After declining due to increased tapering and emerging market fears US stocks regained some ground yesterday. This came after GDP data boosted optimism as the US economy expanded by 3.2% in the fourth quarter. At the close of the US session, the S&P 500 was 1.13% higher and the Dow Jones was 0.7% higher. Several Asian markets are closed due to the Chinese/ Luna New Year and consequently the Hang Seng has remained unchanged at 22,035.42. The Nikkei, however, gained 0.6% after Japan’s Unemployment Rate fell to a six year low at 3.7%. European stocks have opened lower as investors are awaiting key data including Core CPI and the Unemployment Rate both at 10.00 am (GMT). In early trade the DAX was down by 0.31%, the FTSE 100 was down 0.06% and the CAC 40 in France was unchanged.
The positive GDP data boosted WTI as it suggests stronger demand from the US. Cold weather also pushed the price higher. Today, however, there has been a slight correction as some investors believe it to be overvalued and are selling for profits. Gold declined yesterday after the US economy showed further improvement. Physical demand is much lower due to Asian markets being closed. Gold traders should watch US data coming out later today including the Chicago PMI at 2.45 pm (GMT) and Michigan Consumer Sentiment at 2.55 pm (GMT).
Today’s Main Events:
10.00 GMT: EUR – Core CPI – measures the change in the price of goods and services purchased by consumers, excluding food, energy, alcohol, and tobacco.
10.00 GMT: EUR – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month
13.30 GMT: CAD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
13.30 GMT: USD – Personal Spending – measures the change in the inflation-adjusted value of all spending by consumers. Consumer spending accounts for a majority of overall economic activity.
14.45 GMT: USD – Chicago PMI – determines the economic health of the manufacturing sector in Chicago region.
14.55 GMT: USD – Michigan consumer sentiment – rates the relative level of current and future economic conditions.
January 31, 2014 – Daily Market News
Today’s Hot Assets: EUR, CAD, USD
After declining due to increased tapering and emerging market fears US stocks regained some ground yesterday. This came after GDP data boosted optimism as the US economy expanded by 3.2% in the fourth quarter. At the close of the US session, the S&P 500 was 1.13% higher and the Dow Jones was 0.7% higher. Several Asian markets are closed due to the Chinese/ Luna New Year and consequently the Hang Seng has remained unchanged at 22,035.42. The Nikkei, however, gained 0.6% after Japan’s Unemployment Rate fell to a six year low at 3.7%. European stocks have opened lower as investors are awaiting key data including Core CPI and the Unemployment Rate both at 10.00 am (GMT). In early trade the DAX was down by 0.31%, the FTSE 100 was down 0.06% and the CAC 40 in France was unchanged.
The positive GDP data boosted WTI as it suggests stronger demand from the US. Cold weather also pushed the price higher. Today, however, there has been a slight correction as some investors believe it to be overvalued and are selling for profits. Gold declined yesterday after the US economy showed further improvement. Physical demand is much lower due to Asian markets being closed. Gold traders should watch US data coming out later today including the Chicago PMI at 2.45 pm (GMT) and Michigan Consumer Sentiment at 2.55 pm (GMT).
Today’s Main Events:
10.00 GMT: EUR – Core CPI – measures the change in the price of goods and services purchased by consumers, excluding food, energy, alcohol, and tobacco.
10.00 GMT: EUR – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month
13.30 GMT: CAD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
13.30 GMT: USD – Personal Spending – measures the change in the inflation-adjusted value of all spending by consumers. Consumer spending accounts for a majority of overall economic activity.
14.45 GMT: USD – Chicago PMI – determines the economic health of the manufacturing sector in Chicago region.
14.55 GMT: USD – Michigan consumer sentiment – rates the relative level of current and future economic conditions.
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