Daily Market News: March 28, 2014
March 28, 2014 9:00 amVideo
Latest News
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March 28, 2014 – Daily Market News
Today’s Hot Assets: GBP, USD
Obama’s speech reinstated caution and investors once again became risk averse, sending stocks lower. US stocks remained lower yesterday following mixed data. GDP and Pending Home Sales both came out below expectations bringing disappointment to the market. However, initial jobless claims were better than expected and added to speculation that the Fed may start raising rates sooner than anticipated as the Fed has said their decisions are reliant on improvement in the labour sector. The S&P 500 ended the day 0.2% lower at 1,849.04, below a key support level of 1,850, led by losses in technology and financial stocks. The Dow Jones closed 0.03% points lower at 16,264.23. Asian markets moved higher. The Hang Seng gained 1.02% as earnings releases dominated the market. The Nikkei gained 0.5% following the release of better than expected data from Japan and as the Yen strengthened slightly against the Dollar following the data. European stocks have opened higher. Currently the DAX is up 0.44%, the FTSE 100 is up 0.27% and the CAC 40 is even.
WTI crude advanced to a two-week high after supplies at Cushing dropped for an eighth week. Support was also found after President Obama stated further sanctions placed on Russia could involve the energy sector and the US is evaluating which sanctions would have the greatest impact against Russia. Political unrest in Libya is also causing a reduction in supply as ports remain closed. Gold declined to a new monthly low following speculation that the Fed may raise interest rates next year and as investors turned to safe haven assets over Ukraine. The low price stimulated some physical demand and we saw some gains during the Asian session.
Today’s Main Events:
09.30 GMT: GBP – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Personal Spending – measures the change in the inflation-adjusted value of all spending by consumers
13.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions.
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