U.S. stocks closed lower after a range of disappointing U.S. economic data. The CB Confidence came out at 86 much lower than the expected 92.5. At session close the S&P 500 was 0.28% lower and the Dow Jones was 0.17% lower. U.S. Futures also declined today as the pre NFP, ADP Nonfarm employment data came out stronger than expected further boosting speculation that the Fed could begin to tighten monetary policy sooner and raise interest rates. Asian markets were mostly lower during today’s Asian session. The Nikkei declined 0.56% following Japanese data from Tankan. An increase in the Manufacturing Index strengthened the Yen against the Dollar. The pair climbed above the key technical level of 110 with the Dollar trading as high as 110.78 during the session but then fell back below. The Hang Seng lost 1.28% as protests continued. European markets are lower today. Yesterday’s CPI data showed an increase of 0.3% marking the lowest annual rate since 2009 and pressures the European Central Bank to act and inject money into the economy. Traders appear to be on the sidelines ahead of tomorrow’s ECB Interest Rate Decision and Press conference. During Mid trade the CAC 40 is down 0.85% while London’s FTSE 100 is off 0.67% and Germany’s DAX is lower by 0.33%.
WTI Crude dropped to a two year low. This decline came after OPEC reported that output has reached a 2 year high. The price has now rebounded slightly before today’s inventory report from the EIA. The report will be released at 2.30pm GMT and is expected to show a slight increase. Gold declined as the Dollar made strong gains due to speculation that the Fed could raise interest rates sooner. However, today, the metal has made strong gains despite positive ADP Nonfarm employment data. Traders should watch U.S. data later today as it could change the current direction of the price.
Today’s Main Events:
08.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
12:15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
14.00 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.
October 1, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. stocks closed lower after a range of disappointing U.S. economic data. The CB Confidence came out at 86 much lower than the expected 92.5. At session close the S&P 500 was 0.28% lower and the Dow Jones was 0.17% lower. U.S. Futures also declined today as the pre NFP, ADP Nonfarm employment data came out stronger than expected further boosting speculation that the Fed could begin to tighten monetary policy sooner and raise interest rates. Asian markets were mostly lower during today’s Asian session. The Nikkei declined 0.56% following Japanese data from Tankan. An increase in the Manufacturing Index strengthened the Yen against the Dollar. The pair climbed above the key technical level of 110 with the Dollar trading as high as 110.78 during the session but then fell back below. The Hang Seng lost 1.28% as protests continued. European markets are lower today. Yesterday’s CPI data showed an increase of 0.3% marking the lowest annual rate since 2009 and pressures the European Central Bank to act and inject money into the economy. Traders appear to be on the sidelines ahead of tomorrow’s ECB Interest Rate Decision and Press conference. During Mid trade the CAC 40 is down 0.85% while London’s FTSE 100 is off 0.67% and Germany’s DAX is lower by 0.33%.
WTI Crude dropped to a two year low. This decline came after OPEC reported that output has reached a 2 year high. The price has now rebounded slightly before today’s inventory report from the EIA. The report will be released at 2.30pm GMT and is expected to show a slight increase. Gold declined as the Dollar made strong gains due to speculation that the Fed could raise interest rates sooner. However, today, the metal has made strong gains despite positive ADP Nonfarm employment data. Traders should watch U.S. data later today as it could change the current direction of the price.
Today’s Main Events:
08.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
12:15 GMT: USD – ADP Nonfarm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
14.00 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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