US stocks were little changed at the end of yesterday’s US session. New Homes Sales came out higher than predicted showing a 9.6% increase in sales during the month of January. The data was positive but comes at a time of recent weak economic reports. The S&P 500 index traded above 1,850 during all 3 sessions this week but did not manage to close above it. Traders will therefore be focusing on this level as it will most likely push through it soon. At the close of U.S. trading, the Dow Jones Industrial Average closed 0.12% higher, the S&P 500 index ended even and the Nasdaq Composite index closed 0.10% higher. Markets in Asia finished mixed. The Nikkei lost 0.32% as the Yen gained against the US Dollar. The Hang Seng, however, gained 1.74% as the market continued to digest news that energy sector reforms are in sight. China Petroleum & Chemical Corp and Tencent Holdings LTD were the biggest gainers in the index yesterday. European stocks have opened lower following weak company earnings. Today could be a volatile day for investors with lots of economic data and speeches ahead.
WTI Crude is on the rise again following a report from the EIA that showed inventories to decrease. Stockpiles at Cushing declined 7.04 million barrels in the four weeks through Feb. 21. Prices are fluctuating today ahead of key data later in the day including Core Durable Goods Orders at 1.30pm (GMT). Gold prices have declined from a 4 month high due to weaker physical demand and the strengthening US Dollar following the positive Home Sales data. Later today, the head theof the Federal Reserve, Janet Yellen, will provide a testimony to the Senate Banking Committee. In her last appearance she said the central bank’s low-interest rate policies would continue. Investors will be looking to see whether the disappointing economic indicators over the last two weeks will alter her outlook.
Today’s Main Events:
08.00 GMT: EUR – Spanish GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
09.00 GMT: EUR – German Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the reported month.
13.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items. Because aircraft orders are very volatile, the core number gives a better gauge of ordering trends
13.30 GMT: USD – Intial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week.
15.00 GMT: USD – Fed Chair Yellen Testifies – Federal Reserve Chair Jannet Yellen is to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC
15.30 GMT: USD – FOMC Member Fisher Speaks – 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.
February 27, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold
US stocks were little changed at the end of yesterday’s US session. New Homes Sales came out higher than predicted showing a 9.6% increase in sales during the month of January. The data was positive but comes at a time of recent weak economic reports. The S&P 500 index traded above 1,850 during all 3 sessions this week but did not manage to close above it. Traders will therefore be focusing on this level as it will most likely push through it soon. At the close of U.S. trading, the Dow Jones Industrial Average closed 0.12% higher, the S&P 500 index ended even and the Nasdaq Composite index closed 0.10% higher. Markets in Asia finished mixed. The Nikkei lost 0.32% as the Yen gained against the US Dollar. The Hang Seng, however, gained 1.74% as the market continued to digest news that energy sector reforms are in sight. China Petroleum & Chemical Corp and Tencent Holdings LTD were the biggest gainers in the index yesterday. European stocks have opened lower following weak company earnings. Today could be a volatile day for investors with lots of economic data and speeches ahead.
WTI Crude is on the rise again following a report from the EIA that showed inventories to decrease. Stockpiles at Cushing declined 7.04 million barrels in the four weeks through Feb. 21. Prices are fluctuating today ahead of key data later in the day including Core Durable Goods Orders at 1.30pm (GMT). Gold prices have declined from a 4 month high due to weaker physical demand and the strengthening US Dollar following the positive Home Sales data. Later today, the head theof the Federal Reserve, Janet Yellen, will provide a testimony to the Senate Banking Committee. In her last appearance she said the central bank’s low-interest rate policies would continue. Investors will be looking to see whether the disappointing economic indicators over the last two weeks will alter her outlook.
Today’s Main Events:
08.00 GMT: EUR – Spanish GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
09.00 GMT: EUR – German Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the reported month.
13.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items. Because aircraft orders are very volatile, the core number gives a better gauge of ordering trends
13.30 GMT: USD – Intial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week.
15.00 GMT: USD – Fed Chair Yellen Testifies – Federal Reserve Chair Jannet Yellen is to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC
15.30 GMT: USD – FOMC Member Fisher Speaks – 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.
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