Daily Market News: June 9, 2014
June 9, 2014 10:10 amVideo
Latest News
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June 9, 2014 – Daily Market News
Today’s Hot Asset: AUD
The U.S. economy added 217,000 jobs during the month if May with the unemployment rate declining to 6.3%. Although the NFP figure was slightly lower than expected it still showed steady improvement in the economy boosting optimism in stocks. Federal Reserve Governor, Powell, also stated on at a conference in London and stated that the bank won’t raise interest rates until the middle of next year. The S&P 500 and Dow Jones both closed at record levels adding 0.46% and 0.52% respectively. Asian stocks followed the positive sentiment. The Hang Seng added 0.73% following a better than expected Chinese Trade Balance and increased exports. The Nikkei added 0.31% after a better than expected GDP and as the Dollar remained high against the Yen. European stocks have started the day higher. Several markets are closed for Whit Monday but the indexes are open as usual. Currently, the FTSE 100 is up 0.25% while Germany’s DAX is up 0.10% and France’s CAC 40 is up 0.04%.
WTI Crude climbed after the NFP report was released on Friday. The figure showed sustainable growth in the U.S. leading to greater demand for the commodity. The encouraging trade data from China also added support. Attention will be on Wednesday’s OPEC meeting in Vienna. Gold prices fell slightly after the U.S. data and rise in equities. However, it has now regained ground as the Dollar remains low against the Euro following news of additional stimulus in the Eurozone. The key data to watch this week will be Retail Sales which will be released on Thursday.
Today’s Main Events:
16.00 GMT: AUD – RBA Governor Stevens Speaks – Due to deliver a speech titled “Financial Regulation: Some Observations” at the Federal Reserve Bank’s Symposium on Asian Banking and Finance, in San Fransisco
23.50 GMT: JPY – Tertiary Industry Activity Index – measures the change in the total value of services purchased by businesses. It is a leading indicator of economic health.
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