Morning Digest: Currencies Clash, Asian Markets Go Rogue

Published on: Feb 02, 2024|3 min read

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London: 2 February 2024 (TraderMade): The global market landscape paints a picture of contrasts today. While the Antipodeans dance above the dollar and Brent crude takes a victory lap, major European markets are stuck in neutral, and Asian stocks show differing levels of enthusiasm.

But the real question is: Can US investors shake off the global malaise and charge forward, as their futures suggest? Join us for a quick dive into the morning markets' must-know!

Key Snapshot

Currencies: AUD & NZD surge, SEK & JPY lag behind the dollar.
Asian Equities: Mixed bag - Nikkei flat, Hang Seng dips slightly.
European Equities: Stalemate across major indices (DAX, CAC 40, FTSE 100).
US Market Outlook: S&P 500 futures hint at a positive start.
Energy: Brent crude rises, WTI edges lower.
Data Watch: Economic data, central bank announcements, geopolitical developments.

Global Currency Markets

Antipodeans leading the charge: The Australian dollar (AUD) and New Zealand dollar (NZD) are shining stars today, rising 0.37% and 0.11%, respectively, against the US dollar.

Swedish krona (SEK) and Japanese yen (JPY) struggle: SEK is the biggest loser, depreciating by 0.10% against the dollar, followed by JPY's slight decline of 0.03%.

Asian Equities

Japan ends flat: The Nikkei 225 closes with a minor gain of 0.06%, suggesting a cautious start to the trading week.

Hong Kong dips slightly: The Hang Seng dropped 0.22%, reflecting some profit-taking after recent gains.

European Markets

Stalemate in Europe: Major indices in Germany, France, and the UK are currently trading flat, indicating a wait-and-see approach from investors. Yesterday, the significant European indices were mixed.

The UK’s FTSE 100 (UK100) plummeted 0.94% and again picked up and closed at 7657.8999.
France’s CAC 40 (FRA40) experienced a 0.77% decline and settled at 7617.2002.
Germany’s DAX (GER30) surged slightly by 0.18% and closed at 16944.62109.

Us Market Outlook

Futures hint at a positive start: S&P 500 futures are currently up 0.06%, suggesting a potential green opening on Wall Street later today.

Standard and Poor’s 500 (SPX500) slightly dipped by 0.07% to 4932.85
Nasdaq (NAS100) followed the trend by dropping 0.11% to 17521.898
Yet, the Dow Jones Industrial Average (USA30) picked up slightly by 0.05% to 38535

Energy Markets

Brent crude gets a boost: Brent crude futures climbed 0.36%, suggesting continued demand for the global benchmark. Brent Crude (UKOIL) was $78.884/barrel.

WTI crude edges lower: WTI crude futures experience a slight decline of 0.08%, reflecting some price volatility despite ongoing geopolitical tensions. WTI Crude (OIL) was $73.999/barrel.

Natural Gas was $2.075/MMBtu.