Daily Market News: March 06, 2014
March 6, 2014 11:10 amVideo
Latest News
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March 6, 2014 – Daily Market News
Today’s Hot Assets: GBP, EUR, USD
US data came out negative once again yesterday. The ADP Nonfarm Employment Change and the ISM Non- Manufacturing PMI both disappointed the market. The situation in Ukraine remains on the radar but as it has calmed down markets are not reacting too much. US stocks closed slightly lower after a choppy day. Most investors are dismissing bad data as there is still speculation that it is a result of bad weather. The S&P 500 closed 0.01% lower and the Dow Jones closed 0.22% lower. Asian stocks climbed. The Nikkei gained 1.59% as the Yen continued to fall against the US Dollar. The Hang Seng continued to gain from the news that reforms may be introduced in the energy sector, the measure added 0.55%. European stocks are higher today ahead of the ECB Interest Rate Decision. Expectations are mixed, with some economists forecasting a rate cut in response to weak inflation.
WTI fell strongly yesterday and reached a 3 week low after the EIA reported an increase in Crude inventories. Any risks for Oil supplies with regards to Ukraine have also diminished. Consumption signals are on the downside following weak economic data and so there is bearish sentiment for the commodity at the moment. Gold climbed sharply yesterday after US data came out worse than expected. Traders felt that this data was foreshadowing a worse than expected Nonfarm payrolls report for Friday and that the US recovery may not be strong enough for the Fed to continue tapering.
Today’s Main Events:
12.00 GMT: GBP – Interest Rate Decision – Bank of England (BOE) monetary policy committee members vote on where to set the rate
12.45 GMT: EUR – 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.
13.30 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. The conference is approximately an hour long and has two parts. Firstly, a prepared statement is read, then the conference is open to press questions.
13.30 GMT: USD – Initial Jobless Claims – Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week.
15.00 GMT: CAD – Ivey PMI – measures the activity level of purchasing managers in Canada
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