Asian stocks declined following an investigation that showed corruption in one of the largest Chinese conglomerates. The chairman of CRC was sacked due to violations of law and party regulations, including money laundering. CRC makes up 3 components of the Hang Seng and during the Asian session heavy selling pressure was seen. Consequently, the Hang Seng lost 0.13%. The Nikkei lost 0.85% as the Yen strengthened against the U.S. Dollar which was trading at ¥102.48. European stocks are higher today as tension over Ukraine eased following the meeting between Russia, Ukraine, the U.S. and UK. During mid-trade the Dax was 1.58% higher, the FTSE 100 was 1.12% higher and the CAC 40 was 0.95% higher. U.S. stocks opened higher following better than expected earnings from Comcast and Netflix.
WTI Crude fell from a seven week high following reduced tension in Ukraine. Attention is turning to inventory data. Investors are expecting a further increase in stockpiles which will be released by the EIA tomorrow. Gold also declined as tension in Ukraine lessened. Recent data from the U.S. has also been positive, adding to speculation that the Federal Reserve may reduce the quantitative easing even further. Traders should continue to watch the Ukraine as the U.S. and Russia are blaming each other for not implementing the terms of the agreement reached in Geneva. The U.S. has threatened further sanctions against Russia if the agreement is not kept.
Today’s Main Events:
12.30 GMT: CAD – Wholesale Sales – measures the change in the total value of sales at the wholesale level. It is a leading indicator of consumer spending
14.00 GMT: USD – Existing Home Sales – measures the change in the annualized number of existing residential buildings that were sold during the previous month
April 22, 2014 – Daily Market News
Today’s Hot Assets: USD, Oil
Asian stocks declined following an investigation that showed corruption in one of the largest Chinese conglomerates. The chairman of CRC was sacked due to violations of law and party regulations, including money laundering. CRC makes up 3 components of the Hang Seng and during the Asian session heavy selling pressure was seen. Consequently, the Hang Seng lost 0.13%. The Nikkei lost 0.85% as the Yen strengthened against the U.S. Dollar which was trading at ¥102.48. European stocks are higher today as tension over Ukraine eased following the meeting between Russia, Ukraine, the U.S. and UK. During mid-trade the Dax was 1.58% higher, the FTSE 100 was 1.12% higher and the CAC 40 was 0.95% higher. U.S. stocks opened higher following better than expected earnings from Comcast and Netflix.
WTI Crude fell from a seven week high following reduced tension in Ukraine. Attention is turning to inventory data. Investors are expecting a further increase in stockpiles which will be released by the EIA tomorrow. Gold also declined as tension in Ukraine lessened. Recent data from the U.S. has also been positive, adding to speculation that the Federal Reserve may reduce the quantitative easing even further. Traders should continue to watch the Ukraine as the U.S. and Russia are blaming each other for not implementing the terms of the agreement reached in Geneva. The U.S. has threatened further sanctions against Russia if the agreement is not kept.
Today’s Main Events:
12.30 GMT: CAD – Wholesale Sales – measures the change in the total value of sales at the wholesale level. It is a leading indicator of consumer spending
14.00 GMT: USD – Existing Home Sales – measures the change in the annualized number of existing residential buildings that were sold during the previous month
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