U.S markets dropped, suffering their largest losses seen in 3 months. The selloff was triggered by crude oil prices as they fell through $50/barrel. Concerns also mounted as the Euro declined on political developments in Greece and monetary stimulus expectations. The S&P 500 lost 1.83%, its largest daily loss for 3 months, and closed at 2,020.58. The Dow Jones dropped 1.86% with almost every component posting losses, and finished at 17,501.65. Asian markets were mostly lower across the region. The Nikkei lost 3.02% as the Dollar moved lower against the Yen, falling from 120.6 to 118.7. Losses were seen as the Yen strengthened as a safe haven asset due to fears over Europe and falling oil prices. The Hang Seng lost 0.99% as traders tracked the direction of global markets. The Shanghai Composite, however, recovered its losses and climbed 0.03% after the release of better than expected HSBD Services PMI. European markets are mixed today. The FTSE is down 0.47% with Ashtead losing 6.6%, Travis Perkins losing 2.48%, and Sports Direct losing 2.45%. The DAX is up 0.56% and the CAC 40 is up 0.08%.
WTI Crude lost 5% and fell through its psychological level at $50/barrel. The commodity is now trading at its lowest price since April 2009 around $48.75.barrel. The price is under pressure due to rising supplies and falling demand, concerns regarding Greek debt and the climbing Dollar. The API will be releasing inventory data at 9.30 PM (GMT). Gold benefited as a safe haven asset and climbed past $1,200/ ounce. Traders are focusing on Greece with worries another debt crisis could occur. Traders should keep in mind that the FOMC Meeting Minutes will be released tomorrow and the NFP report will come on Friday.
Today’s Main Events:
09.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector
14.45 GMT: USD – Services PMI – measures the activity level of purchasing managers in the services sector
15.00 GMT: USD – ISM Non-Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector
January 6, 2015 – Daily Market News
Today’s Hot Assets: Yen, Gold, Oil
U.S markets dropped, suffering their largest losses seen in 3 months. The selloff was triggered by crude oil prices as they fell through $50/barrel. Concerns also mounted as the Euro declined on political developments in Greece and monetary stimulus expectations. The S&P 500 lost 1.83%, its largest daily loss for 3 months, and closed at 2,020.58. The Dow Jones dropped 1.86% with almost every component posting losses, and finished at 17,501.65. Asian markets were mostly lower across the region. The Nikkei lost 3.02% as the Dollar moved lower against the Yen, falling from 120.6 to 118.7. Losses were seen as the Yen strengthened as a safe haven asset due to fears over Europe and falling oil prices. The Hang Seng lost 0.99% as traders tracked the direction of global markets. The Shanghai Composite, however, recovered its losses and climbed 0.03% after the release of better than expected HSBD Services PMI. European markets are mixed today. The FTSE is down 0.47% with Ashtead losing 6.6%, Travis Perkins losing 2.48%, and Sports Direct losing 2.45%. The DAX is up 0.56% and the CAC 40 is up 0.08%.
WTI Crude lost 5% and fell through its psychological level at $50/barrel. The commodity is now trading at its lowest price since April 2009 around $48.75.barrel. The price is under pressure due to rising supplies and falling demand, concerns regarding Greek debt and the climbing Dollar. The API will be releasing inventory data at 9.30 PM (GMT). Gold benefited as a safe haven asset and climbed past $1,200/ ounce. Traders are focusing on Greece with worries another debt crisis could occur. Traders should keep in mind that the FOMC Meeting Minutes will be released tomorrow and the NFP report will come on Friday.
Today’s Main Events:
09.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector
14.45 GMT: USD – Services PMI – measures the activity level of purchasing managers in the services sector
15.00 GMT: USD – ISM Non-Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector
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