U.S. stocks dropped as the IMF introduced bearish sentiment to the market after warning that the economy may not return to the rate of increase seen pre 2007. Comments from the European Central Bank President, Mario Draghi, also added pressure as he stated that the economy needs reforms to recover. The S&P 500 dropped 2.07% to 1,928.21, a 2 month low. The Dow Jones experienced its worse sell off in a year and dropped 1.97% to 16,659.25. Asian markets also declined across the region. The Nikkei lost 1.15% as the Dollar remained lower against the Yen. The Hang Seng lost 1.77% as talks between government and officials and protest leaders were cancelled. European markets are lower today due to concerns regarding the strength of the European economy. Indices were hit this week following the IMF decision and weak data being released from Germany. Weak data from Italy and France this morning also added to the bearish sentiment. The FTSE 100 is down 0.78% heading for a yearly low with most components in the red. The DAX is down 1.04% and the CAC 40 is down 0.95%.
WTI Crude is dropped to its lowest price since 2010 after the EIA reported that inventories increased by 5million barrels during the past week. This came a day after the API also reported climbing inventories. The IMF decision added further pressure as slower growth would result in lower demand for the commodity. Gold climbed to a 2 week high following the Meeting Minutes. The price increased as negative sentiment affected global markets and the IMF decision pushed investors to safe haven assets. As the IMF semi- annual meeting is taking place today and tomorrow we may see Gold move higher in the near term.
Today’s Main Events:
12.30 GMT: CAD – Employment Change – measures the change in the number of people employed. Job creation is an important indicator of consumer spending.
13.00 GMT: USD – FOMC Member Plosser Speaks – Due to deliver a speech titled “Monetary Policy and Communications” at the Society of American Business Editors and Writers Fall Conference, in New York. Audience questions expected
19.00 GMT: USD – Federal Budget Balance – measures the difference in value between the federal government’s income and expenditure during the reported month
October 10, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. stocks dropped as the IMF introduced bearish sentiment to the market after warning that the economy may not return to the rate of increase seen pre 2007. Comments from the European Central Bank President, Mario Draghi, also added pressure as he stated that the economy needs reforms to recover. The S&P 500 dropped 2.07% to 1,928.21, a 2 month low. The Dow Jones experienced its worse sell off in a year and dropped 1.97% to 16,659.25. Asian markets also declined across the region. The Nikkei lost 1.15% as the Dollar remained lower against the Yen. The Hang Seng lost 1.77% as talks between government and officials and protest leaders were cancelled. European markets are lower today due to concerns regarding the strength of the European economy. Indices were hit this week following the IMF decision and weak data being released from Germany. Weak data from Italy and France this morning also added to the bearish sentiment. The FTSE 100 is down 0.78% heading for a yearly low with most components in the red. The DAX is down 1.04% and the CAC 40 is down 0.95%.
WTI Crude is dropped to its lowest price since 2010 after the EIA reported that inventories increased by 5million barrels during the past week. This came a day after the API also reported climbing inventories. The IMF decision added further pressure as slower growth would result in lower demand for the commodity. Gold climbed to a 2 week high following the Meeting Minutes. The price increased as negative sentiment affected global markets and the IMF decision pushed investors to safe haven assets. As the IMF semi- annual meeting is taking place today and tomorrow we may see Gold move higher in the near term.
Today’s Main Events:
12.30 GMT: CAD – Employment Change – measures the change in the number of people employed. Job creation is an important indicator of consumer spending.
13.00 GMT: USD – FOMC Member Plosser Speaks – Due to deliver a speech titled “Monetary Policy and Communications” at the Society of American Business Editors and Writers Fall Conference, in New York. Audience questions expected
19.00 GMT: USD – Federal Budget Balance – measures the difference in value between the federal government’s income and expenditure during the reported month
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