Daily Market News: April 8, 2014
April 8, 2014 10:21 amVideo
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April 8, 2014 – Daily Market News
Today’s Hot Assets: USD, GBP
Selling of high-growth stocks continued yesterday. Investors continued to ditch technology shares, following sentiment which began on Friday. Consequently, markets fell sharply in the U.S.; at the session close the S&P 500 was 1.08% lower, ending below its key technological level of 1,850, and the Dow Jones was 1.02% lower. Asian stocks finished mixed with technology shares also declining; Sony Corp lost 2.5% and Yahoo Japan Corp lost 2.3%. The Nikkei lost 1.36% after the Bank of Japan left its policy unchanged, stating that the economy is improving at a moderate pace. This caused the Yen to strengthen against the US Dollar with the Dollar falling from ¥103.09 to ¥102.69. The Hang Seng closed 0.98% higher after Tencent Holdings released that it spent 76.7 million Hong Kong dollars on share buybacks. European markets started the day lower as tension seems to be escalating over Ukraine once again.
WTI Crude is rising today ahead of inventory data later in the day from the API. Tension in Ukraine is also increasing. Pro- Russian protestors seized government buildings this week pushing Ukraine to send police forces into eastern regions. The U.S. has accused Russia of instigating the raids. Gold is also climbing and is once again above $1300/ounce due to the uncertainty over the geopolitical situation. Traders are also focusing on the minute meetings from the Fed coming later in the week. Fed members have stated that interest rates could increase in 2015 and if this is reiterated again at the Fed meeting we could see a decline in the metal.
Today’s Main Events:
08.30 GMT: GBP – Manufacturing Production – measures the change in the total inflation-adjusted value of output produced by manufacturers
12.15 GMT: CAD – Building Permits – measures the change in the number of new building permits issued by the government
14.00 GMT: USD – JOLTS Job Openings
17.30 GMT: USD – FOMC Member Kocherlakota Speaks
18.45 GMT: USD – FOMC Member Plosser Speaks
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