged.Investors also eyed Wall Street futures in the red, and lower closes overnight on most Asian exchanges.In economic news, jet-fuel markets will become increasingly tight if disruptions linked to the Strait of Hormuz persist in coming weeks, the European Commission said.The pan-continental Stoxx Europe 600 Index was off 0.8% mid-session.The Stoxx Europe 600 Technology Index was up 0.1%, but the Stoxx 600 Banks Index lost 1.1%.The Stoxx Europe 600 Oil and Gas Index was steady, while the Stoxx 600 Europe Food and Beverage Index declined 1.5%.The REITE, a European REIT index, fell 0.3%.On the national market indexes, Germany's DAX was down 0.6%, and the FTSE 100 in London lost 1.2%. The CAC 40 in Paris was down 0.5%, and Spain's IBEX 35 eased 0.6%.Yields on benchmark 10-year German bonds were stable, near 2.99%.Front-month North Sea Brent crude-oil futures were up 2.8% at $94.83 a barrel.The Euro Stoxx 50 volatility index was up 0.1% at 19.79, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.
$^SXXP
International
Middle East Outlook, Crude Prices Dull Wall Street Pre-Bell; Asia, Europe Off
Wall Street futures pointed moderately lower pre-bell Thursday after media reports of renewed US military strikes on Iranian positions and drones, and on dimming prospects for a Tehran-Washington peace deal.After major indices set fresh highs on Wednesday, S&P 500 futures fell 0.2%, the Nasdaq declined 0.4%, and the Dow Jones was off 0.2%.West Texas Intermediate crude oil futures traded up 2.2% at $90.86 in morning action.Investors also await the April personal consumption expenditures-core (PCE-core) price index, the Federal Reserve's preferred inflation gauge, scheduled for an 8:30 am ET release in Washington.Asian exchanges traded mostly lower overnight on higher oil prices and Persian Gulf uncertainties. European bourses tracked moderately south at midday on the continent.Dollar Tree (DLTR) traded up 10.6% pre-bell after the budget retailer reported Q1 EPS and revenue above outlooks, and issued positive guidance.Hormel Foods (HRL) traded up 7.4% pre-ball after the maker of Spam and other food products reported above-consensus fiscal Q2 results, and issued upbeat guidance, before the open Thursday.On the economic calendar at 8:30 am ET, in addition to the PCE-core report, is the April durable goods orders bulletin, the revised Q1 gross domestic product estimate, the weekly jobless claims bulletin, the Q1 corporate profits estimate, and the retail and wholesale inventories for April reports.April new home sales data logs at 10 am, and the weekly EIA natural gas bulletin at 10:30 am, followed by the weekly EIA petroleum status report at noon.Federal Reserve NY President John Williams, St. Louis PresidentAlberto Musalem and Richmond Fed Thomas Barkin are slated to speak today.In pre-market action, Bitcoin traded at $73,292, and 10-year US Treasuries offered 4.49%. Spot gold commanded $4,399 an ounce.
$^DJI$^IXIC$^SPX