Following weak US Existing Home Sales data on Friday, US stocks moved lower; The S&P 500 and Dow Jones both declined 0.19%. The Federal Reserve have continually stated that they will pay close attention to data when deciding the pace at which it will taper the monthly bond-buying program, which boosts stocks by lowering borrowing costs. This weekend, at the G20 meeting, it was announced that the global economy is expected to grow by $2 trillion. However, it was also stated that due to Fed tapering the economy could be softening and markets may not react well. Stimulus measure have added value to shares worldwide and so the timing of stimulus pullback in developed economies will depend on the outlook for prices and growth. In Asia, stocks fell amid reports that banks, including Industrial Bank Co, have tightened lending to developers. The Shanghai Composite is down 1.75% while Hong Kong’s Hang Seng is off 0.80% and Japan’s Nikkei 225 is lower by 0.19%. European stocks have opened lower ahead of key data later in the day. The German lfo Business Climate Index will be released at 9am (GMT) and the European CPI will be released at 10am (GMT).
WTI continues to trade at a high due to cold weather in the US. Two more storms are expected to hit Central and Eastern US this week according to the National Weather Service which will bolster demand for heating fuel. Crude inventories from the US also declined last week. Traders should look ahead to key U.S. data later in the week including revised data on fourth quarter economic growth, Durable Goods Orders and Consumer Confidence. Gold saw some gains after housing data from the US disappointed markets. The metal is being continually supported as the economic recovery in the US has declined in recent weeks fueling expectations that the Federal Reserve may delay further tapering.
Today’s Main Events:
09.00 GMT: EUR – German lfo Business Climate Index – rates the current German business climate and measures expectations for the next six months. It is a composite index based on a survey of manufacturers, builders, wholesalers and retailers. The index is compiled by the Ifo Institute for Economic Research.
10.00 GMT: EUR – CPI – measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
February 24, 2014 – Daily Market News
Today’s Hot Asset: EUR
Following weak US Existing Home Sales data on Friday, US stocks moved lower; The S&P 500 and Dow Jones both declined 0.19%. The Federal Reserve have continually stated that they will pay close attention to data when deciding the pace at which it will taper the monthly bond-buying program, which boosts stocks by lowering borrowing costs. This weekend, at the G20 meeting, it was announced that the global economy is expected to grow by $2 trillion. However, it was also stated that due to Fed tapering the economy could be softening and markets may not react well. Stimulus measure have added value to shares worldwide and so the timing of stimulus pullback in developed economies will depend on the outlook for prices and growth. In Asia, stocks fell amid reports that banks, including Industrial Bank Co, have tightened lending to developers. The Shanghai Composite is down 1.75% while Hong Kong’s Hang Seng is off 0.80% and Japan’s Nikkei 225 is lower by 0.19%. European stocks have opened lower ahead of key data later in the day. The German lfo Business Climate Index will be released at 9am (GMT) and the European CPI will be released at 10am (GMT).
WTI continues to trade at a high due to cold weather in the US. Two more storms are expected to hit Central and Eastern US this week according to the National Weather Service which will bolster demand for heating fuel. Crude inventories from the US also declined last week. Traders should look ahead to key U.S. data later in the week including revised data on fourth quarter economic growth, Durable Goods Orders and Consumer Confidence. Gold saw some gains after housing data from the US disappointed markets. The metal is being continually supported as the economic recovery in the US has declined in recent weeks fueling expectations that the Federal Reserve may delay further tapering.
Today’s Main Events:
09.00 GMT: EUR – German lfo Business Climate Index – rates the current German business climate and measures expectations for the next six months. It is a composite index based on a survey of manufacturers, builders, wholesalers and retailers. The index is compiled by the Ifo Institute for Economic Research.
10.00 GMT: EUR – CPI – measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
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