Friday’s Nonfarm Payroll report showed that 192,000 jobs were created during the month of March which was slightly below expectations. The Unemployment rate also disappointed as it remained at 6.7% instead of falling to an expected 6.6%. U.S. stocks initially opened higher and reached intraday highs due to speculation that the report could provoke a slowdown in the pace of tapering. However, gains were then lost following selling pressure in internet and technology companies. At the close of U.S. trading, the Dow Jones was 0.96% lower, the S&P 500 was 1.25% lower and the Nasdaq was 2.6% lower. Asian markets declined at the beginning of the week. The Nikkei lost 1.69% as the Yen strengthened against the Dollar following the weak data on Friday. Markets remained closed in China due to Tomb Sweeping Day. Technology shares declined in Europe following global losses, sending stocks lower at the session open. In early trade the FTSE 100 was 0.73% lower, the CAC 40 was 0.98% lower and the DAX was 1.46% lower.
WTI Crude gained following the NFP report as the figures still showed improvement in the economy and coupled with recent data from Europe demand looks to be on the upside. Support was also found from hopes that China will implement economic stimulus measures soon. After continued protests in Libya, limiting, Libyan rebels agreed to open two oil export ports after talks with the government and so during the Asian session the price dropped. Gold saw sharp gains and moved above $1,300/ ounce after the U.S. released a weaker than expected Nonfarm Payroll figure caused investors to question the pace of tapering. Prices were also boosted due to losses in the stock market. Losses were seen earlier today as physical demand weakened with the Chinese market being closed.
Today’s Main Events:
06.00 GMT: EUR – German Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
14.30 GMT: CAD – BoC Business Outlook Survey – measures the business outlook in Canada as derived from a survey of about 100 selected businesses which asks respondents to rate the relative level of general business conditions.
15.45 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
23.50 GMT: JPY – Adjusted Current Account – measures the difference in value between exported and imported goods, services and interest payments during the reported month
April 7, 2014 – Daily Market News
Today’s Hot Asset: USD
Friday’s Nonfarm Payroll report showed that 192,000 jobs were created during the month of March which was slightly below expectations. The Unemployment rate also disappointed as it remained at 6.7% instead of falling to an expected 6.6%. U.S. stocks initially opened higher and reached intraday highs due to speculation that the report could provoke a slowdown in the pace of tapering. However, gains were then lost following selling pressure in internet and technology companies. At the close of U.S. trading, the Dow Jones was 0.96% lower, the S&P 500 was 1.25% lower and the Nasdaq was 2.6% lower. Asian markets declined at the beginning of the week. The Nikkei lost 1.69% as the Yen strengthened against the Dollar following the weak data on Friday. Markets remained closed in China due to Tomb Sweeping Day. Technology shares declined in Europe following global losses, sending stocks lower at the session open. In early trade the FTSE 100 was 0.73% lower, the CAC 40 was 0.98% lower and the DAX was 1.46% lower.
WTI Crude gained following the NFP report as the figures still showed improvement in the economy and coupled with recent data from Europe demand looks to be on the upside. Support was also found from hopes that China will implement economic stimulus measures soon. After continued protests in Libya, limiting, Libyan rebels agreed to open two oil export ports after talks with the government and so during the Asian session the price dropped. Gold saw sharp gains and moved above $1,300/ ounce after the U.S. released a weaker than expected Nonfarm Payroll figure caused investors to question the pace of tapering. Prices were also boosted due to losses in the stock market. Losses were seen earlier today as physical demand weakened with the Chinese market being closed.
Today’s Main Events:
06.00 GMT: EUR – German Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
14.30 GMT: CAD – BoC Business Outlook Survey – measures the business outlook in Canada as derived from a survey of about 100 selected businesses which asks respondents to rate the relative level of general business conditions.
15.45 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
23.50 GMT: JPY – Adjusted Current Account – measures the difference in value between exported and imported goods, services and interest payments during the reported month
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