U.S. stocks finished at record levels last week gaining from the Federal Reserve’s dovish stance. The S&P 500 closed 0.17% higher, reaching a record for the 22nd time this year, at 1,962.87 and the Dow Jones closed 0.15% higher. Asian stocks were mixed after China released a better than expected HSBC Manufacturing PMI which reached a 7month high. Initially the Hang Seng gained but following a slump in property prices and political tension the index lost 1.68%, its biggest loss in 3 months. The Nikkei, however, gained 0.13%. European stocks are lower after weaken than expected manufacturing PMI data and as investors follow developments in Iraq. Currently, the CAC 40 is down 0.38% while Germany’s DAX is off 0.32% and London’s FTSE 100 is lower by 0.22%.
WTI Crude hit a 9 month high due to the unrest in Iraq. Militants have captured more towns and worries are lingering that supply of oil could be disrupted. The positive HSBC Manufacturing PMI data from China also added support as is could signal increased demand from the second largest consumer. Gold prices are also climbing due to the violence in Iraq. The U.S. President, Obama, stated that he would send forces on Thursday adding to the uncertainty. Gold also benefitted from Yellens comments that interest rates would remain low until the middle of next year.
Today’s Main Events:
14.00 GMT: USD – Existing Home Sales – measures the change in the annualized number of existing residential buildings that were sold during the previous month
June 23, 2014 – Daily Market News
Today’s Hot Assets: USD, Oil
U.S. stocks finished at record levels last week gaining from the Federal Reserve’s dovish stance. The S&P 500 closed 0.17% higher, reaching a record for the 22nd time this year, at 1,962.87 and the Dow Jones closed 0.15% higher. Asian stocks were mixed after China released a better than expected HSBC Manufacturing PMI which reached a 7month high. Initially the Hang Seng gained but following a slump in property prices and political tension the index lost 1.68%, its biggest loss in 3 months. The Nikkei, however, gained 0.13%. European stocks are lower after weaken than expected manufacturing PMI data and as investors follow developments in Iraq. Currently, the CAC 40 is down 0.38% while Germany’s DAX is off 0.32% and London’s FTSE 100 is lower by 0.22%.
WTI Crude hit a 9 month high due to the unrest in Iraq. Militants have captured more towns and worries are lingering that supply of oil could be disrupted. The positive HSBC Manufacturing PMI data from China also added support as is could signal increased demand from the second largest consumer. Gold prices are also climbing due to the violence in Iraq. The U.S. President, Obama, stated that he would send forces on Thursday adding to the uncertainty. Gold also benefitted from Yellens comments that interest rates would remain low until the middle of next year.
Today’s Main Events:
14.00 GMT: USD – Existing Home Sales – measures the change in the annualized number of existing residential buildings that were sold during the previous month
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