Stocks have been gaining following Yellen’s accommodative stance on monetary policy. She stated that asset purchases are not on a pre-set course and the economy still needs to improve further. Investors locked in gains yesterday and stocks closed slightly lower. At the close of the US trading the S&P 500 was down 0.03% and the Dow Jones was down 0.19%. Asian stocks were broadly lower following the negative lead from the US. The Nikkei declined 1.79% as the Yen strengthened against the Dollar and the Hang Seng declined 0.54% after Lenovo posted disappointing earnings. Investors will focus on Inflation data coming out from China tomorrow at 2am (GMT). European stocks have also opened lower due to political issues in Italy; During European morning trade, the EURO STOXX 50 fell 0.29%, France’s CAC 40 edged down 0.21%, while Germany’s DAX 30 slipped 0.24%.
WTI Crude declined after the EIA showed inventories increased and stood at 3.3million barrels during the last week. Investors also viewed the price as over-bought so investors locked in profits. Gold has reached a 3 month high as traders are expecting the Fed to slow down the pace of tapering after Janet Yellen’s dovish comments. We can now see a slight decline because physical demand weakened as the price increased. Investors should watch US Retail Sales coming out at 1.30 pm (GMT). Yellen was supposed to testify for a second day today but it has been postponed due to the weather.
Today’s Main Events:
09.00 GMT: EUR – ECB Monthly Report – The European Central Bank’s (ECB) monthly report contains the statistical data that policymakers evaluate when setting interest rates. The report also provides detailed analysis of current and future economic conditions from the bank’s perspective.
13.30 GMT: USD – Core Retail Sales – measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy.
13.30 GMT: USD – Retail Sales – measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
13.30 GMT: USD – Initial Jobless Claims- measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
February 13, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD
Stocks have been gaining following Yellen’s accommodative stance on monetary policy. She stated that asset purchases are not on a pre-set course and the economy still needs to improve further. Investors locked in gains yesterday and stocks closed slightly lower. At the close of the US trading the S&P 500 was down 0.03% and the Dow Jones was down 0.19%. Asian stocks were broadly lower following the negative lead from the US. The Nikkei declined 1.79% as the Yen strengthened against the Dollar and the Hang Seng declined 0.54% after Lenovo posted disappointing earnings. Investors will focus on Inflation data coming out from China tomorrow at 2am (GMT). European stocks have also opened lower due to political issues in Italy; During European morning trade, the EURO STOXX 50 fell 0.29%, France’s CAC 40 edged down 0.21%, while Germany’s DAX 30 slipped 0.24%.
WTI Crude declined after the EIA showed inventories increased and stood at 3.3million barrels during the last week. Investors also viewed the price as over-bought so investors locked in profits. Gold has reached a 3 month high as traders are expecting the Fed to slow down the pace of tapering after Janet Yellen’s dovish comments. We can now see a slight decline because physical demand weakened as the price increased. Investors should watch US Retail Sales coming out at 1.30 pm (GMT). Yellen was supposed to testify for a second day today but it has been postponed due to the weather.
Today’s Main Events:
09.00 GMT: EUR – ECB Monthly Report – The European Central Bank’s (ECB) monthly report contains the statistical data that policymakers evaluate when setting interest rates. The report also provides detailed analysis of current and future economic conditions from the bank’s perspective.
13.30 GMT: USD – Core Retail Sales – measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy.
13.30 GMT: USD – Retail Sales – measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
13.30 GMT: USD – Initial Jobless Claims- measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
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