U.S. markets continued to climb reaching record levels once again. With volatility declining and fewer events to spur the market, traders continued to trade with the FOMC statement in mind. At session close, the S&P 500 was 0.38% higher at 2,078.54. This was its 50th record close of the year and the index hasn’t reached so many records since 1995. The Dow Jones closed 0.87% higher at 17,959.44, a 35th record for the year. Asian markets declined today. The Nikkei remained closed for the ‘Emperor’s Birthday’, thus remaining at 17,635.14. The Hang Seng lost 0.32% and the Shanghai Composite lost 3.03% due to reports or a potential stock price manipulation. Traders also locked in profit following a recent surge. European markets are higher today following the release of positive Consumer Spending data from France. Currently the CAC 40 is up 0.76% and the DAX is up 0.23%. The FTSE 100 is up 0.42% despite a batch of negative data, including GDP, Current account and mortgage approvals.
WTI Crude dropped following reports that Saudi Arabia repeated that they will not cut production and blamed non OPEC countries for the glut. In addition, a Barclay’s analyst stated that prices still have further to fall and KCB Energy Economics said they expect prices to be lower through 2015. Today, the price gained slightly but it now looks as though it will range around $56/barrel. Traders should watch the supply report being released from the API later today. Gold dropped $25/ounce as the Dollar remained at a 5 year high. Demand for safe haven assets is declining as financial instability in Russia seems to be improving and China pledged that they would help if needed. The ruble has recovered to 54.56 against the Dollar, down from 59.46. Traders should watch U.S data being released later in the day as it could push the metal even lower.
Today’s Main Events:
09.30 GMT: GBP – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.
13.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items.
13.30 GMT: USD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
14.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions
December 23, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. markets continued to climb reaching record levels once again. With volatility declining and fewer events to spur the market, traders continued to trade with the FOMC statement in mind. At session close, the S&P 500 was 0.38% higher at 2,078.54. This was its 50th record close of the year and the index hasn’t reached so many records since 1995. The Dow Jones closed 0.87% higher at 17,959.44, a 35th record for the year. Asian markets declined today. The Nikkei remained closed for the ‘Emperor’s Birthday’, thus remaining at 17,635.14. The Hang Seng lost 0.32% and the Shanghai Composite lost 3.03% due to reports or a potential stock price manipulation. Traders also locked in profit following a recent surge. European markets are higher today following the release of positive Consumer Spending data from France. Currently the CAC 40 is up 0.76% and the DAX is up 0.23%. The FTSE 100 is up 0.42% despite a batch of negative data, including GDP, Current account and mortgage approvals.
WTI Crude dropped following reports that Saudi Arabia repeated that they will not cut production and blamed non OPEC countries for the glut. In addition, a Barclay’s analyst stated that prices still have further to fall and KCB Energy Economics said they expect prices to be lower through 2015. Today, the price gained slightly but it now looks as though it will range around $56/barrel. Traders should watch the supply report being released from the API later today. Gold dropped $25/ounce as the Dollar remained at a 5 year high. Demand for safe haven assets is declining as financial instability in Russia seems to be improving and China pledged that they would help if needed. The ruble has recovered to 54.56 against the Dollar, down from 59.46. Traders should watch U.S data being released later in the day as it could push the metal even lower.
Today’s Main Events:
09.30 GMT: GBP – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.
13.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items.
13.30 GMT: USD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
14.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions
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