U.S markets dropped on Friday posting a weekly loss for the first time in two weeks. In addition, both the Dow Jones and S&P experienced their biggest weekly losses since 2011. Traders focused on falling oil prices and fears over the global economy. In addition, traders seemed to participate in an end of year sell off. At session close the S&P 500 was 1.62% lower at 2,002.33 and the Dow Jones was 1.79% lower at 17,280.83. Asian markets declined across the region. The Japanese Prime Minister, Shinzo Abe, and his coalition won the elections yesterday with the party winning more than 2/3 of the seats. The Nikkei closed 1.57% lower. The Hang Seng lost 0.95% in reaction to a report from the Central Bank which predicted economic growth would decrease to 7.1%. European markets are mixed today. The market is being hit by the upcoming Presidential vote in Greece which could cause a political deadlock. Currently, the DAX is down 2.34% and the CAC 40 is down 2.3%. The FTSE 100, however, is up 0.13% as oil has rebounded slightly boosting oil companies.
WTI Crude dropped to a new 5 year low after the IEA reduced their forecasts for global oil demand for 2015 by 230,000 barrels/ day. Today, the price rebounded slightly following news from Libya that one of their ports has halted production due to a strike. Traders will await data from China, Europe and the U.S later in the week to gauge demand. Gold declined despite declines in the stock market. Speculation is ongoing that the Fed may provide more information on the Interest rate hike during their FOMC statement on Wednesday and many expect them to be hawkish.
Today’s Main Events:
11.00 GMT: GBP – CBI Industrial Trends Orders – measures the economic expectations of the manufacturing executives in the U.K
13.30 GMT: USD – NY Empire State Manufacturing Index – rates the relative level of general business conditions New York state
14.15 GMT: USD – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
December 15, 2014 – Daily Market News
Today’s Hot Assets: Yen, Oil
U.S markets dropped on Friday posting a weekly loss for the first time in two weeks. In addition, both the Dow Jones and S&P experienced their biggest weekly losses since 2011. Traders focused on falling oil prices and fears over the global economy. In addition, traders seemed to participate in an end of year sell off. At session close the S&P 500 was 1.62% lower at 2,002.33 and the Dow Jones was 1.79% lower at 17,280.83. Asian markets declined across the region. The Japanese Prime Minister, Shinzo Abe, and his coalition won the elections yesterday with the party winning more than 2/3 of the seats. The Nikkei closed 1.57% lower. The Hang Seng lost 0.95% in reaction to a report from the Central Bank which predicted economic growth would decrease to 7.1%. European markets are mixed today. The market is being hit by the upcoming Presidential vote in Greece which could cause a political deadlock. Currently, the DAX is down 2.34% and the CAC 40 is down 2.3%. The FTSE 100, however, is up 0.13% as oil has rebounded slightly boosting oil companies.
WTI Crude dropped to a new 5 year low after the IEA reduced their forecasts for global oil demand for 2015 by 230,000 barrels/ day. Today, the price rebounded slightly following news from Libya that one of their ports has halted production due to a strike. Traders will await data from China, Europe and the U.S later in the week to gauge demand. Gold declined despite declines in the stock market. Speculation is ongoing that the Fed may provide more information on the Interest rate hike during their FOMC statement on Wednesday and many expect them to be hawkish.
Today’s Main Events:
11.00 GMT: GBP – CBI Industrial Trends Orders – measures the economic expectations of the manufacturing executives in the U.K
13.30 GMT: USD – NY Empire State Manufacturing Index – rates the relative level of general business conditions New York state
14.15 GMT: USD – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
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