The U.S. stock market closed higher on Friday following upbeat earnings from Wells Fargo. Wells Fargo reported that profits rose by 3% to $5.42 billion in the second quarter. At session close the S&P 500 was 0.15% higher and the Dow Jones was 0.17% higher. Asian stocks started the week higher as telecommunications and health-care shares advanced. The Nikkei added 0.88% as the Yen softened against the Dollar, trading at ¥101.503 from ¥101.315. The Hang Seng added 0.49% as China’s three biggest state-owned mobile carriers agreed to form a joint venture. European markets are higher today as worries over the Portuguese financial system subside. Currently, the DAX is up 0.71% while London’s FTSE 100 is up 0.67% and France’s CAC 40 is up 0.56%.
WTI Crude declined to its lowest price since May. The price is under pressure as two Libyan ports resumed exports boosting supply. The price has now turned choppy as analysts are warning not to fully ignore geopolitical risks across the Middle East. Gold started the week with sharp losses ahead of earning reports and economic data in the coming week. The Dollar is also strengthening as investors speculate over the timing of an interest rate increase, and as we already know the two assets tend to trade inversely. As the price is low we could see an increase in physical demand. Today is a quiet day for data but watch out for a speech from Mario Draghi at 5pm GMT.
Today’s Main Events:
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
17.00 GMT: EUR – ECB President Draghi Speaks – Due to testify on monetary policy before the Committee on Economic and Monetary Affairs of the European Parliament, in Strasbourg
July 14, 2014 – Daily Market News
Today’s Hot Asset: EUR
The U.S. stock market closed higher on Friday following upbeat earnings from Wells Fargo. Wells Fargo reported that profits rose by 3% to $5.42 billion in the second quarter. At session close the S&P 500 was 0.15% higher and the Dow Jones was 0.17% higher. Asian stocks started the week higher as telecommunications and health-care shares advanced. The Nikkei added 0.88% as the Yen softened against the Dollar, trading at ¥101.503 from ¥101.315. The Hang Seng added 0.49% as China’s three biggest state-owned mobile carriers agreed to form a joint venture. European markets are higher today as worries over the Portuguese financial system subside. Currently, the DAX is up 0.71% while London’s FTSE 100 is up 0.67% and France’s CAC 40 is up 0.56%.
WTI Crude declined to its lowest price since May. The price is under pressure as two Libyan ports resumed exports boosting supply. The price has now turned choppy as analysts are warning not to fully ignore geopolitical risks across the Middle East. Gold started the week with sharp losses ahead of earning reports and economic data in the coming week. The Dollar is also strengthening as investors speculate over the timing of an interest rate increase, and as we already know the two assets tend to trade inversely. As the price is low we could see an increase in physical demand. Today is a quiet day for data but watch out for a speech from Mario Draghi at 5pm GMT.
Today’s Main Events:
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
17.00 GMT: EUR – ECB President Draghi Speaks – Due to testify on monetary policy before the Committee on Economic and Monetary Affairs of the European Parliament, in Strasbourg
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