U.S. stocks finished lower after a choppy session. Sentiment was hit by falling oil prices which in turn affected energy shares. At session close the S&P 500 was 0.01% lower and the Dow Jones was 0.14% lower. Asian markets were mixed today. The Nikkei reopened from a Holiday and climbed 2.73% as it reacted to the weaker Yen. The Hang Seng, however, lost 0.29% after HSBC posted weak third quarter earnings. The market also continued to react to data which pointed to a slowdown in the economy. European markets are mixed today after the European Commission cut their 2014 growth forecast for the Eurozone. Currently, the DAX is higher by 0.04%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.48% and 0.19% respectively.
WTI Crude continues to drop and is currently trading at a 3 year low. The drop came after Saudi Arabia cut its prices for exports to the U.S by $0.45/barrel. The decision came after exports from the country dropped to a 4 year low. The market seems to be over supplied and demand is on the downside and the stronger Dollar is also impacting prices. Traders should watch a report from the API at 9.30 PM GMT. Gold is ranging around a 4 year low. The metals safe haven appeal has subsided as data from the U.S has shown an improving outlook and boosted speculation that the Fed could raise interest rates sooner. As the Dollar reaches new highs and data continues to be positive the outlook for Gold looks bleak. However, in the short term physical demand could increase as the price is so low.
Today’s Main Events:
09.30 GMT: GBP – Construction PMI – measures the activity level of purchasing managers in the construction industry.
13.30 GMT: USD- Trade Balance– measures the difference in value between imported and exported goods and services over the reported period.
15.00 GMT: USD – Factory Orders – measures the change in the total value of new purchase orders placed with manufacturers.
November 4, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD, Oil
U.S. stocks finished lower after a choppy session. Sentiment was hit by falling oil prices which in turn affected energy shares. At session close the S&P 500 was 0.01% lower and the Dow Jones was 0.14% lower. Asian markets were mixed today. The Nikkei reopened from a Holiday and climbed 2.73% as it reacted to the weaker Yen. The Hang Seng, however, lost 0.29% after HSBC posted weak third quarter earnings. The market also continued to react to data which pointed to a slowdown in the economy. European markets are mixed today after the European Commission cut their 2014 growth forecast for the Eurozone. Currently, the DAX is higher by 0.04%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.48% and 0.19% respectively.
WTI Crude continues to drop and is currently trading at a 3 year low. The drop came after Saudi Arabia cut its prices for exports to the U.S by $0.45/barrel. The decision came after exports from the country dropped to a 4 year low. The market seems to be over supplied and demand is on the downside and the stronger Dollar is also impacting prices. Traders should watch a report from the API at 9.30 PM GMT. Gold is ranging around a 4 year low. The metals safe haven appeal has subsided as data from the U.S has shown an improving outlook and boosted speculation that the Fed could raise interest rates sooner. As the Dollar reaches new highs and data continues to be positive the outlook for Gold looks bleak. However, in the short term physical demand could increase as the price is so low.
Today’s Main Events:
09.30 GMT: GBP – Construction PMI – measures the activity level of purchasing managers in the construction industry.
13.30 GMT: USD- Trade Balance– measures the difference in value between imported and exported goods and services over the reported period.
15.00 GMT: USD – Factory Orders – measures the change in the total value of new purchase orders placed with manufacturers.
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