Daily Summary: equity market gains supported by weaker dollar 💰

17:59 4 April 2024
  • US stock indexes are having a calm session, and volatility is limited. Investors are waiting for job market data, which will be revealed tomorrow. The US500 is up 0.55% to 5300 points, while the US100 gains 0.7% to 18530 points.

  • The rise in stock indexes is supported by a weakening dollar. The USDIDX index loses 0.15% and falls below the level of 104 points. EURUSD gains today 0.25% to 1.08590.

  • The weekly report on U.S. unemployment benefit claims came in slightly higher than expected. Actual data showed 221,000 new claims versus the 214,000 expected and 210,000 previously. These figures were positively received by the market, slightly supporting a rise in stocks.

  • As expected, interest rates in Poland remain unchanged, and it appears that rates will stay at the same level until the end of this year. The MPC's decision on interest rates is as follows: Current: 5.75%, Expected: 5.75%, Previous: 5.75%.

  • German food delivery giant Delivery Hero (DHER.DE) gains a whopping 15% today after activist fund Sachem Head Capital Fund disclosed a 3.4% stake in the company, citing its undervaluation. The market perceives this situation as a positive catalyst.

  • Levis&Strauss shares gain 15% and record their second-best session in history thanks to a significant increase in direct sales channels, offsetting concerns about the impact of suspended sales at Macy’s and Kohl. The company forecasts sales growth in Europe.

  • Alphabet (GOOGL.US) is reportedly considering making a bid to acquire HubSpot (HUBS.US), an online marketing software company. HubSpot is valued at $34.2 billion at the time of publication.

  • Harked from the Fed indicated that the Reserve needs more evidence that inflation will fall to the 2% target, and the prospect of higher productivity through AI still seems uncertain.

  • Oil loses nearly 1% today despite tensions in the Middle East, where the Israeli army has been put on high alert in fear of Iran's declared retaliation for the attack on its embassy in Damascus.

  • According to the EIA report, U.S. natural gas inventories fell by 37 billion cubic feet (bcf) compared to a forecasted drop of 42 bcf and a previous drop of 36 bcf. Natgas lost slightly after publication. Following the report, selling pressure persisted and Natgas is down today by 3.53% to 1.775.

  • The cryptocurrency market is seeing a rebound. Bitcoin gains 3.20% to a level of 68100 USD. Similar rises are recorded by Altcoins excluding BTC and ETH. Ethereum, however, records a slightly smaller increase of 2% to 3385 USD.

  • Bitcoin Cash gains 9.70% to $636 following today's halving event. This project, a fork of Bitcoin, has gained over 600% since mid-2023 after breaking out of a consolidation lasting over 370 days in the zone just above $100 per token.

  • Futures contracts on nickel, palladium, and zinc gain between 2% and 3%. The rise is also continuing in cocoa, where futures recorded nearly a 2% increase today.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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