U.S. markets remained closed yesterday for Memorial Day, leaving stocks unmoved. U.S. stocks finished last week with strong gains entering positive territory for the year; the S&P 500 closed 0.42% higher above the 1900 level and the Dow Jones closed 0.38% higher. Trading during the Asian session was thin. The Nikkei added 0.24% as the Dollar remained strong against the Yen, trading around ¥101.9. The Hang Seng lost 0.15%. European stocks started the day mixed after climbing yesterday in reaction to the results of the European parliamentary elections. In early trade, the FTSE 100 was higher by 0.21%, while the CAC 40 led the DAX lower. They were down 0.26% and 0.03% respectively.
WTI Crude continues to trade near a 4 week high ahead of Consumer Confidence data coming from the U.S. later in the day. The data is expected to dictate the short term direction for oil as it may signal the strength of the economy. Protests have continued in Libya, which has now become the smallest producer of oil in the 12-member Organization of Petroleum Exporting Countries. Rebels are planning to discuss how to respond to the new Prime Minister’s appointment and have threatened to cancel the agreement which recently reopened two oil terminals, pushing prices higher. Gold has started the day with strong losses ahead of key data expected this week. Investors are also assessing whether the new President of Ukraine will reduce tension with Russia after promises to control separatists. The lower price could stimulate some physical demand but traders should look out for Core Durable Goods Orders and CB Consumer Confidence data.
Today’s Main Events:
12.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items.
13.30 GMT: EUR – ECB President Draghi Speaks – Due to participate in a panel discussion at the European Central Bank Forum on Central Banking, in Portugal
14.00 GMT: USD – CB Consumer Confidence – measures the level of consumer confidence in economic activity
May 27, 2014- Daily Market News
Today’s Hot Asset: USD
U.S. markets remained closed yesterday for Memorial Day, leaving stocks unmoved. U.S. stocks finished last week with strong gains entering positive territory for the year; the S&P 500 closed 0.42% higher above the 1900 level and the Dow Jones closed 0.38% higher. Trading during the Asian session was thin. The Nikkei added 0.24% as the Dollar remained strong against the Yen, trading around ¥101.9. The Hang Seng lost 0.15%. European stocks started the day mixed after climbing yesterday in reaction to the results of the European parliamentary elections. In early trade, the FTSE 100 was higher by 0.21%, while the CAC 40 led the DAX lower. They were down 0.26% and 0.03% respectively.
WTI Crude continues to trade near a 4 week high ahead of Consumer Confidence data coming from the U.S. later in the day. The data is expected to dictate the short term direction for oil as it may signal the strength of the economy. Protests have continued in Libya, which has now become the smallest producer of oil in the 12-member Organization of Petroleum Exporting Countries. Rebels are planning to discuss how to respond to the new Prime Minister’s appointment and have threatened to cancel the agreement which recently reopened two oil terminals, pushing prices higher. Gold has started the day with strong losses ahead of key data expected this week. Investors are also assessing whether the new President of Ukraine will reduce tension with Russia after promises to control separatists. The lower price could stimulate some physical demand but traders should look out for Core Durable Goods Orders and CB Consumer Confidence data.
Today’s Main Events:
12.30 GMT: USD – Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items.
13.30 GMT: EUR – ECB President Draghi Speaks – Due to participate in a panel discussion at the European Central Bank Forum on Central Banking, in Portugal
14.00 GMT: USD – CB Consumer Confidence – measures the level of consumer confidence in economic activity
Related Posts: