U.S. markets continued to fall as concerns regarding economic growth grew. Due to a lack of economic data, trading was mostly technical and indexes moved below key levels. For the first time in two years, the S&P 500 fell through its 200 day moving average and closed at 1,874.74, posting a decline of 1.65%. The Dow Jones lost 1.35% closing at 16,321.07. Technology stocks also joined the sell- off as sentiment dampened across markets. Asian markets declined as Japan reopened after a holiday. The Nikkei lost 2.38% as traders quickly followed the negative global sentiment and the U.S. Dollar had weakened strongly against the Yen. The Hang Seng dropped 0.41% but erased some of its earlier losses due to gains in real estate shares. Gains were also seen as police cleared obstructions from protestors in the business district. European markets are lower today. German ZEW Economic Sentiment came out much worse than expected, declining 3.6%. The DAX is currently 0.5% lower and the CAC 40 is 0.87% lower. The FTSE is down 0.58%.
WTI Crude continues to fall as bearish sentiment continues. Recently, the market has been pressured by lower demand and climbing output. The International Energy Agency reported, for a fourth time, that demand will fall and now expect yearly demand to grow at the slowest pace since 2009. It is becoming increasingly likely that OPEC could cut output for the first time in 6 years. The weekly inventory report from the EIA has been postponed as the market was closed yesterday and will now be released tomorrow instead. Yesterday, Gold almost reached a monthly high as is it still benefitting from comments made by the International Monetary Fund. The stock market also continued to decline and as an alternative investment Gold was boosted. As FOMC members stated that a sooner increase in rates in now unlikely, the metal has become attractive once again and physical demand is on the upside.
Today’s Main Events:
08.30 GMT: GBP – CPI – measures the change in the price of goods and services from the perspective of the consumer.
09.00 GMT: EUR – German ZEW Economic Sentiment – gauges the six-month economic outlook.
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
October 14, 2014 – Daily Market News
Today’s Hot Asset: EUR
U.S. markets continued to fall as concerns regarding economic growth grew. Due to a lack of economic data, trading was mostly technical and indexes moved below key levels. For the first time in two years, the S&P 500 fell through its 200 day moving average and closed at 1,874.74, posting a decline of 1.65%. The Dow Jones lost 1.35% closing at 16,321.07. Technology stocks also joined the sell- off as sentiment dampened across markets. Asian markets declined as Japan reopened after a holiday. The Nikkei lost 2.38% as traders quickly followed the negative global sentiment and the U.S. Dollar had weakened strongly against the Yen. The Hang Seng dropped 0.41% but erased some of its earlier losses due to gains in real estate shares. Gains were also seen as police cleared obstructions from protestors in the business district. European markets are lower today. German ZEW Economic Sentiment came out much worse than expected, declining 3.6%. The DAX is currently 0.5% lower and the CAC 40 is 0.87% lower. The FTSE is down 0.58%.
WTI Crude continues to fall as bearish sentiment continues. Recently, the market has been pressured by lower demand and climbing output. The International Energy Agency reported, for a fourth time, that demand will fall and now expect yearly demand to grow at the slowest pace since 2009. It is becoming increasingly likely that OPEC could cut output for the first time in 6 years. The weekly inventory report from the EIA has been postponed as the market was closed yesterday and will now be released tomorrow instead. Yesterday, Gold almost reached a monthly high as is it still benefitting from comments made by the International Monetary Fund. The stock market also continued to decline and as an alternative investment Gold was boosted. As FOMC members stated that a sooner increase in rates in now unlikely, the metal has become attractive once again and physical demand is on the upside.
Today’s Main Events:
08.30 GMT: GBP – CPI – measures the change in the price of goods and services from the perspective of the consumer.
09.00 GMT: EUR – German ZEW Economic Sentiment – gauges the six-month economic outlook.
09.00 GMT: EUR – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
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