Daily Market News: July 23, 2014
July 23, 2014 9:50 amVideo
Latest News
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July 23, 2014 – Daily Market News
Today’s Hot Asset: GBP
U.S stocks closed higher yesterday following positive data and earnings reports. Rising for a third month, Existing Homes sales increased in June to the highest annual rate since October. The lower CPI data also fueled expectation that interest rates in the U.S. may remain low. At session close the S&P 500 was 0.5% higher and the Dow Jones was 0.36% higher. Asian stocks were mixed during today’s session. The Hang Seng climbed 0.8% due to speculation the government is accelerating measures to support the housing market. The Nikkei declined 0.1% as the Dollar declined against the Yen, the dollar was at ¥101.51 vs. ¥101.53. European markets are higher today with focus on earnings reports. Currently, the DAX is up 0.48% while London’s FTSE 100 is up 0.28% and France’s CAC 40 is up 0.26%.
WTI Crude dropped after the API released showed inventories were higher than expected. Crude stockpiles declined by 555,000 during the past week, lower than the expected decline of 2.600M. Despite an increase in geopolitical tension, the risk that energy supplies will be disrupted is small. The EIA will be releasing inventory data at 2.30pm GMT today. Gold declined following the positive U.S. data. Positive earnings have been pushing stocks higher and this also has a negative effect on the metal. Traders should stay up to date with geopolitical tension as it could spark short term trading opportunities.
Today’s Main Events:
08.30 GMT: GBP – MPC Meeting Minutes – a detailed record of the Bank of England’s policy setting meeting,
11.45 GMT: GBP – BoE Gov Carney Speaks – Due to speak at the Commonwealth Games Trade and Investment conference, in Glasgow
12.30 GMT: CAD – Core Retail Sales – measures the change in the total value of sales at the retail level in Canada, excluding automobiles
21.00 GMT: NZD – Interest Rate Decision – The Reserve Bank of New Zealand (RBNZ) governor decides where to set the rate after consulting senior bank staff and external advisers.
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