U.S. stocks finally retreated from record levels following the report from the World Bank that they are cutting the global growth forecast due to the harsh winter and the conflict in Ukraine. The World Bank lowered its forecast to 2.8% from an earlier estimate of 3.2% citing a weaker outlook for Russia, China and the U.S. The S&P 500 lost 0.35% closing at 1,943.89 and the Dow Jones lost 0.6% closing at 16,843.88. Asian stocks also declined today. The Nikkei lost 0.64% as the Dollar remained low against the Yen trading around ¥102. The Bank of Japan began a 2 day monetary policy meeting today but few analysts expect new actions to be introduced at this point. The Hang Seng also declined 0.35% due to falling property shares and as caution entered the market ahead of Retail Sales being released from China on Friday. European stocks are higher today. Focus is on U.S. data later in the day including Retail Sales at 12.30pm GMT. Currently, the CAC 40 is up 0.13% while London’s FTSE 100 is up 0.11% and Germany’s DAX is up 0.08%.
WTI Crude prices are soaring today and the commodity is currently trading above $105/barrel. This comes as violence in Iraq escalates with fighting between the government and militants. Militants have taken control of a northern oil city. The EIA also reported a bigger than expected drop in inventories yesterday which has added support to the bullish movement. Gold climbed as investors finally sold off U.S. stocks. Traders should watch the U.S. data coming out today for more direction in the Gold market.
Today’s Main Events:
08.00 GMT: EUR – ECB Monthly Report – The European Central Bank’s (ECB) monthly report contains the statistical data that policymakers evaluate when setting interest rates.
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
12.30 GMT: USD – Core Retail Sales – measures the change in the total value of sales at the retail level in the U.S., excluding automobiles
15.15 GMT: CAD – Gov Poloz Speaks – Due to speak about the Financial System Review, in Ottawa
22.00 GMT: GBP – BoE Gov Carney Speaks – Due to speak at the Annual Mansion House Dinner, in London
June 12, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD, CAD
U.S. stocks finally retreated from record levels following the report from the World Bank that they are cutting the global growth forecast due to the harsh winter and the conflict in Ukraine. The World Bank lowered its forecast to 2.8% from an earlier estimate of 3.2% citing a weaker outlook for Russia, China and the U.S. The S&P 500 lost 0.35% closing at 1,943.89 and the Dow Jones lost 0.6% closing at 16,843.88. Asian stocks also declined today. The Nikkei lost 0.64% as the Dollar remained low against the Yen trading around ¥102. The Bank of Japan began a 2 day monetary policy meeting today but few analysts expect new actions to be introduced at this point. The Hang Seng also declined 0.35% due to falling property shares and as caution entered the market ahead of Retail Sales being released from China on Friday. European stocks are higher today. Focus is on U.S. data later in the day including Retail Sales at 12.30pm GMT. Currently, the CAC 40 is up 0.13% while London’s FTSE 100 is up 0.11% and Germany’s DAX is up 0.08%.
WTI Crude prices are soaring today and the commodity is currently trading above $105/barrel. This comes as violence in Iraq escalates with fighting between the government and militants. Militants have taken control of a northern oil city. The EIA also reported a bigger than expected drop in inventories yesterday which has added support to the bullish movement. Gold climbed as investors finally sold off U.S. stocks. Traders should watch the U.S. data coming out today for more direction in the Gold market.
Today’s Main Events:
08.00 GMT: EUR – ECB Monthly Report – The European Central Bank’s (ECB) monthly report contains the statistical data that policymakers evaluate when setting interest rates.
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
12.30 GMT: USD – Core Retail Sales – measures the change in the total value of sales at the retail level in the U.S., excluding automobiles
15.15 GMT: CAD – Gov Poloz Speaks – Due to speak about the Financial System Review, in Ottawa
22.00 GMT: GBP – BoE Gov Carney Speaks – Due to speak at the Annual Mansion House Dinner, in London
Related Posts: