Despite the release of disappointing GDP data from the U.S., stocks rallied. For the first time in three years, the U.S. economy contracted during the first quarter. Investors chose instead to focus on positive labour data and speculated that interest rate hikes may not come as soon as thought. The S&P 500 closed 0.54% higher at 1920.03, reaching a record for the 13th time this year and the Dow Jones closed 0.39% higher. Asian stocks were mixed today. The Nikkei lost 0.34% as the Yen strengthened against the Dollar following positive inflation data which increased by 3.2% during the past year. The Dollar was trading around ¥101.58. The Hang Seng, however, added 0.2% led by the rebound in technology stocks and in anticipation of Chinese Manufacturing PMI data being released tomorrow. European stocks opened mixed. So do far, the DAX is higher by 0.02%, London’s FTSE 100 is off 0.11% and shares in France are unchanged with the CAC 40 at 4,530.51.
After declining during the week, WTI Crude gained yesterday. Investors took U.S data as a positive and believed it to signal stronger demand for the commodity. In addition to this, the EIA released that EIA Weekly Distillate stocks and Gasoline inventories declined. Gold is now trading at a 3 month low as prices continue to fall. The decline comes as investors turn their money to stocks. Continued Fed tapering and a generally positive outlook for the U.S. economy have put pressure on the price. Traders should watch U.S. data today including Michigan Consumer Sentiment at 2.55pm GMT and a speech from FOMC member Plosser at 10pm GMT.
Today’s Main Events:
13.30 GMT: CAD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
14.45 GMT: USD – Chicago PMI – determines the economic health of the manufacturing sector in Chicago region.
14.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions.
22.00 GMT: USD – FOMC Member Plosser Speaks – Due to participate in a panel discussion titled “Rules-Based Policy: From Theory to Practice” at the Hoover Institution’s Policy Conference, in Stanford
May 30, 2014 – Daily Market News
Today’s Hot Assets: CAD, USD
Despite the release of disappointing GDP data from the U.S., stocks rallied. For the first time in three years, the U.S. economy contracted during the first quarter. Investors chose instead to focus on positive labour data and speculated that interest rate hikes may not come as soon as thought. The S&P 500 closed 0.54% higher at 1920.03, reaching a record for the 13th time this year and the Dow Jones closed 0.39% higher. Asian stocks were mixed today. The Nikkei lost 0.34% as the Yen strengthened against the Dollar following positive inflation data which increased by 3.2% during the past year. The Dollar was trading around ¥101.58. The Hang Seng, however, added 0.2% led by the rebound in technology stocks and in anticipation of Chinese Manufacturing PMI data being released tomorrow. European stocks opened mixed. So do far, the DAX is higher by 0.02%, London’s FTSE 100 is off 0.11% and shares in France are unchanged with the CAC 40 at 4,530.51.
After declining during the week, WTI Crude gained yesterday. Investors took U.S data as a positive and believed it to signal stronger demand for the commodity. In addition to this, the EIA released that EIA Weekly Distillate stocks and Gasoline inventories declined. Gold is now trading at a 3 month low as prices continue to fall. The decline comes as investors turn their money to stocks. Continued Fed tapering and a generally positive outlook for the U.S. economy have put pressure on the price. Traders should watch U.S. data today including Michigan Consumer Sentiment at 2.55pm GMT and a speech from FOMC member Plosser at 10pm GMT.
Today’s Main Events:
13.30 GMT: CAD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
14.45 GMT: USD – Chicago PMI – determines the economic health of the manufacturing sector in Chicago region.
14.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions.
22.00 GMT: USD – FOMC Member Plosser Speaks – Due to participate in a panel discussion titled “Rules-Based Policy: From Theory to Practice” at the Hoover Institution’s Policy Conference, in Stanford
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