U.S. data showed that manufacturing expanded at a slightly faster pace in March than the previous month. The ISM Manufacturing Index increased by 53.7 % which although slightly below forecast was in line with expectations and still showed expansion. The market also received better-than-expected car sales figures from Ford Motors and Chrysler Group; car sales climbed to 16.4 million during the month of March. Investors welcomed the data and markets closed sharply higher. The S&P 500 closed 0.7% higher at a new record of 1,885.52 and the Dow Jones closed 0.46% higher. Asian stocks moved higher after the hike in consumption tax. The Nikkei gained 1.04% as the Yen continued to weaken against the US Dollar; the dollar was trading at ¥103.84, gaining 0.4% against the Japanese currency throughout the session. The Hang Seng gained 0.34% led by property stocks. European stocks opened the session with slight gains. Traders should watch out for European GDP being released at 9am (GMT) and the US ADP Nonfarm Employment Change at 12.15 pm (GMT).
WTI Crude saw sharp losses after a report from the API showed that Gasoline and Distillate inventories increased once again. This increased speculation that a report from the EIA later today will also show that stockpiles climbed for an 11th week. After reaching a seven week low, gold made some gains during today’s Asian session. Physical demand was boosted by the low price and the situation in Ukraine appears to have calmed down. Investors will look ahead to the U.S. data later in the day for further indication on the direction of the market.
Today’s Main Events:
08.30 GMT: GBP – Construction PMI – measures the activity level of purchasing managers in the construction industry
09.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.
12.15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients
20.00 GMT: USD – FOMC Member Bullard Speaks – FOMC members are responsible for setting the benchmark interest rate and their speeches are closely watched for indications on the future possible direction of monetary policy.
April 2, 2014 – Daily Market News
Today’s Hot Assets: USD, EUR, Oil
U.S. data showed that manufacturing expanded at a slightly faster pace in March than the previous month. The ISM Manufacturing Index increased by 53.7 % which although slightly below forecast was in line with expectations and still showed expansion. The market also received better-than-expected car sales figures from Ford Motors and Chrysler Group; car sales climbed to 16.4 million during the month of March. Investors welcomed the data and markets closed sharply higher. The S&P 500 closed 0.7% higher at a new record of 1,885.52 and the Dow Jones closed 0.46% higher. Asian stocks moved higher after the hike in consumption tax. The Nikkei gained 1.04% as the Yen continued to weaken against the US Dollar; the dollar was trading at ¥103.84, gaining 0.4% against the Japanese currency throughout the session. The Hang Seng gained 0.34% led by property stocks. European stocks opened the session with slight gains. Traders should watch out for European GDP being released at 9am (GMT) and the US ADP Nonfarm Employment Change at 12.15 pm (GMT).
WTI Crude saw sharp losses after a report from the API showed that Gasoline and Distillate inventories increased once again. This increased speculation that a report from the EIA later today will also show that stockpiles climbed for an 11th week. After reaching a seven week low, gold made some gains during today’s Asian session. Physical demand was boosted by the low price and the situation in Ukraine appears to have calmed down. Investors will look ahead to the U.S. data later in the day for further indication on the direction of the market.
Today’s Main Events:
08.30 GMT: GBP – Construction PMI – measures the activity level of purchasing managers in the construction industry
09.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.
12.15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients
20.00 GMT: USD – FOMC Member Bullard Speaks – FOMC members are responsible for setting the benchmark interest rate and their speeches are closely watched for indications on the future possible direction of monetary policy.
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