US stocks fell as commodity shares declined. Investors also continued to monitor the situation in Ukraine. Ukraine’s Interior Minister reported that the country may ready 20,000 people to protect its borders as Russia has almost 19,000 soldiers in Crimea. At the close of U.S. trading, the Dow Jones Industrial Average had lost 0.41%, the S&P 500 index had lost 0.51%, and the Nasdaq Composite index had lost 0.63%. Asian shares also declined. The Nikkei lost 2.59% as the Yen gained some ground against the US Dollar; the dollar is buying ¥102.865, below yesterday’s ¥102.95. The Hang Seng lost 1.65% as lingering concerns about an economic slowdown in China hit sentiment. Chinese insurers are also facing especially heavy selling pressure, amid the ongoing search for the missing Malaysia Airlines jet. European stock markets opened lower, tracking the negative trading mood from Asia. Currently the DAX is down 0.86%, France’s CAC 40 is down 0.70% and London’s FTSE 100 is down 0.69%.
WTI Crude continued to fall following a report from the API that showed inventories of both Crude and Distillate stocks increased. Concerns of a slowdown in China are also lowering prices as this can lead to decreased demand for the commodity. The EIA will also be reporting inventories later in the day at 2.30pm (GMT). Gold has increased to a 19 week high due to worries over Russia’s standoff in Ukraine which has sparked demand for safe haven assets. The worries over China’s economy are also pushing traders to invest in the metal. No key data will be released today from the US so we may see lower volatility.
Today’s Main Events:
10.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities
18.00 GMT: USD – Treasury Secretary Lew Speaks – Due to testify on the 2015 Budget before the House Budget Committee, in Washington DC
20.00 GMT: NZD – Interest Rate Decision – The Reserve Bank of New Zealand (RBNZ) governor decides where to set the rate after consulting senior bank staff and external advisers. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
20.00 GMT: NZD – RBNZ Rate Statement – The Reserve Bank of New Zealand’s rate statement is the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook and offers clues on the outcome of future votes.
March 12, 2014 – Daily Market News
Today’s Hot Assets: Oil, NZD
US stocks fell as commodity shares declined. Investors also continued to monitor the situation in Ukraine. Ukraine’s Interior Minister reported that the country may ready 20,000 people to protect its borders as Russia has almost 19,000 soldiers in Crimea. At the close of U.S. trading, the Dow Jones Industrial Average had lost 0.41%, the S&P 500 index had lost 0.51%, and the Nasdaq Composite index had lost 0.63%. Asian shares also declined. The Nikkei lost 2.59% as the Yen gained some ground against the US Dollar; the dollar is buying ¥102.865, below yesterday’s ¥102.95. The Hang Seng lost 1.65% as lingering concerns about an economic slowdown in China hit sentiment. Chinese insurers are also facing especially heavy selling pressure, amid the ongoing search for the missing Malaysia Airlines jet. European stock markets opened lower, tracking the negative trading mood from Asia. Currently the DAX is down 0.86%, France’s CAC 40 is down 0.70% and London’s FTSE 100 is down 0.69%.
WTI Crude continued to fall following a report from the API that showed inventories of both Crude and Distillate stocks increased. Concerns of a slowdown in China are also lowering prices as this can lead to decreased demand for the commodity. The EIA will also be reporting inventories later in the day at 2.30pm (GMT). Gold has increased to a 19 week high due to worries over Russia’s standoff in Ukraine which has sparked demand for safe haven assets. The worries over China’s economy are also pushing traders to invest in the metal. No key data will be released today from the US so we may see lower volatility.
Today’s Main Events:
10.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities
18.00 GMT: USD – Treasury Secretary Lew Speaks – Due to testify on the 2015 Budget before the House Budget Committee, in Washington DC
20.00 GMT: NZD – Interest Rate Decision – The Reserve Bank of New Zealand (RBNZ) governor decides where to set the rate after consulting senior bank staff and external advisers. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
20.00 GMT: NZD – RBNZ Rate Statement – The Reserve Bank of New Zealand’s rate statement is the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook and offers clues on the outcome of future votes.
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