Weak data from the US throughout the month of January could be attributed to the bad weather and cold snap which affected industries across the state. US stocks rebounded from their lows yesterday as this realization hit the market and as Factory Orders declined less than predicted. At the close of the US session the S&P 500 was 0.76% higher and the Dow Jones was 0.47% higher. Asian markets were given a positive lead from the US and most stocks increased. The Nikkei gained 1.23% after Japanese companies, such as Panasonic and Sony, posted substantial gains. The Hang Seng, however, declined 0.6% due to concerns that public offering listings will hurt liquidity, while Shanghai markets remained closed for the New Year. European stocks are higher following mostly positive Services PMI data from Spain, Italy, France and Germany. Investors are cautious ahead of the US ADP Nonfarm Employment Change Data at 1.15 pm (GMT). This could give us an indication of what to expect in Friday’s NFP report.
WTI is climbing ahead of Crude Oil Inventories from the EIA later today at 3.30 pm (GMT). The expectation is to see a further fall in distillate inventories which have been decreasing due to the cold weather in the US over the past few weeks. The API also reported yesterday that Crude stock only increased by 0.38M much below the expected 1.5M. After sharply increasing following the US ISM data, Gold saw some losses. Investors moved to riskier assets after US Factory Orders were slightly better than expected and equity markets rebounded. Physical demand is still lower as the biggest consumer, China, remains closed. The price is inching slightly higher ahead of the ADP data today. Investors should also watch the ISM Non -Manufacturing PMI at 3pm (GMT).
Today’s Main Events:
09.00 GMT: EUR – Services PMI – measures the activity level of purchasing managers in the services sector.
09.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector.
10.00 GMT: EUR – Retail Sales – measure the change in the total value of inflation-adjusted sales at the retail level
13.15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
15.00 GMT: USD – ISM Non – Manufacturing PMI – a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector.
February 5, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD
Weak data from the US throughout the month of January could be attributed to the bad weather and cold snap which affected industries across the state. US stocks rebounded from their lows yesterday as this realization hit the market and as Factory Orders declined less than predicted. At the close of the US session the S&P 500 was 0.76% higher and the Dow Jones was 0.47% higher. Asian markets were given a positive lead from the US and most stocks increased. The Nikkei gained 1.23% after Japanese companies, such as Panasonic and Sony, posted substantial gains. The Hang Seng, however, declined 0.6% due to concerns that public offering listings will hurt liquidity, while Shanghai markets remained closed for the New Year. European stocks are higher following mostly positive Services PMI data from Spain, Italy, France and Germany. Investors are cautious ahead of the US ADP Nonfarm Employment Change Data at 1.15 pm (GMT). This could give us an indication of what to expect in Friday’s NFP report.
WTI is climbing ahead of Crude Oil Inventories from the EIA later today at 3.30 pm (GMT). The expectation is to see a further fall in distillate inventories which have been decreasing due to the cold weather in the US over the past few weeks. The API also reported yesterday that Crude stock only increased by 0.38M much below the expected 1.5M. After sharply increasing following the US ISM data, Gold saw some losses. Investors moved to riskier assets after US Factory Orders were slightly better than expected and equity markets rebounded. Physical demand is still lower as the biggest consumer, China, remains closed. The price is inching slightly higher ahead of the ADP data today. Investors should also watch the ISM Non -Manufacturing PMI at 3pm (GMT).
Today’s Main Events:
09.00 GMT: EUR – Services PMI – measures the activity level of purchasing managers in the services sector.
09.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector.
10.00 GMT: EUR – Retail Sales – measure the change in the total value of inflation-adjusted sales at the retail level
13.15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
15.00 GMT: USD – ISM Non – Manufacturing PMI – a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector.
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