U.S. GDP came out negative on Friday and showed the economy to only expand by 2.4% during the last quarter. Investors shrugged off the release and chose instead to focus on the Chicago PMI and the Michigan Consumer Sentiment reports which were better than expected. Consequently U.S. stocks rose; The S&P 500 was again above the 1850 level and closed 0.28% higher. The Dow Jones closed 0.3% higher. The political situation in Ukraine escalated over the weekend. Russian forces have reported that they have taken complete control of the Crimean Peninsula. This has sparked worries over how stable the region is and traders are now turning to safe haven assets. Asian stocks fell following this advancement in the market. The Nikkei lost 1.27% to a one and a half week low as people turned to the safe haven Yen causing it to climb against the U.S. Dollar. The Hang Seng lost 1.47% following losses in the financial sector and as worries regarding the health of China’s economy lingered. The Chinese Yuan has lost 1.3% over the past two weeks and people are questioning whether other asset markets may also change course. European markets have opened sharply lower as the tension between Ukraine and Russia weighed broadly on risk sentiment.
WTI Crude is soaring higher as the escalating tension in Ukraine is fueling concerns that energy supplies could be disrupted. The positive Chicago PMI and consumer sentiment data from the U.S. on Friday also provided support for crude as they buoyed prospects for energy demand. The price is trading around a 5month high around $104.5/ barrel. Gold is also soaring higher as many investors turn to the safe haven metal due to the turmoil in Ukraine. Concerns regarding the Chinese economy have also boosted demand for Gold. The price touched $1,350/ounce but has reversed slightly.
Today’s Main Events:
09.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
14.00 GMT: EUR – ECB President Draghi Speaks – Due to testify before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels
15.00 GMT: USD – ISM Manufacturing PMI – The ISM Manufacturing PMI Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies.
March 03, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold, Oil
U.S. GDP came out negative on Friday and showed the economy to only expand by 2.4% during the last quarter. Investors shrugged off the release and chose instead to focus on the Chicago PMI and the Michigan Consumer Sentiment reports which were better than expected. Consequently U.S. stocks rose; The S&P 500 was again above the 1850 level and closed 0.28% higher. The Dow Jones closed 0.3% higher. The political situation in Ukraine escalated over the weekend. Russian forces have reported that they have taken complete control of the Crimean Peninsula. This has sparked worries over how stable the region is and traders are now turning to safe haven assets. Asian stocks fell following this advancement in the market. The Nikkei lost 1.27% to a one and a half week low as people turned to the safe haven Yen causing it to climb against the U.S. Dollar. The Hang Seng lost 1.47% following losses in the financial sector and as worries regarding the health of China’s economy lingered. The Chinese Yuan has lost 1.3% over the past two weeks and people are questioning whether other asset markets may also change course. European markets have opened sharply lower as the tension between Ukraine and Russia weighed broadly on risk sentiment.
WTI Crude is soaring higher as the escalating tension in Ukraine is fueling concerns that energy supplies could be disrupted. The positive Chicago PMI and consumer sentiment data from the U.S. on Friday also provided support for crude as they buoyed prospects for energy demand. The price is trading around a 5month high around $104.5/ barrel. Gold is also soaring higher as many investors turn to the safe haven metal due to the turmoil in Ukraine. Concerns regarding the Chinese economy have also boosted demand for Gold. The price touched $1,350/ounce but has reversed slightly.
Today’s Main Events:
09.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
14.00 GMT: EUR – ECB President Draghi Speaks – Due to testify before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels
15.00 GMT: USD – ISM Manufacturing PMI – The ISM Manufacturing PMI Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies.
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