U.S. stocks finished slightly higher after strong U.S. data. The ADP Nonfarm Employment Change increased to 218,000 during the past month, underpinning perceived growth in the economy. Gains were limited as investors remained hesitant ahead of today’s Nonfarm Payroll report. At session close, the S&P 500 was 0.07% higher and the Dow Jones was 0.12% higher. Asian stocks finished lower. The Hang Seng declined 0.08% after reaching a seven month high in the previous session. Japanese stocks ended a 3 day increase and lost 0.14% as Asian investors also became hesitant ahead of NFP. European stocks are trading lower. The European Central Bank will be releasing its interest rate decision at 11.45 GMT which will be followed by a press conference. Currently, the DAX is up 0.64% while France’s CAC 40 is up 0.59% and London’s FTSE 100 is up 0.47%.
Despite a negative report from the EIA, WTI Crude dropped strongly after reports that Libyan rebels are allowing two oil ports to reopen. The U.S. dollar increased after a speech from Yellen and this also pushed oil lower. In addition to these factors, geopolitical tension is decreasing and therefore the sentiment is bearish. Gold declined after the better than expected ADP report from the U.S. The price is continuing to fall ahead of the NFP report and traders should watch this closely. The Nonfarm Payroll report will be released at 12.30pm GMT.
Today’s Main Events:
08.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector
11.45 GMT: EUR – ECB Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate.
12.30 GMT: EUR – ECB Press Conference – The European Central Bank (ECB) press conference is held monthly, about 45 minutes after the Minimum Bid Rate is announced.
12.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry
12.30 GMT: USD – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
14.00 GMT: USD – ISM Non-Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector.
July 3, 2014 – Daily Market News
Today’s Hot Assets: USD, EUR, Gold
U.S. stocks finished slightly higher after strong U.S. data. The ADP Nonfarm Employment Change increased to 218,000 during the past month, underpinning perceived growth in the economy. Gains were limited as investors remained hesitant ahead of today’s Nonfarm Payroll report. At session close, the S&P 500 was 0.07% higher and the Dow Jones was 0.12% higher. Asian stocks finished lower. The Hang Seng declined 0.08% after reaching a seven month high in the previous session. Japanese stocks ended a 3 day increase and lost 0.14% as Asian investors also became hesitant ahead of NFP. European stocks are trading lower. The European Central Bank will be releasing its interest rate decision at 11.45 GMT which will be followed by a press conference. Currently, the DAX is up 0.64% while France’s CAC 40 is up 0.59% and London’s FTSE 100 is up 0.47%.
Despite a negative report from the EIA, WTI Crude dropped strongly after reports that Libyan rebels are allowing two oil ports to reopen. The U.S. dollar increased after a speech from Yellen and this also pushed oil lower. In addition to these factors, geopolitical tension is decreasing and therefore the sentiment is bearish. Gold declined after the better than expected ADP report from the U.S. The price is continuing to fall ahead of the NFP report and traders should watch this closely. The Nonfarm Payroll report will be released at 12.30pm GMT.
Today’s Main Events:
08.30 GMT: GBP – Services PMI – measures the activity level of purchasing managers in the services sector
11.45 GMT: EUR – ECB Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate.
12.30 GMT: EUR – ECB Press Conference – The European Central Bank (ECB) press conference is held monthly, about 45 minutes after the Minimum Bid Rate is announced.
12.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry
12.30 GMT: USD – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
14.00 GMT: USD – ISM Non-Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector.
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