U.S. stocks finished with little change after trading in a narrow range. The S&P 500 closed 0.05% higher, at a record for the 27th time this year. The Dow Jones lost 0.02%. Earning reports were mixed. General Motors profit dropped 80% after being hit by recalls, Caterpillar dropped 3.1% sales fell short of expectations and Amazon also reported a second-quarter loss of $126 million. However, Facebook jumped 5.2% after beating expectations. Asian stocks climbed across the region. The Hang Seng, already at its highest level since 2011, added 0.19% as a CNBC report cited buying by foreign funds as helping support the market. The Nikkei added 1.13% as the Yen weakened against the Dollar, trading at ¥101.77 up from ¥101.53. European markets are mixed to lower. Currently, the DAX is 0.39% lower and the FTSE 100 is down 0.21%. The CAC 40 in France is unchanged.
WTI Crude declined and is trading below $102/ barrel. This came after gasoline stockpiles increased by 3.4 million barrels in the past week and New York Harbour supplies reached a 6 year maximum. Support could be found as the EU may increase sanctions placed on Russia in response to increased tension. Gold declined yesterday after Initial Jobless Claims came out better than expected. The improved outlook for economic growth is lowering demand for the metal. Investors also continued to invest in equities which come as an alternative to Gold.
Today’s Main Events:
08.00 GMT: EUR – German Ifo Business Climate Index – rates the current German business climate and measures expectations for the next six months
08.30 GMT: GBP – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items
July 25, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. stocks finished with little change after trading in a narrow range. The S&P 500 closed 0.05% higher, at a record for the 27th time this year. The Dow Jones lost 0.02%. Earning reports were mixed. General Motors profit dropped 80% after being hit by recalls, Caterpillar dropped 3.1% sales fell short of expectations and Amazon also reported a second-quarter loss of $126 million. However, Facebook jumped 5.2% after beating expectations. Asian stocks climbed across the region. The Hang Seng, already at its highest level since 2011, added 0.19% as a CNBC report cited buying by foreign funds as helping support the market. The Nikkei added 1.13% as the Yen weakened against the Dollar, trading at ¥101.77 up from ¥101.53. European markets are mixed to lower. Currently, the DAX is 0.39% lower and the FTSE 100 is down 0.21%. The CAC 40 in France is unchanged.
WTI Crude declined and is trading below $102/ barrel. This came after gasoline stockpiles increased by 3.4 million barrels in the past week and New York Harbour supplies reached a 6 year maximum. Support could be found as the EU may increase sanctions placed on Russia in response to increased tension. Gold declined yesterday after Initial Jobless Claims came out better than expected. The improved outlook for economic growth is lowering demand for the metal. Investors also continued to invest in equities which come as an alternative to Gold.
Today’s Main Events:
08.00 GMT: EUR – German Ifo Business Climate Index – rates the current German business climate and measures expectations for the next six months
08.30 GMT: GBP – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items
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