U.S. stock finished sharply lower following mixed data and a default in Argentina. Initial jobless claims rose less than expected and the Chicago PMI dropped at its highest rate since 2008. Trading volume was much higher than usual and the S&P 500 closed 2% lower at 1,930.67. The Dow Jones experienced its biggest drop for 6 months and closed 1.88% lower at 16,563.3, losing more than 300 points as all components were in the red. The index lost all of its gains for the year. Asian markets also declined across the region following U.S. sentiment. Despite positive Chinese manufacturing PMI, the Hang Seng lost 0.81%, its first loss in 8 sessions and the Nikkei lost 0.63%. European markets are lower as investors are hesitant ahead of the NFP release at 12.30 pm GMT. Currently, shares in Germany are off as the DAX drops 0.41%. The FTSE 100 is down 0.25% while the CAC 40 in France is unchanged.
WTI Crude broke through its support and fell as low as $97.60/barrel. The price has not been this low since March, and is being pushed by an accident at a Coffeyville refinery which is lowering demand. The stronger U.S. Dollar is also pushing the price down and so traders should watch the labour data being released from the U.S. at 12.30pm GMT. Gold is on track for a third weekly drop as the outlook for the U.S. economy strengthens. The precious metal may continue moving downward today ahead of the NFP report. Do note that any flare up of political tension could alter the yellow metal’s trajectory.
Today’s Main Events:
8.00 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
08.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
12.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry
14.00 GMT: USD – ISM Manufacturing PMI – based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies.
August 1, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold
U.S. stock finished sharply lower following mixed data and a default in Argentina. Initial jobless claims rose less than expected and the Chicago PMI dropped at its highest rate since 2008. Trading volume was much higher than usual and the S&P 500 closed 2% lower at 1,930.67. The Dow Jones experienced its biggest drop for 6 months and closed 1.88% lower at 16,563.3, losing more than 300 points as all components were in the red. The index lost all of its gains for the year. Asian markets also declined across the region following U.S. sentiment. Despite positive Chinese manufacturing PMI, the Hang Seng lost 0.81%, its first loss in 8 sessions and the Nikkei lost 0.63%. European markets are lower as investors are hesitant ahead of the NFP release at 12.30 pm GMT. Currently, shares in Germany are off as the DAX drops 0.41%. The FTSE 100 is down 0.25% while the CAC 40 in France is unchanged.
WTI Crude broke through its support and fell as low as $97.60/barrel. The price has not been this low since March, and is being pushed by an accident at a Coffeyville refinery which is lowering demand. The stronger U.S. Dollar is also pushing the price down and so traders should watch the labour data being released from the U.S. at 12.30pm GMT. Gold is on track for a third weekly drop as the outlook for the U.S. economy strengthens. The precious metal may continue moving downward today ahead of the NFP report. Do note that any flare up of political tension could alter the yellow metal’s trajectory.
Today’s Main Events:
8.00 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
08.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
12.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry
14.00 GMT: USD – ISM Manufacturing PMI – based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies.
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