US stocks turned lower following the negative lead from Asia after China released Exports data which was significantly below expectations and showed the biggest slide since 2009. The figures added to speculation that emerging economies are slowing down. Ongoing tensions in Ukraine also helped push stocks lower. At the close of U.S. trading, the Dow Jones Industrial Average was 0.21% lower, the S&P 500 index was 0.05% lower, and the Nasdaq Composite index was 0.04% lower. Asian stocks rose after the Bank of Japan maintained their monetary easing. Markets in China and Hong Kong rebounded from heavy losses on Tuesday after data showed that Chinese bank lending fell more than expected. Markets finished higher; the Nikkei 225 was up 0.69%, the Shanghai Composite was up 0.10% and the Hang Seng was up 0.02%. European markets advanced at the open with miners posting some of the biggest gains as most metals climbed but have now turned mixed following the negative trade balance from Germany.
WTI Crude is trading near a 3 week low before inventory data is released later in the day. The American Petroleum Industry will release weekly Crude Stock as well as Gasoline and Distillates stock at 8.30 pm (GMT). The low Chinese exports figure also pushed prices down as they showed signs of slowing growth from the second largest oil consumer. Support may still be found from the situation in Ukraine but it now looks less likely that disruption may occur. Gold is climbing higher as investors are assessing the geopolitical tension in Ukraine. Gains, however, were limited as focus in turning to the Feds next meeting on March 18-19. It is most likely they will continue to taper the monetary stimulus and reduce it by a further $10 billion especially after the NFP figure was so positive on Friday. Traders will also watch US Retail Sales data and Consumer Sentiment later in the week.
Today’s Main Events:
09.30 GMT: GBP – Manufacturing Production – measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.
15.00 GMT: GBP – NIESR GDP Estimate – measures the change in the estimated value of all goods and services produced by the economy during the previous three months. The NIESR estimates GDP data on a monthly basis in an effort to predict the quarterly government-released data.
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
March 11, 2014 – Daily Market News
Today’s Hot Assets: GBP, Oil
US stocks turned lower following the negative lead from Asia after China released Exports data which was significantly below expectations and showed the biggest slide since 2009. The figures added to speculation that emerging economies are slowing down. Ongoing tensions in Ukraine also helped push stocks lower. At the close of U.S. trading, the Dow Jones Industrial Average was 0.21% lower, the S&P 500 index was 0.05% lower, and the Nasdaq Composite index was 0.04% lower. Asian stocks rose after the Bank of Japan maintained their monetary easing. Markets in China and Hong Kong rebounded from heavy losses on Tuesday after data showed that Chinese bank lending fell more than expected. Markets finished higher; the Nikkei 225 was up 0.69%, the Shanghai Composite was up 0.10% and the Hang Seng was up 0.02%. European markets advanced at the open with miners posting some of the biggest gains as most metals climbed but have now turned mixed following the negative trade balance from Germany.
WTI Crude is trading near a 3 week low before inventory data is released later in the day. The American Petroleum Industry will release weekly Crude Stock as well as Gasoline and Distillates stock at 8.30 pm (GMT). The low Chinese exports figure also pushed prices down as they showed signs of slowing growth from the second largest oil consumer. Support may still be found from the situation in Ukraine but it now looks less likely that disruption may occur. Gold is climbing higher as investors are assessing the geopolitical tension in Ukraine. Gains, however, were limited as focus in turning to the Feds next meeting on March 18-19. It is most likely they will continue to taper the monetary stimulus and reduce it by a further $10 billion especially after the NFP figure was so positive on Friday. Traders will also watch US Retail Sales data and Consumer Sentiment later in the week.
Today’s Main Events:
09.30 GMT: GBP – Manufacturing Production – measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.
15.00 GMT: GBP – NIESR GDP Estimate – measures the change in the estimated value of all goods and services produced by the economy during the previous three months. The NIESR estimates GDP data on a monthly basis in an effort to predict the quarterly government-released data.
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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