Daily Market News: May 5, 2014
May 5, 2014 7:42 pmVideo
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May 5, 2013 – Daily Market News
Today’s Hot Assets: Gold, USD
Friday’s U.S. Nonfarm Payroll report increased the most in over two years and showed that 288,000 jobs were added during the month of April. The Unemployment Rate also came out much better than expected and declined to 6.3%, the lowest it has been since 2008. Markets rallied initially but soon after attention turned back to Ukraine causing stocks to close slightly lower. At session close, the S&P 500 was 0.13% lower and the Dow Jones was 0.28% lower. Asian stocks declined after the HSBC Manufacturing PMI came out below expectations at 48.1 and the Hang Seng lost 1.28%. The Nikkei declined 0.19% as the Yen strengthened against the U.S. Dollar pushed by the Ukrainian tension. European markets opened lower. Currently, the CAC 40 is off 1.09%, the DAX is down 1.36%. The FTSE, however, remains closed due to a public holiday in England.
WTI Crude is climbing higher amid speculation that further sanctions will be implemented against Russia. Further clashes between Russia and Ukraine occurred over the weekend. The positive U.S. data also added support as it suggests it could lead to greater demand. Gold reached a 3 week high as traders invested in safe haven assets. Traders should remain focused on any updates as if the crisis calms down we will see a quick drop in the price.
Today’s Main Events:
14.00 GMT: USD – ISM Non-Manufacturing Index – A composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector.
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