The technology selloff continued at the end of last week 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 on Thursday. The sentiment continued into Friday with the S&P 500 losing 0.95% and the Dow Jones losing 0.89%. Asian stocks climbed during today’s session. Indices continued to benefit from China’s announcement that they are planning to link stock exchanges in the City and Shanghai, allowing investors to trade each other’s stock markets. Traders will be able to invest in sectors of the economy which were previously off limits, therefore having more choice outside of state-owned industries. The Hang Seng closed 0.03% higher. The Nikkei, however, lost 0.36% as the Yen still remains strong against the US Dollar, trading around ¥101.5. European stocks opened the day lower extending last week’s declines. During early trade, the FTSE 100 was 0.07% lower, the DAX was 0.43% lower and the CAC 40 was 0.33% lower.
WTI Crude gained 3% last week after U.S. Consumer Sentiment reached a nine month high boosting the outlook for demand. The EIA reported that production was lower during the month of March with Libya, Iraq and Saudi Arabia all seeing much lower numbers. Geopolitical tension in Ukraine is also supporting the commodity. Gold has rallied due to the tension in Ukraine and following the Meeting Minutes released last week from the Federal Reserve. The minutes showed that the first interest-rate increase won’t happen until the second half of 2015 at the earliest and that when rates are raised, it will be done in a slow and measured way. Most participants were in favor of an accommodative policy and lowered their GDP projection which was bullish for gold, sending the U.S. Dollar lower. Traders should watch Retail Sales data being released today at 12.30 GMT.
Today’s Main Events:
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
12.30 GMT: USD – Retail Sales – measures the change in the total value of inflation-adjusted sales at the retail level
16.45 GMT: USD – FOMC Member Tarullo Speaks – Due to speak at the New York Stock Exchange
April 14, 2014 – Daily Market News
Today’s Hot Asset: USD
The technology selloff continued at the end of last week 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 on Thursday. The sentiment continued into Friday with the S&P 500 losing 0.95% and the Dow Jones losing 0.89%. Asian stocks climbed during today’s session. Indices continued to benefit from China’s announcement that they are planning to link stock exchanges in the City and Shanghai, allowing investors to trade each other’s stock markets. Traders will be able to invest in sectors of the economy which were previously off limits, therefore having more choice outside of state-owned industries. The Hang Seng closed 0.03% higher. The Nikkei, however, lost 0.36% as the Yen still remains strong against the US Dollar, trading around ¥101.5. European stocks opened the day lower extending last week’s declines. During early trade, the FTSE 100 was 0.07% lower, the DAX was 0.43% lower and the CAC 40 was 0.33% lower.
WTI Crude gained 3% last week after U.S. Consumer Sentiment reached a nine month high boosting the outlook for demand. The EIA reported that production was lower during the month of March with Libya, Iraq and Saudi Arabia all seeing much lower numbers. Geopolitical tension in Ukraine is also supporting the commodity. Gold has rallied due to the tension in Ukraine and following the Meeting Minutes released last week from the Federal Reserve. The minutes showed that the first interest-rate increase won’t happen until the second half of 2015 at the earliest and that when rates are raised, it will be done in a slow and measured way. Most participants were in favor of an accommodative policy and lowered their GDP projection which was bullish for gold, sending the U.S. Dollar lower. Traders should watch Retail Sales data being released today at 12.30 GMT.
Today’s Main Events:
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
12.30 GMT: USD – Retail Sales – measures the change in the total value of inflation-adjusted sales at the retail level
16.45 GMT: USD – FOMC Member Tarullo Speaks – Due to speak at the New York Stock Exchange
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