At the FOMC Statement yesterday the Fed released that they would reduce the quantitative easing by a further $10 billion and the key rate would be remain unchanged at zero. They also stated that the economy is gaining momentum and that growth in economic activity has picked up recently which added optimism to the markets. U.S. stocks rose with the Dow Jones closing at a record of 16,580.84 and the S&P 500 closed 0.3% higher. Asian shares were mixed. Japanese stocks added gains after positive earnings news from companies such as Fujitsu and the Nikkei closed 1.27% higher. Markets in Hong Kong, China and South Korea remained closed for the May 1 holiday. Markets are also closed in France and Germany for Labour Day. The FTSE 100, however, gained after strong manufacturing and housing data.
WTI Crude declined further and moved below $100/ barrel due to relief that the new round of sanctions against Russia probably won’t affect supply. The EIA also reported that crude stockpiles rose 1.7 million barrels during the past week, lifting commercial crude inventories to 399.4 million barrels. This is the largest weekly total on record. Gold also fell as the Fed continued the tapering process. Focus will now turn to tomorrows Nonfarm Payroll report.
Today’s Main Events:
13.30 GMT: USD – Fed Chair Yellen Speaks – Due to speak at the Independent Community Bankers of America’s Annual Policy Summit, in Washington DC
13.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week.
15.00 GMT: USD – ISM Manufacturing PMI – based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured, this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index.
18.30 GMT: GBP – MPC Member Cunliffe Speaks – Due to speak at the Worshipful Company of International Bankers Dinner, in London
May 1, 2014 – Daily Market News
Today’s Hot Assets: USD, GBP
At the FOMC Statement yesterday the Fed released that they would reduce the quantitative easing by a further $10 billion and the key rate would be remain unchanged at zero. They also stated that the economy is gaining momentum and that growth in economic activity has picked up recently which added optimism to the markets. U.S. stocks rose with the Dow Jones closing at a record of 16,580.84 and the S&P 500 closed 0.3% higher. Asian shares were mixed. Japanese stocks added gains after positive earnings news from companies such as Fujitsu and the Nikkei closed 1.27% higher. Markets in Hong Kong, China and South Korea remained closed for the May 1 holiday. Markets are also closed in France and Germany for Labour Day. The FTSE 100, however, gained after strong manufacturing and housing data.
WTI Crude declined further and moved below $100/ barrel due to relief that the new round of sanctions against Russia probably won’t affect supply. The EIA also reported that crude stockpiles rose 1.7 million barrels during the past week, lifting commercial crude inventories to 399.4 million barrels. This is the largest weekly total on record. Gold also fell as the Fed continued the tapering process. Focus will now turn to tomorrows Nonfarm Payroll report.
Today’s Main Events:
13.30 GMT: USD – Fed Chair Yellen Speaks – Due to speak at the Independent Community Bankers of America’s Annual Policy Summit, in Washington DC
13.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week.
15.00 GMT: USD – ISM Manufacturing PMI – based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured, this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index.
18.30 GMT: GBP – MPC Member Cunliffe Speaks – Due to speak at the Worshipful Company of International Bankers Dinner, in London
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