The U.S. stock market pushed higher after the release of ADP Nonfarm Employment Change. The ADP said private-sector employers added 191,000 jobs last month, up from 178,000 in February and although slightly below expectations was taken as bullish for the market. Taken with the ISM and jobless claims figures, a nice progression can be seen in the economy which also shows growth at a moderate rate. At the close of trading, the S&P 500 reached another record at 1890.9, 0.29% higher and the Dow Jones was 0.24% higher at 16,573. Asian stocks also climbed. The Hang Seng closed 0.19% higher as the market reacted to the injection of additional stimulus. The Nikkei gained 0.84% as the Dollar climbed 0.2% higher against the Yen, reaching as high as ¥104. European markets are mixed ahead of the monetary-policy decision from the European Central Bank at 11.45 GMT.
WTI Crude extended its losses to below $100/ barrel as traders ignored an unexpected drop in weekly crude supplies, attributing it to the recent closure of a key U.S. seaport. Reduced tension in Ukraine and weak economic data from China are also pushing prices lower. Gold gained yesterday due to an increase in physical demand, stimulated by the low price. The upward momentum has ended and we can now see a decline in the price once again. Market attention will now turn to tomorrow’s NFP report.
Today’s Main Events:
08.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector
11.45 GMT: EUR – Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
12.30 GMT: EUR – ECB Press Conference – The European Central Bank (ECB) press conference is held monthly, about 45 minutes after the Minimum Bid Rate is announced. The conference is approximately an hour long and has two parts. Firstly, a prepared statement is read, then the conference is open to press questions.
14.00 GMT: USD – ISM Non-Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector.
April 3, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD
The U.S. stock market pushed higher after the release of ADP Nonfarm Employment Change. The ADP said private-sector employers added 191,000 jobs last month, up from 178,000 in February and although slightly below expectations was taken as bullish for the market. Taken with the ISM and jobless claims figures, a nice progression can be seen in the economy which also shows growth at a moderate rate. At the close of trading, the S&P 500 reached another record at 1890.9, 0.29% higher and the Dow Jones was 0.24% higher at 16,573. Asian stocks also climbed. The Hang Seng closed 0.19% higher as the market reacted to the injection of additional stimulus. The Nikkei gained 0.84% as the Dollar climbed 0.2% higher against the Yen, reaching as high as ¥104. European markets are mixed ahead of the monetary-policy decision from the European Central Bank at 11.45 GMT.
WTI Crude extended its losses to below $100/ barrel as traders ignored an unexpected drop in weekly crude supplies, attributing it to the recent closure of a key U.S. seaport. Reduced tension in Ukraine and weak economic data from China are also pushing prices lower. Gold gained yesterday due to an increase in physical demand, stimulated by the low price. The upward momentum has ended and we can now see a decline in the price once again. Market attention will now turn to tomorrow’s NFP report.
Today’s Main Events:
08.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector
11.45 GMT: EUR – Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
12.30 GMT: EUR – ECB Press Conference – The European Central Bank (ECB) press conference is held monthly, about 45 minutes after the Minimum Bid Rate is announced. The conference is approximately an hour long and has two parts. Firstly, a prepared statement is read, then the conference is open to press questions.
14.00 GMT: USD – ISM Non-Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector.
Related Posts: