Janet Yellen began her 2 day congressional testimony yesterday. She suggested that suggested valuations on Internet stocks may be stretched and also noted that the Fed could act sooner on interest rates. U.S. stocks were initially higher after positive earnings and data but following Yellen’s comments they closed lower. The S&P 500 was 0.19% lower, however, the Dow Jones was 0.03% higher. Asian stocks were mixed during today’s session. The Nikkei lost 0.1% in cautious trade ahead of Chinese data and as insurers and consumer lenders declined. The Hang Seng, however, added 0.27% after the economy grew in line with the government’s target. European markets are higher today after jobs data from the U.K. came out above expectations. Currently, the CAC 40 is up 1.29% while Germany’s DAX is up 1.12% and London’s FTSE 100 is up 0.87%.
WTI Crude gained slightly after the API release inventory data which was lower than predicted. The American Petroleum Institute reported a 4.8 million-barrel drop in U.S. oil stockpiles for the week ended July 11. Better than expected Chinese data also added support to the commodity. Supply data from the EIA is due today at 2.30pm GMT. Gold declined further following Yellen’s comments and is now trading below the key level of $1,300/ ounce. Remarks that interest rates could increase sooner pushed the Dollar up and as the metal trades inversely, this pressured the price lower. Yellen will be testifying again today and further movement may be seen.
Today’s Main Events:
08.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month
12.30 GMT: USD – PPI – measures the change in the price of goods sold by manufacturers
14.00 GMT: CAD – Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate
14.00 GMT: USD – Fed Chair Yellen Testifies – Due to testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC
15.15 GMT: CAD – BoC Press Conference – Quarterly, after the release of BOC Monetary Policy Report
July 16, 2014 – Daily Market News
Today’s Hot Assets: GBP, USD, CAD
Janet Yellen began her 2 day congressional testimony yesterday. She suggested that suggested valuations on Internet stocks may be stretched and also noted that the Fed could act sooner on interest rates. U.S. stocks were initially higher after positive earnings and data but following Yellen’s comments they closed lower. The S&P 500 was 0.19% lower, however, the Dow Jones was 0.03% higher. Asian stocks were mixed during today’s session. The Nikkei lost 0.1% in cautious trade ahead of Chinese data and as insurers and consumer lenders declined. The Hang Seng, however, added 0.27% after the economy grew in line with the government’s target. European markets are higher today after jobs data from the U.K. came out above expectations. Currently, the CAC 40 is up 1.29% while Germany’s DAX is up 1.12% and London’s FTSE 100 is up 0.87%.
WTI Crude gained slightly after the API release inventory data which was lower than predicted. The American Petroleum Institute reported a 4.8 million-barrel drop in U.S. oil stockpiles for the week ended July 11. Better than expected Chinese data also added support to the commodity. Supply data from the EIA is due today at 2.30pm GMT. Gold declined further following Yellen’s comments and is now trading below the key level of $1,300/ ounce. Remarks that interest rates could increase sooner pushed the Dollar up and as the metal trades inversely, this pressured the price lower. Yellen will be testifying again today and further movement may be seen.
Today’s Main Events:
08.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month
12.30 GMT: USD – PPI – measures the change in the price of goods sold by manufacturers
14.00 GMT: CAD – Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate
14.00 GMT: USD – Fed Chair Yellen Testifies – Due to testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC
15.15 GMT: CAD – BoC Press Conference – Quarterly, after the release of BOC Monetary Policy Report
Related Posts: