U.S. stocks closed lower for the week following disappointing earnings. Amazon reported a loss of $126 million and Visa cut its yearly revenue forecast. Geopolitical tension also came back in to the spotlight. At session close, the S&P 500 lost 0.48% and the Dow Jones closed 0.72% dropping below 17,000. Asian markets started the week higher. The Nikkei added 0.46% after hitting its highest close in six months on Friday as the Yen declined slightly against the U.S. dollar which traded at ¥101.855. The Hang Seng closed 0.88% higher, reaching a 3 year high of 24,428.63. This came after reports the ‘through train’ could begin in October, a scheme allowing trading between different markets. Tencent Holdings also climbed 3.2% after the approval of 3 private banks. European markets are mostly higher after Ryanair, Europe’s largest discount airline, reported a 152% surge in first-quarter profit. Currently, the CAC 40 is up 0.46% while the FTSE 100 gains 0.19%. The DAX is off 0.02%.
WTI Crude declined last week and broke through a key support level. This week’s U.S. data is expected to be negative and could show a slowdown in the economy which would be bearish for the commodity. However, geopolitical tension is ongoing and any big developments could cause an increase. Gold increased on Friday and has started the week sideways. A series of key economic events will be occurring, including the Federal Reserve’s two day monetary policy meeting which will start tomorrow. The ADP Nonfarm Employment Change, Non- Farm Payroll figure and Unemployment Rate will also be released this week so we should expect higher volatility for the metal.
Today’s Main Events:
14.00 GMT: USD – Pending Home Sales – measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
23.30 GMT: JPY – Household Spending – measures the change in the inflation-adjusted value of all expenditures by consumers.
23.50 GMT: JPY – Retail sales – measure the change in the total value of inflation-adjusted sales at the retail level.
July 28, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. stocks closed lower for the week following disappointing earnings. Amazon reported a loss of $126 million and Visa cut its yearly revenue forecast. Geopolitical tension also came back in to the spotlight. At session close, the S&P 500 lost 0.48% and the Dow Jones closed 0.72% dropping below 17,000. Asian markets started the week higher. The Nikkei added 0.46% after hitting its highest close in six months on Friday as the Yen declined slightly against the U.S. dollar which traded at ¥101.855. The Hang Seng closed 0.88% higher, reaching a 3 year high of 24,428.63. This came after reports the ‘through train’ could begin in October, a scheme allowing trading between different markets. Tencent Holdings also climbed 3.2% after the approval of 3 private banks. European markets are mostly higher after Ryanair, Europe’s largest discount airline, reported a 152% surge in first-quarter profit. Currently, the CAC 40 is up 0.46% while the FTSE 100 gains 0.19%. The DAX is off 0.02%.
WTI Crude declined last week and broke through a key support level. This week’s U.S. data is expected to be negative and could show a slowdown in the economy which would be bearish for the commodity. However, geopolitical tension is ongoing and any big developments could cause an increase. Gold increased on Friday and has started the week sideways. A series of key economic events will be occurring, including the Federal Reserve’s two day monetary policy meeting which will start tomorrow. The ADP Nonfarm Employment Change, Non- Farm Payroll figure and Unemployment Rate will also be released this week so we should expect higher volatility for the metal.
Today’s Main Events:
14.00 GMT: USD – Pending Home Sales – measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
23.30 GMT: JPY – Household Spending – measures the change in the inflation-adjusted value of all expenditures by consumers.
23.50 GMT: JPY – Retail sales – measure the change in the total value of inflation-adjusted sales at the retail level.
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