U.S. stocks rebounded from their biggest drop in two years as a bailout plan was announced for Banco Espirito Santo. Portugal’s Central bank gave the bank 4.9 billion Euros. Traders welcomed the news as it prevented a collapse of one of Portugal’s biggest lenders. Technology stocks also gained in response to upbeat earnings releases. At session close, the S&P 500 was 0.72% higher and the Dow Jones was 0.46% higher. Asian markets were mixed today. The Nikkei close 1% lower due to a stronger Yen as the Dollar slipped from ¥102.94 to ¥102.53. The Hang Seng added 0.2% boosted by strength in Chinese banks. European markets are higher today as BMW and Deutsche Post AG report positive earnings. Currently, the DAX is up 0.60% while London’s FTSE 100 is up 0.47% and France’s CAC 40 is up 0.35%.
WTI Crude traded near a 3 day high ahead of supply later in the day. The commodity declined 4.1% last week due to signs of weaker U.S. fuel demand. Investors will also look to U.S. data to assess the strength of the economy and predict future demand. The API will be releasing data at 8.30pm GMT. Gold has climbed slightly as traders believe that physical demand could be spurred by the low price. Despite the increase, the price is still trading below $1,300/ ounce. Today, we should pay attention to the U.S. ISM Non-Manufacturing PMI and Factory Orders as they could have a strong impact on the metal.
Today’s Main Events:
08.30 GMT: GBP – Services PMI – Level of a diffusion index based on surveyed purchasing managers in the services industry
14.00 GMT: USD – ISM Non- Manufacturing PMI – Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry;
August 5, 2014 – Daily Market News
Today’s Hot Assets: USD, Oil
U.S. stocks rebounded from their biggest drop in two years as a bailout plan was announced for Banco Espirito Santo. Portugal’s Central bank gave the bank 4.9 billion Euros. Traders welcomed the news as it prevented a collapse of one of Portugal’s biggest lenders. Technology stocks also gained in response to upbeat earnings releases. At session close, the S&P 500 was 0.72% higher and the Dow Jones was 0.46% higher. Asian markets were mixed today. The Nikkei close 1% lower due to a stronger Yen as the Dollar slipped from ¥102.94 to ¥102.53. The Hang Seng added 0.2% boosted by strength in Chinese banks. European markets are higher today as BMW and Deutsche Post AG report positive earnings. Currently, the DAX is up 0.60% while London’s FTSE 100 is up 0.47% and France’s CAC 40 is up 0.35%.
WTI Crude traded near a 3 day high ahead of supply later in the day. The commodity declined 4.1% last week due to signs of weaker U.S. fuel demand. Investors will also look to U.S. data to assess the strength of the economy and predict future demand. The API will be releasing data at 8.30pm GMT. Gold has climbed slightly as traders believe that physical demand could be spurred by the low price. Despite the increase, the price is still trading below $1,300/ ounce. Today, we should pay attention to the U.S. ISM Non-Manufacturing PMI and Factory Orders as they could have a strong impact on the metal.
Today’s Main Events:
08.30 GMT: GBP – Services PMI – Level of a diffusion index based on surveyed purchasing managers in the services industry
14.00 GMT: USD – ISM Non- Manufacturing PMI – Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry;
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