Tension in Ukraine continues to affect the markets and sparked some profit taking during yesterday’s US session. Worries over the possible slowdown in the Chinese economy also added to uncertainty. However, stocks finished with little change as investors chose instead to stay on the sidelines and wait for further developments. At the close of trading, the Dow Jones lost 0.07%, the S&P 500 gained 0.03% and the Nasdaq gained 0.37%. Asian stocks declined as China released another set of negative data. Industrial Production and Retail sales both missed expectations adding to concerns regarding the outlook of the economy. The Hang Seng finished 0.67% lower and the Nikkei lost 0.1% as the Yen strengthened further following the weak data. European stocks have started the day higher after closing at a one month low yesterday.
WTI Crude has reached its lowest price since the beginning of February. Chinese data showed a slowdown in Industrial Production and Retail Sales showing less demand from the second largest consumer. The API and EIA both reported gains in stocks and inventories earlier in the week also pushing prices lower. Gold has reached its highest level since September following growing concerns over Russia and Ukraine. The only pullback facing the yellow metal occurred after worse than expected Chinese data, which many felt would reduce physical demand. Since then, the commodity has been rising again and may continue to do so as long as the situation in Eastern Europe remains tense. Pay attention to the US retail sales data coming out later, as any signs of a strengthening US economy could counteract this upward pressure.
Today’s Main Events:
12.30 GMT: USD –Core Retail Sales – measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy.
12.30 GMT: USD – Retail Sales -measures the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
14.00 GMT: USD – Business Inventories – measures the change in the worth of unsold goods held by manufacturers, wholesalers, and retailers
18.00 GMT: USD – Federal Budget Balance – measures the difference in value between the federal government’s income and expenditure during the reported month.
23.50 GMT: JPY – Monetary Policy Meeting Minutes – The Monetary Policy Meeting Minutes are a detailed record of the Bank of Japan’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
March 13, 2014 – Daily Market News
Today’s Hot Assets: USD, JPY
Tension in Ukraine continues to affect the markets and sparked some profit taking during yesterday’s US session. Worries over the possible slowdown in the Chinese economy also added to uncertainty. However, stocks finished with little change as investors chose instead to stay on the sidelines and wait for further developments. At the close of trading, the Dow Jones lost 0.07%, the S&P 500 gained 0.03% and the Nasdaq gained 0.37%. Asian stocks declined as China released another set of negative data. Industrial Production and Retail sales both missed expectations adding to concerns regarding the outlook of the economy. The Hang Seng finished 0.67% lower and the Nikkei lost 0.1% as the Yen strengthened further following the weak data. European stocks have started the day higher after closing at a one month low yesterday.
WTI Crude has reached its lowest price since the beginning of February. Chinese data showed a slowdown in Industrial Production and Retail Sales showing less demand from the second largest consumer. The API and EIA both reported gains in stocks and inventories earlier in the week also pushing prices lower. Gold has reached its highest level since September following growing concerns over Russia and Ukraine. The only pullback facing the yellow metal occurred after worse than expected Chinese data, which many felt would reduce physical demand. Since then, the commodity has been rising again and may continue to do so as long as the situation in Eastern Europe remains tense. Pay attention to the US retail sales data coming out later, as any signs of a strengthening US economy could counteract this upward pressure.
Today’s Main Events:
12.30 GMT: USD –Core Retail Sales – measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy.
12.30 GMT: USD – Retail Sales -measures the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
14.00 GMT: USD – Business Inventories – measures the change in the worth of unsold goods held by manufacturers, wholesalers, and retailers
18.00 GMT: USD – Federal Budget Balance – measures the difference in value between the federal government’s income and expenditure during the reported month.
23.50 GMT: JPY – Monetary Policy Meeting Minutes – The Monetary Policy Meeting Minutes are a detailed record of the Bank of Japan’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
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