US data disappointed the market again yesterday. Retail sales and Initial Jobless Claims were both below expectations. Stocks fluctuated throughout the session but after positive company earnings. At the close of the US session the S&P 500 had gained 0.58% and the Dow Jones had gained 0.4%. Most Asian stock markets rose after Chinese data came out higher than expected and the yearly CPI increased by 2.5%. The Hang Seng gained 0.71%. The Nikkei, however, declined 1.53% as the Yen strengthened against the Dollar following the weak US data.
WTI Crude increased for a fifth week as the winter storm in the US continues. The second largest oil field in Libya, the Sharara, experienced more trouble from protestors and production declined to 200,000 from 350,000. Consequently, demand is growing whilst supplies are falling which is pushing prices higher. Gold has also continued to climb and reached a new 3 month high. Weak US data is still lowering the Dollar and boosting the metal. The price is very high and has moved above the psychological level at $1300/ounce so the upwards movement could now be technical. As always, traders should be careful with long term buying and should focus on US data later including Industrial Production at 2.15pm (GMT) and the Michigan Consumer Sentiment at 2.55pm (GMT).
Today’s Main Events:
07.00 GMT: EUR – German GDP – the broadest measure of economic activity and is a key indicator of economic health. The quarterly percent changes in GDP show the growth rate of the economy as a whole.
10.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
14.15 GMT: USD – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
14.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised
February 14, 2014 – Daily Market News
Today’s Hot Assets: USD
US data disappointed the market again yesterday. Retail sales and Initial Jobless Claims were both below expectations. Stocks fluctuated throughout the session but after positive company earnings. At the close of the US session the S&P 500 had gained 0.58% and the Dow Jones had gained 0.4%. Most Asian stock markets rose after Chinese data came out higher than expected and the yearly CPI increased by 2.5%. The Hang Seng gained 0.71%. The Nikkei, however, declined 1.53% as the Yen strengthened against the Dollar following the weak US data.
WTI Crude increased for a fifth week as the winter storm in the US continues. The second largest oil field in Libya, the Sharara, experienced more trouble from protestors and production declined to 200,000 from 350,000. Consequently, demand is growing whilst supplies are falling which is pushing prices higher. Gold has also continued to climb and reached a new 3 month high. Weak US data is still lowering the Dollar and boosting the metal. The price is very high and has moved above the psychological level at $1300/ounce so the upwards movement could now be technical. As always, traders should be careful with long term buying and should focus on US data later including Industrial Production at 2.15pm (GMT) and the Michigan Consumer Sentiment at 2.55pm (GMT).
Today’s Main Events:
07.00 GMT: EUR – German GDP – the broadest measure of economic activity and is a key indicator of economic health. The quarterly percent changes in GDP show the growth rate of the economy as a whole.
10.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
14.15 GMT: USD – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
14.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised
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