Morning Digest: Scandinavian Currencies Gain, Equities Mixed, Oil Cautious

London: 12 March 2024 (TraderMade): Global markets are presenting a mixed picture this morning, with some currencies strengthening against the dollar, Asian equities rising, European markets lacking direction, and oil prices hovering around yesterday's levels.

Key Takeaways

• Scandinavian Strength: NOK and SEK lead G10 currencies, gaining on USD (flight to safety?).
• USD Under Pressure: The US Dollar weakens as investors weigh its future trajectory.
• Asian Markets Upbeat: Hang Seng and Nikkei 225 see gains in early trading.
• Europe Takes a Pause: European indices expected to open flat, reflecting investor caution.
• US Futures Inch Higher: S&P 500 Futures hint at a slightly positive start for Wall Street.
• Oil Prices Hold Steady: Both Brent Crude and WTI Crude experience minimal movement.

Forex

Scandinavian Standouts

The Norwegian Krone (NOK) and Swedish Krona (SEK) are today's top performers, appreciating 0.16% and 0.13% against the US Dollar (USD), respectively. This suggests a flight to safety for some investors.

USDNOK declined 0.12% to 10.44299.

USDSEK slipped 0.13% to 10.2279.

Dollar on the Defensive

The USD is the biggest loser among G10 currencies, facing selling pressure as investors weigh its prospects.

Forex Daily Pivot Points

Equities and Indices

Asian Equities: Positive Momentum

Asian stock markets are kicking off the day on a positive note. The Hang Seng in Hong Kong is up a healthy 1.76%, trading at 16965.0. The Nikkei 225 in Japan also shows modest gains, currently at 38716.0, representing a 0.44% increase.

European Equities Awaiting Direction

European markets are yet to open, so all eyes are on pre-market information. The DAX 30, CAC 40, and FTSE 100 are all expected to start flat, suggesting a cautious mood among European investors.

• FTSE 100 (UK100) trades at 7709.
• CAC 40 (FRA40) trades at 8042.2.
• DAX 30 (GER30) trades at 17817

Equity Futures

US Futures Inch Higher

US equity futures are hinting at a slightly positive start for Wall Street. The S&P 500 Futures are currently up 0.11%, trading at 5143.9004.

Popular US Indices

• The Standard & Poor’s 500 (SPX500) surged 0.35% to 5146.6504.
• Nasdaq (NAS100) soared 0.53% to 18093.8.
• Dow Jones Industrial Average (USA30) picked up 0.17% to 38890.

Energy

Oil Prices Hold Steady

Oil prices are showcasing minimal movement today. Brent Crude futures are down slightly by 0.01%, trading at 82.16. WTI Crude futures are experiencing a modest increase of 0.02%, currently at 77.775.

Oil & Gas Spot Prices

• Brent Crude (UKOIL) slightly decreased by 0.03% to $82.147 a barrel.
• WTI Crude (OIL) slightly declined by 0.053% to $77.766 barrel.
• Natural Gas (NATGAS) surged 1.07% to $1.838/MMBtu.

Precious Metals

• Gold (XAUUSD) plummeted by 0.34% to 2175.395.
• Silver (XAGUSD) was slightly up by 0.006% to 24.467.
• Platinum (XPTUSD) slipped 0.63% to 933.65.

_{Please note that live rates are at about 06:54 AM GMT - Compared to yesterday’s close.}

To Summarize

While the Scandinavian currencies are strengthening and Asian markets are displaying optimism, European investors seem to be adopting a wait-and-see approach. Oil prices are also relatively stable. The remainder of the trading day will reveal further insights into investor sentiment and potential price movements across different markets.

_{Image from Unsplash}