Daily Market News: November 3, 2014
November 3, 2014 1:45 pmVideo
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November 3, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD
U.S. stocks climbed further on Friday, closing at record levels. Markets benefitted from a decision by the Bank of Japan to extend monetary stimulus by another ¥10 billion to ¥80 Billion per year. At session close the S&P 500 closed 1.17% higher and the Dow Jones closed 1.13%higher. Asian markets were mixed today with the Nikkei remaining closed for a holiday. The Hang Seng lost 0.34% as data suggested a slowdown in the economy. European markets are lower today after weak data. Currently, the CAC 40 is down 0.46% while Germany’s DAX is off 0.43% and London’s FTSE 100 is lower by 0.40%.
WTI Crude is under pressure due to the stronger Dollar and weak Chinese data. China is the second biggest consumer of oil and lower data could lead to lower demand. The price is inching higher today as traders take advantage of the low price. Gold is trading around its lowest price since 2010. Commodity prices are under pressure after Oil reached such a surprising low and investors are hesitant to trade in such a risky market. Today, traders should watch the U.S. ISM Manufacturing PMI data which will be released at 3PM (GMT)
Today’s Main Events:
09.00 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
09.30 GMT: EUR – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
15.00 GMT: USD – ISM Manufacturing PMI – based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies.
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