The technology selloff continued yesterday with companies such as Facebook, Apple and Google experiencing sharp losses. Nasdaq, the benchmark index for U.S. technology stocks, suffered its worst day since 2011 dropping 3.1% or 129.79 points. The S&P 500 lost 2.09% and the Dow Jones lost 1.62%. Asian markets experienced the same sentiment. The Nikkei declined 2.38% as the Yen jumped against the US Dollar; trading at ¥101.36 compared to ¥102.13. The Chinese CPI came out slightly below expectations ending the downward momentum we saw in recent months. However, analysts believe the change was driven by the Chinese New Year and so the outlook still remains muted. Consequently, the Hang Seng lost 0.79%. European markets also opened lower in the wake of selloffs in Asia and on Wall Street. Currently, the FTSE 100 is 1% lower, the DAX is 1.21% lower and the CAC 40 is 0.94% lower.
WTI remains at a high due to speculation that fuel demand in the U.S. should increase as the economy continues to recover. Initial Jobless Claims were more positive than expected reaching the lowest claims since May 2007, decreasing by 32,000 to 300,000. Weaker than expected Chinese data caused a slight dip during the Asian session but the commodity is still headed for a weekly gain. Gold reached its highest price in almost 3 weeks following the Federal Reserve’s Meeting Minutes. Low borrowing costs weaken the dollar, making gold an attractive investment. Gains were also seen following the decline in the stock market. Traders should focus on key U.S. data later in the day for clues on the state of the economy.
April 11, 2014 – Daily Market News
Today’s Hot Asset: USD
The technology selloff continued yesterday with companies such as Facebook, Apple and Google experiencing sharp losses. Nasdaq, the benchmark index for U.S. technology stocks, suffered its worst day since 2011 dropping 3.1% or 129.79 points. The S&P 500 lost 2.09% and the Dow Jones lost 1.62%. Asian markets experienced the same sentiment. The Nikkei declined 2.38% as the Yen jumped against the US Dollar; trading at ¥101.36 compared to ¥102.13. The Chinese CPI came out slightly below expectations ending the downward momentum we saw in recent months. However, analysts believe the change was driven by the Chinese New Year and so the outlook still remains muted. Consequently, the Hang Seng lost 0.79%. European markets also opened lower in the wake of selloffs in Asia and on Wall Street. Currently, the FTSE 100 is 1% lower, the DAX is 1.21% lower and the CAC 40 is 0.94% lower.
WTI remains at a high due to speculation that fuel demand in the U.S. should increase as the economy continues to recover. Initial Jobless Claims were more positive than expected reaching the lowest claims since May 2007, decreasing by 32,000 to 300,000. Weaker than expected Chinese data caused a slight dip during the Asian session but the commodity is still headed for a weekly gain. Gold reached its highest price in almost 3 weeks following the Federal Reserve’s Meeting Minutes. Low borrowing costs weaken the dollar, making gold an attractive investment. Gains were also seen following the decline in the stock market. Traders should focus on key U.S. data later in the day for clues on the state of the economy.
Today’s Main Events:
12.30 GMT: USD – PPI
13.55 GMT: USD – Michigan consumer Sentiment
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