Yesterday, mergers and acquisitions activity and a positive German confidence data sent stocks higher. Regulators also proposed cutting Medicare rates which was bullish news for healthcare stocks and insurance companies. After reaching a record during mid-trade, the S&P 500 lost some of its gains but closed 0.62% higher and the Dow Jones closed 0.64% higher. Asian stocks followed the positive lead and were mostly higher. The Nikkei rose above the 15,000 level, gaining 1.44% as the yen weakened against the US dollar and the Bank of Japan Deputy Gov stated that the country is on track to maintain its 2% consumer inflation. The Hang Seng, however, lost 0.32% after HSBC Holdings, its largest component, posted results which missed estimates. Ongoing fears over China’s property sector also affected stocks. European shares opened lower today following weak earnings report and a drop in metal prices.
WTI crude is declining from a 20 week high amid speculation that a report from the API later in the day will show that stockpiles increased. The commodity has also reached a technical high and is ‘overbought’ so a downwards correction was expected. Gold is increasing once again and trading at its highest level in 4 months. Concerns regarding Chinese growth and the current crisis in Ukraine are increasing demand for the safe haven metal. The price is now falling slightly ahead of data later in the day. Traders should focus on the US CB Consumer Confidence which will be released at 3pm (GMT).
Today’s Main Events:
09.30 GMT: GBP – BBA Mortgage Approvals – measures the number of new mortgages approved by BBA-backed banks during the previous month. It includes more than half of the total U.K. mortgage market. It provides information about the buyers in the housing market in the U.K.
15.00 GMT: USD – CB Consumer Confidence – measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism
20.45 GMT: AUD – RBA Governor Stevens Speaks – As the head of the RBA, which sets short term interest rates, he has a major influence over the value of the Australian dollar. Traders watch his speeches closely as they are often used to drop subtle hints regarding future monetary policy and interest rate shifts.
February 25, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold, Oil
Yesterday, mergers and acquisitions activity and a positive German confidence data sent stocks higher. Regulators also proposed cutting Medicare rates which was bullish news for healthcare stocks and insurance companies. After reaching a record during mid-trade, the S&P 500 lost some of its gains but closed 0.62% higher and the Dow Jones closed 0.64% higher. Asian stocks followed the positive lead and were mostly higher. The Nikkei rose above the 15,000 level, gaining 1.44% as the yen weakened against the US dollar and the Bank of Japan Deputy Gov stated that the country is on track to maintain its 2% consumer inflation. The Hang Seng, however, lost 0.32% after HSBC Holdings, its largest component, posted results which missed estimates. Ongoing fears over China’s property sector also affected stocks. European shares opened lower today following weak earnings report and a drop in metal prices.
WTI crude is declining from a 20 week high amid speculation that a report from the API later in the day will show that stockpiles increased. The commodity has also reached a technical high and is ‘overbought’ so a downwards correction was expected. Gold is increasing once again and trading at its highest level in 4 months. Concerns regarding Chinese growth and the current crisis in Ukraine are increasing demand for the safe haven metal. The price is now falling slightly ahead of data later in the day. Traders should focus on the US CB Consumer Confidence which will be released at 3pm (GMT).
Today’s Main Events:
09.30 GMT: GBP – BBA Mortgage Approvals – measures the number of new mortgages approved by BBA-backed banks during the previous month. It includes more than half of the total U.K. mortgage market. It provides information about the buyers in the housing market in the U.K.
15.00 GMT: USD – CB Consumer Confidence – measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism
20.45 GMT: AUD – RBA Governor Stevens Speaks – As the head of the RBA, which sets short term interest rates, he has a major influence over the value of the Australian dollar. Traders watch his speeches closely as they are often used to drop subtle hints regarding future monetary policy and interest rate shifts.
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