Yesterday, a Malaysian airline carrying 295 people crashed into East Ukraine. This occurrence happened after the EU and U.S. applied a new round of sanctions onto Russia. As a result U.S. stocks ended sharply lower as investors turned to safe haven assets. The Israeli – Palestinian conflict is also pushing investors to safe havens. The S&P 500 dropped 1.18% to 1958.12, its biggest loss since April and the Dow Jones lost 0.94% to 16,976.81. Asian markets also declined. The Nikkei lost 1.01% as the Yen strengthened as a safe haven, trading at ¥101.23, down from ¥101.51. The Hang Seng lost 0.56% as sentiment dampened following the global sell off. European markets are lower today as the situation between Ukraine and Russia looks to be worsening. The UN will hold an emergency meeting today. Currently, the DAX is down 0.74% while London’s FTSE 100 is off 0.56% and France’s CAC 40 is lower by 0.38%.
WTI Crude rose earlier in the week after bullish data from the EIA. Inventories declined by 7.5million barrels, a higher amount than expected. In addition to this, two Libyan ports which were recently re-opened looked unlikely to resume oil exports before August. Geo political tension pushed the commodity even higher causing it to peak at almost $104/barrel. Gold, as a traditional haven, also spiked on the news. However, gains were limited as investors kept the U.S. monetary policy in mind. Traders should stay informed on events as any increase in tension will add support.
Today’s Main Events:
12.30 GMT: CAD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
14.00 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions.
July 18, 2014 – Daily Market News
Today’s Hot Asset: USD
Yesterday, a Malaysian airline carrying 295 people crashed into East Ukraine. This occurrence happened after the EU and U.S. applied a new round of sanctions onto Russia. As a result U.S. stocks ended sharply lower as investors turned to safe haven assets. The Israeli – Palestinian conflict is also pushing investors to safe havens. The S&P 500 dropped 1.18% to 1958.12, its biggest loss since April and the Dow Jones lost 0.94% to 16,976.81. Asian markets also declined. The Nikkei lost 1.01% as the Yen strengthened as a safe haven, trading at ¥101.23, down from ¥101.51. The Hang Seng lost 0.56% as sentiment dampened following the global sell off. European markets are lower today as the situation between Ukraine and Russia looks to be worsening. The UN will hold an emergency meeting today. Currently, the DAX is down 0.74% while London’s FTSE 100 is off 0.56% and France’s CAC 40 is lower by 0.38%.
WTI Crude rose earlier in the week after bullish data from the EIA. Inventories declined by 7.5million barrels, a higher amount than expected. In addition to this, two Libyan ports which were recently re-opened looked unlikely to resume oil exports before August. Geo political tension pushed the commodity even higher causing it to peak at almost $104/barrel. Gold, as a traditional haven, also spiked on the news. However, gains were limited as investors kept the U.S. monetary policy in mind. Traders should stay informed on events as any increase in tension will add support.
Today’s Main Events:
12.30 GMT: CAD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
14.00 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions.
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