After a choppy session, U.S. stocks finished lower. It appeared that investors were taking a breather and locking in profit as stocks remained high with the S&P closing 0.11% higher, still above 1900, and the Dow Jones closing 0.25% lower. Asian markets were little changed. The Nikkei gained 0.07% despite Retail Sales declining by 4.4%, higher than the expected 3.2%. The Hang Seng added 0.04% as traders remained unsure about the health of China’s economy after the Central Bank continued to boost liquidity by adding another 10 Billion Yuan. European stocks are slightly higher as market players await key data coming from the U.S. later in the day including GDP at 12.30pm GMT. There is also speculation that the ECB will cut the deposit rate next week. Currently, the FTSE 100 is up 0.24%, the DAX is up 0.13% and the CAC 40 is even.
WTI Crude dropped to a weekly low yesterday after the API released Weekly Crude Stock which showed an increase in inventories. This boosts speculation that the EIA will also report an increase today in their report being released at 3pm GMT. Prices have also declined as the elections in Ukraine are being viewed as a step towards reducing tension, lowering fears that supply could be disrupted. Gold declined to its lowest level since February. Traders are reacting to decreased tension in Ukraine and mostly positive U.S. data coming from the U.S. The recent advance in stocks has also lowered the price. Focus on today’s U.S. data as it could provide some short term movements for the metal.
Today’s Main Events:
12.30 GMT: USD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
14.00 GMT: USD – Pending Home Sales – measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction
23.50 GMT: JPY – Tokyo Core CPI – measures the change in the price of goods and services purchased by consumers in Tokyo, excluding fresh food.
May 29, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold, Oil
After a choppy session, U.S. stocks finished lower. It appeared that investors were taking a breather and locking in profit as stocks remained high with the S&P closing 0.11% higher, still above 1900, and the Dow Jones closing 0.25% lower. Asian markets were little changed. The Nikkei gained 0.07% despite Retail Sales declining by 4.4%, higher than the expected 3.2%. The Hang Seng added 0.04% as traders remained unsure about the health of China’s economy after the Central Bank continued to boost liquidity by adding another 10 Billion Yuan. European stocks are slightly higher as market players await key data coming from the U.S. later in the day including GDP at 12.30pm GMT. There is also speculation that the ECB will cut the deposit rate next week. Currently, the FTSE 100 is up 0.24%, the DAX is up 0.13% and the CAC 40 is even.
WTI Crude dropped to a weekly low yesterday after the API released Weekly Crude Stock which showed an increase in inventories. This boosts speculation that the EIA will also report an increase today in their report being released at 3pm GMT. Prices have also declined as the elections in Ukraine are being viewed as a step towards reducing tension, lowering fears that supply could be disrupted. Gold declined to its lowest level since February. Traders are reacting to decreased tension in Ukraine and mostly positive U.S. data coming from the U.S. The recent advance in stocks has also lowered the price. Focus on today’s U.S. data as it could provide some short term movements for the metal.
Today’s Main Events:
12.30 GMT: USD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
14.00 GMT: USD – Pending Home Sales – measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction
23.50 GMT: JPY – Tokyo Core CPI – measures the change in the price of goods and services purchased by consumers in Tokyo, excluding fresh food.
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