U.S. stocks rallied on Friday following the release of positive consumer spending data which rose at the fastest rate since November. However, Michigan Consumer Sentiment released later in the day was below expectations and showed the lowest level since November causing stocks to lose some of their gains. At the close of U.S. trading, the Dow Jones was 0.36% higher, the S&P 500 was 0.46% higher and the Nasdaq was 0.11% higher. Asian markets were mostly higher today due to hopes of increased stimulus in China. The Hang Seng closed 0.33% higher after Chinese banks posted strong earnings. The Nikkei closed 0.9% higher, despite the release of negative Industrial Output data, as the Yen remained weak against the Dollar which traded at 102.9 Yen. Market attention will now turn to the Chinese Manufacturing PMI being released tomorrow. European stocks have opened the week higher as investors await the European CPI at 10am (GMT). Analysts expect inflation to drop to 0.6%, which could add more pressure on the ECB to ease monetary policy further at its meeting this Thursday.
WTI Crude is trading near a 3 week high due to geopolitical concerns over the Russian – Ukraine situation. During talks yesterday it was agreed that a common ground must be reached to meet the interests of the Ukrainian people. The EU and U.S. have also threatened to increase sanctions placed on Russia. Speculation of increased stimulus in China and positive U.S. data have also supported prices. Gold continues to decline following signs of a stronger U.S. economy. Yellens comments that interest rates might be raised have also exerted strong pressure on the price. Yellen will be speaking again today at 1.55pm (GMT).
Today’s Main Events:
09.00 GMT: EUR – CPI – measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
12.30 GMT: CAD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
13.55 GMT: USD – Fed Chair Yellen Speaks – Due to speak at the National Interagency Community Reinvestment Conference, in Chicago
17.15 GMT: GBP – BoE Gov Carney Speaks – Due to participate in a press conference at the Bank of England, in London
March 31, 2014 – Daily Market News
Today’s Hot Assets: EUR, CAD, USD, GBP
U.S. stocks rallied on Friday following the release of positive consumer spending data which rose at the fastest rate since November. However, Michigan Consumer Sentiment released later in the day was below expectations and showed the lowest level since November causing stocks to lose some of their gains. At the close of U.S. trading, the Dow Jones was 0.36% higher, the S&P 500 was 0.46% higher and the Nasdaq was 0.11% higher. Asian markets were mostly higher today due to hopes of increased stimulus in China. The Hang Seng closed 0.33% higher after Chinese banks posted strong earnings. The Nikkei closed 0.9% higher, despite the release of negative Industrial Output data, as the Yen remained weak against the Dollar which traded at 102.9 Yen. Market attention will now turn to the Chinese Manufacturing PMI being released tomorrow. European stocks have opened the week higher as investors await the European CPI at 10am (GMT). Analysts expect inflation to drop to 0.6%, which could add more pressure on the ECB to ease monetary policy further at its meeting this Thursday.
WTI Crude is trading near a 3 week high due to geopolitical concerns over the Russian – Ukraine situation. During talks yesterday it was agreed that a common ground must be reached to meet the interests of the Ukrainian people. The EU and U.S. have also threatened to increase sanctions placed on Russia. Speculation of increased stimulus in China and positive U.S. data have also supported prices. Gold continues to decline following signs of a stronger U.S. economy. Yellens comments that interest rates might be raised have also exerted strong pressure on the price. Yellen will be speaking again today at 1.55pm (GMT).
Today’s Main Events:
09.00 GMT: EUR – CPI – measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
12.30 GMT: CAD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
13.55 GMT: USD – Fed Chair Yellen Speaks – Due to speak at the National Interagency Community Reinvestment Conference, in Chicago
17.15 GMT: GBP – BoE Gov Carney Speaks – Due to participate in a press conference at the Bank of England, in London
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