U.S. markets finished with little change but remained at record highs for a fifth day. Volatility was low and no economic data was released due to the celebration of a bank holiday, Veterans Day. At session close, the S&P 500 was 0.07% higher and the Dow Jones was 0.01% higher. Asian markets climbed across the region. The Nikkei closed 0.43% higher due to speculation that Shinzo Abe may delay the increase of Japan’s sales tax. The Hang Seng added 0.55% as the market remained optimistic ahead of the start of the trading link between Hong Kong and shanghai next week. European markets are lower today as traders became cautious ahead of the inflation report from the Bank of England tomorrow. Sentiment was also hit after five banks were ordered to pay a sum of $3.3 billion after being accused of rigging exchange rates. Currently, the DAX is down 1.53% while France’s CAC 40 is off 1.37% and London’s FTSE 100 is lower by 0.37%.
WTI Crude is ranging as traders become hesitant. The commodity has been under pressure as supplies have been increasing but demand is falling. The price is expected to remain choppy until OPECs meeting on Nov 27 but analysts now do not expect OPEC to cut supplies. In addition to this, Iraq cut their oil prices to the U.S, copying a decision made by Saudi Arabia earlier in the month. The API will release an inventory report at 9.30 PM (GMT) and this could cause some volatility. Gold is also ranging after a slight climb yesterday. Gains were seen as physical demand picked up and the Dollar weakened. The outlook is still bearish as traders expect U.S. interest rates could be raised sooner. FOMC member, Kocherlakota, will be speaking at 5PM (GMT).
Today’s Main Events:
09.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month
10.30 GMT: GBP – BoE Gov Carney Speaks – Due to hold a press conference, along with other MPC members, about the Inflation Report, in London
10.30 GMT: GBP – BoE Inflation Report – sets out the detailed economic analysis and inflation projections upon which the bank’s Monetary Policy Committee bases its interest rate decisions and presents an assessment of the prospects for U.K. inflation over the following two years
17.00 GMT: USD – FOMC Member Kocherlakota Speaks – Due to deliver a speech titled “Clarifying the Objectives of Monetary Policy,” in Wisconsin
November 11, 2014 – Daily Market News
Today’s Hot Asset: GBP, Oil
U.S. markets finished with little change but remained at record highs for a fifth day. Volatility was low and no economic data was released due to the celebration of a bank holiday, Veterans Day. At session close, the S&P 500 was 0.07% higher and the Dow Jones was 0.01% higher. Asian markets climbed across the region. The Nikkei closed 0.43% higher due to speculation that Shinzo Abe may delay the increase of Japan’s sales tax. The Hang Seng added 0.55% as the market remained optimistic ahead of the start of the trading link between Hong Kong and shanghai next week. European markets are lower today as traders became cautious ahead of the inflation report from the Bank of England tomorrow. Sentiment was also hit after five banks were ordered to pay a sum of $3.3 billion after being accused of rigging exchange rates. Currently, the DAX is down 1.53% while France’s CAC 40 is off 1.37% and London’s FTSE 100 is lower by 0.37%.
WTI Crude is ranging as traders become hesitant. The commodity has been under pressure as supplies have been increasing but demand is falling. The price is expected to remain choppy until OPECs meeting on Nov 27 but analysts now do not expect OPEC to cut supplies. In addition to this, Iraq cut their oil prices to the U.S, copying a decision made by Saudi Arabia earlier in the month. The API will release an inventory report at 9.30 PM (GMT) and this could cause some volatility. Gold is also ranging after a slight climb yesterday. Gains were seen as physical demand picked up and the Dollar weakened. The outlook is still bearish as traders expect U.S. interest rates could be raised sooner. FOMC member, Kocherlakota, will be speaking at 5PM (GMT).
Today’s Main Events:
09.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month
10.30 GMT: GBP – BoE Gov Carney Speaks – Due to hold a press conference, along with other MPC members, about the Inflation Report, in London
10.30 GMT: GBP – BoE Inflation Report – sets out the detailed economic analysis and inflation projections upon which the bank’s Monetary Policy Committee bases its interest rate decisions and presents an assessment of the prospects for U.K. inflation over the following two years
17.00 GMT: USD – FOMC Member Kocherlakota Speaks – Due to deliver a speech titled “Clarifying the Objectives of Monetary Policy,” in Wisconsin
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