Friday’s Nonfarm Payroll figure came as a nice surprise to the market and revealed that 175,000 jobs were created during the month of February. The bullish data sent stocks rising as it indicated that economic recovery is still on going and bad data seen recently could be a result of bad weather. At the close of U.S. trading, the Dow Jones Industrial Average was 0.19% higher, the S&P 500 index was 0.05% higher, while the Nasdaq Composite index was 0.37% lower. Asian stocks declined after a range of data from China and Japan came out worse than expected. Chinese exports declined by 18.1% in February from a year earlier, much below the expected 6.8% increase. The situation in Ukraine is also a factor that’s causing some trader caution at the moment. Markets finished sharply lower; The Shanghai Composite was down 2.86%, Hong Kong’s Hang Seng was down 1.75% and Japan’s Nikkei 225 was down 1.01%. European stocks opened mixed following the negative lead from Asia. During early trade the CAC 40 had gained 0.58% while the FTSE 100 had gained 0.16% and the DAX had lost 0.26%.
WTI Crude dropped strongly following the negative data from China sparking speculation that economic growth could slow down in the world’s second largest oil consumer. This offset gains seen following the upbeat jobs report from the US on Friday. Gold saw sharp losses following the positive NFP report. The data supports speculation that the Federal Reserve will most likely maintain their current pace of tapering at their next meeting. Losses, however, remained limited due to the situation in Ukraine which is still bringing an element of uncertainty to the market.
Today’s Main Events:
12.15 GMT: CAD – Housing Starts – measures the change in the annualized number of new residential buildings that began construction during the reported month. It is a leading indicator of strength in the housing sector.
March 10, 2014 – Daily Market News
Today’s Hot Assets: CAD
Friday’s Nonfarm Payroll figure came as a nice surprise to the market and revealed that 175,000 jobs were created during the month of February. The bullish data sent stocks rising as it indicated that economic recovery is still on going and bad data seen recently could be a result of bad weather. At the close of U.S. trading, the Dow Jones Industrial Average was 0.19% higher, the S&P 500 index was 0.05% higher, while the Nasdaq Composite index was 0.37% lower. Asian stocks declined after a range of data from China and Japan came out worse than expected. Chinese exports declined by 18.1% in February from a year earlier, much below the expected 6.8% increase. The situation in Ukraine is also a factor that’s causing some trader caution at the moment. Markets finished sharply lower; The Shanghai Composite was down 2.86%, Hong Kong’s Hang Seng was down 1.75% and Japan’s Nikkei 225 was down 1.01%. European stocks opened mixed following the negative lead from Asia. During early trade the CAC 40 had gained 0.58% while the FTSE 100 had gained 0.16% and the DAX had lost 0.26%.
WTI Crude dropped strongly following the negative data from China sparking speculation that economic growth could slow down in the world’s second largest oil consumer. This offset gains seen following the upbeat jobs report from the US on Friday. Gold saw sharp losses following the positive NFP report. The data supports speculation that the Federal Reserve will most likely maintain their current pace of tapering at their next meeting. Losses, however, remained limited due to the situation in Ukraine which is still bringing an element of uncertainty to the market.
Today’s Main Events:
12.15 GMT: CAD – Housing Starts – measures the change in the annualized number of new residential buildings that began construction during the reported month. It is a leading indicator of strength in the housing sector.
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