Stocks fluctuated after mixed US data and after companies reported higher than expected earnings. Macy’s and Home Depot rose more than 2.4 percent and Tesla Motors Inc. gained 18% as Morgan Stanley more than doubled its projected price for the stock. At the end of the session, after traders digested the information, stocks declined as the downbeat Consumer data suggested a slowdown in recovery and concerns over business conditions. The Dow Jones lost 0.17% and the S&P 500 lost 0.13%. Asian stocks were mixed after a choppy session. The Nikkei declined 0.54% as expected after the Yen gained 0.3% against the Dollar. The Hang Seng gained 0.54% after the rise of Chinese new energy stocks. European markets are also lower despite the release of strong German consumer climate data. Weak earnings reports coupled with worries over the economic outlook for China are bringing negative sentiment to stocks. Currently, the CAC 40 has lost 0.45% and the DAX has lost 0.18%. London’s FTSE 100 has also lost 0.35% after Britain reported a lower than expected yearly GDP.
WTI Crude declined and reached its lowest price in a week after the weak US data. A recent series of disappointing U.S. data has sparked speculation that economic recovery has lost momentum. Forecasts for warmer weather across eastern U.S. in early March also pushed prices lower. The price is now climbing ahead of inventory data from the EIA at 3.30pm (GMT). Gold is continuing to climb and is now trading at a four month high. The political unrest in Ukraine is also giving Gold support especially from Europe. Investors should focus on economic data being released later in the day including U.S. New Home Sales at 3pm (GMT) and a speech from FOMC member Rosengren at 5pm (GMT).
Today’s Main Events:
15.00 GMT: USD – New Home Sales – measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated.
17.00 GMT: USD – FOMC Member Rosengren Speaks – Federal Reserve Bank of Boston President and FOMC voting member, Eric S. Rosengren to speak. FOMC members are responsible for setting the benchmark interest rate and their speeches are closely watched for indications on the future possible direction of monetary policy
21.45 GMT: NZD – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period
February 26, 2014 – Daily Market News
Today’s Hot Assets: USD, Oil
Stocks fluctuated after mixed US data and after companies reported higher than expected earnings. Macy’s and Home Depot rose more than 2.4 percent and Tesla Motors Inc. gained 18% as Morgan Stanley more than doubled its projected price for the stock. At the end of the session, after traders digested the information, stocks declined as the downbeat Consumer data suggested a slowdown in recovery and concerns over business conditions. The Dow Jones lost 0.17% and the S&P 500 lost 0.13%. Asian stocks were mixed after a choppy session. The Nikkei declined 0.54% as expected after the Yen gained 0.3% against the Dollar. The Hang Seng gained 0.54% after the rise of Chinese new energy stocks. European markets are also lower despite the release of strong German consumer climate data. Weak earnings reports coupled with worries over the economic outlook for China are bringing negative sentiment to stocks. Currently, the CAC 40 has lost 0.45% and the DAX has lost 0.18%. London’s FTSE 100 has also lost 0.35% after Britain reported a lower than expected yearly GDP.
WTI Crude declined and reached its lowest price in a week after the weak US data. A recent series of disappointing U.S. data has sparked speculation that economic recovery has lost momentum. Forecasts for warmer weather across eastern U.S. in early March also pushed prices lower. The price is now climbing ahead of inventory data from the EIA at 3.30pm (GMT). Gold is continuing to climb and is now trading at a four month high. The political unrest in Ukraine is also giving Gold support especially from Europe. Investors should focus on economic data being released later in the day including U.S. New Home Sales at 3pm (GMT) and a speech from FOMC member Rosengren at 5pm (GMT).
Today’s Main Events:
15.00 GMT: USD – New Home Sales – measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated.
17.00 GMT: USD – FOMC Member Rosengren Speaks – Federal Reserve Bank of Boston President and FOMC voting member, Eric S. Rosengren to speak. FOMC members are responsible for setting the benchmark interest rate and their speeches are closely watched for indications on the future possible direction of monetary policy
21.45 GMT: NZD – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period
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