Daily Market News: May 20, 2014
May 20, 2014 10:30 amVideo
Latest News
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May 20, 2014 – Daily Market News
Today’s Hot Assets: GBP, Oil
After a quiet session, U.S stocks finished higher following gains in technology shares. Google gained 1.6% after news that they may be acquiring Twitch, a video streaming service, and Apple gained 1.2% following an agreement to dismiss disputes regarding patenting. At the close of U.S. trading, the Dow jones was 0.12% higher, the S&P 500 was 0.38% higher and the Nasdaq was 0.86% higher. Asian shares also closed higher as traders followed U.S. sentiment and invested in technology shares. The Hang Seng gained 0.57% with its main component, Tencent Holdings, adding 2.8%. Gains were also supported as the government announced the number of initial public offerings it is planning to have. The Nikkei closed 0.49% higher as stocks rebounded. Yahoo Japan, for example, gained 13% after Softbank cancelled a deal to sell eAccess.
WTI Crude is trading around a 4 week high ahead of supply data from the API later in the day. The expectation is to see a decline after inventories expanded to a record during the month of April. Geopolitical tension is also adding support with fears that supplies from both Russia and Libya could be disrupted. Traders should watch the inventory data which will be released by the API today at 8.30pm GMT. After declining and falling below the key technological level of $1300/ounce, Gold is ranging. Continued tapering from the Fed has pushed the metal lower and there is decreased demand for Gold from China. Attention will now turn to the FOMC Meeting Minutes and a speech from the Head of the Federal Reserve, Janet Yellen, tomorrow.
Today’s Main Events:
08.30 GMT: GBP – CPI – measures the change in the price of goods and services from the perspective of the consumer.
12.30 GMT: CAD – Wholesale Sales – measures the change in the total value of sales at the wholesale level. It is a leading indicator of consumer spending
16.30 GMT: USD – FOMC Member Plosser Speaks – Due to speak about the economic outlook at the Public Policy Luncheon organized by the Women in Housing & Finance Inc, in Washington DC. Audience questions expected
17.00 GMT: USD – FOMC Member Dudley Speaks – Due to speak about business economics at the New York Association of Business Economics. Audience questions expected
23.50 GMT: JPY – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period
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