U.S. stocks posted modest gains. Investors chose to shrug off Existing Home Sales data and to focus on the positive Manufacturing PMI boosting confidence in the global economy. At session close, the S&P 500 had gained 0.24% and the Dow Jones had gained 0.06%. Asian stocks climbed led by gains in the Nikkei. The Nikkei gained 0.87% as the Dollar remained stronger against the Yen. The Hang Seng added 0.13% as investors continued to digest the better than expected HSBC Manufacturing received in the previous session. European stocks opened lower ahead of a range of data coming from Germany including GDP.
WTI Crude rose after the EIA reported a drop in weekly crude inventories. However, following weak U.S. data including higher than expected Initial Jobless Claims and worse than expected Existing Homes Sales, the price fell slightly. Gold declined and fell below $1300/ounce as attention returned to the FOMC Meeting minutes released on Wednesday. The Fed revealed that that they plan to continue with tapering and that interest rated won’t be raised for a period of time.
Today’s Main Events:
06.00 GMT: EUR – German GDP – the broadest measure of economic activity and is a key indicator of economic health
08.00 GMT: EUR – German Ifo Business Climate Index – rates the current German business climate and measures expectations for the next six months.
12.30 GMT: CAD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
14.00 GMT: USD – New Home Sales – measures the annualized number of new single-family homes that were sold during the previous month
May 23, 2014 – Daily Market News
Today’s Hot Asset: EUR
U.S. stocks posted modest gains. Investors chose to shrug off Existing Home Sales data and to focus on the positive Manufacturing PMI boosting confidence in the global economy. At session close, the S&P 500 had gained 0.24% and the Dow Jones had gained 0.06%. Asian stocks climbed led by gains in the Nikkei. The Nikkei gained 0.87% as the Dollar remained stronger against the Yen. The Hang Seng added 0.13% as investors continued to digest the better than expected HSBC Manufacturing received in the previous session. European stocks opened lower ahead of a range of data coming from Germany including GDP.
WTI Crude rose after the EIA reported a drop in weekly crude inventories. However, following weak U.S. data including higher than expected Initial Jobless Claims and worse than expected Existing Homes Sales, the price fell slightly. Gold declined and fell below $1300/ounce as attention returned to the FOMC Meeting minutes released on Wednesday. The Fed revealed that that they plan to continue with tapering and that interest rated won’t be raised for a period of time.
Today’s Main Events:
06.00 GMT: EUR – German GDP – the broadest measure of economic activity and is a key indicator of economic health
08.00 GMT: EUR – German Ifo Business Climate Index – rates the current German business climate and measures expectations for the next six months.
12.30 GMT: CAD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
14.00 GMT: USD – New Home Sales – measures the annualized number of new single-family homes that were sold during the previous month
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