U.S. stocks closed at record levels following gains in health-care and technology shares. Despite being lower than expected, U.S. economic data continued to point to an improving economy. The ISM Manufacturing PMI showed its strongest level of new orders since January. The S&P 500 closed 0.67% higher at 1,973.32 and the Dow Jones closed 0.77% higher at 16,956.07. Asian stocks climbed across the region. The Nikkei added 0.29% as it followed the direction of U.S. markets. The Hang Seng added 1.55% in a delayed reaction to the Chinese Manufacturing PMI due to a holiday the previous day. Manufacturing in China expanded in June by the fastest pace this year, suggesting a rebound. European markets are higher today ahead of GDP data and the ECB interest Rate Decision tomorrow. Currently, the DAX is up 0.26% while London’s FTSE 100 is up 0.21% and France’s CAC 40 is up 0.01%.
WTI Crude declined to a 3 week low after the API reported an increase in weekly crude stock as well as distillate and gasoline stock. Southern Iraq has avoided fighting up to this point and therefore, the risk factor is declining. The EIA will release weekly figures at 2.30pm GMT today and traders should watch this for short term trading opportunities. Gold is ranging after reaching its highest price since April. Geopolitical tension has pulled the price up but this now looks to be decreasing. Today, two events could trigger movement in the metal; the ADP Nonfarm Employment Change at 12.15 GMT and a speech from Janet Yellen at 3pm GMT. Aside from this, the most important event this week will be the Nonfarm Payroll report which will be released tomorrow instead of Friday due to markets being closed for the 4th of July.
Today’s Main Events:
09.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients
15.00 GMT: USD – Fed Chair Yellen Speaks – Due to speak at the International Monetary Fund, in Washington DC
July 2, 2014 – Daily Market News
Today’s Hot Assets: USD, Oil
U.S. stocks closed at record levels following gains in health-care and technology shares. Despite being lower than expected, U.S. economic data continued to point to an improving economy. The ISM Manufacturing PMI showed its strongest level of new orders since January. The S&P 500 closed 0.67% higher at 1,973.32 and the Dow Jones closed 0.77% higher at 16,956.07. Asian stocks climbed across the region. The Nikkei added 0.29% as it followed the direction of U.S. markets. The Hang Seng added 1.55% in a delayed reaction to the Chinese Manufacturing PMI due to a holiday the previous day. Manufacturing in China expanded in June by the fastest pace this year, suggesting a rebound. European markets are higher today ahead of GDP data and the ECB interest Rate Decision tomorrow. Currently, the DAX is up 0.26% while London’s FTSE 100 is up 0.21% and France’s CAC 40 is up 0.01%.
WTI Crude declined to a 3 week low after the API reported an increase in weekly crude stock as well as distillate and gasoline stock. Southern Iraq has avoided fighting up to this point and therefore, the risk factor is declining. The EIA will release weekly figures at 2.30pm GMT today and traders should watch this for short term trading opportunities. Gold is ranging after reaching its highest price since April. Geopolitical tension has pulled the price up but this now looks to be decreasing. Today, two events could trigger movement in the metal; the ADP Nonfarm Employment Change at 12.15 GMT and a speech from Janet Yellen at 3pm GMT. Aside from this, the most important event this week will be the Nonfarm Payroll report which will be released tomorrow instead of Friday due to markets being closed for the 4th of July.
Today’s Main Events:
09.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients
15.00 GMT: USD – Fed Chair Yellen Speaks – Due to speak at the International Monetary Fund, in Washington DC
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