U.S. stocks climbed at the end of last week after better than expected earnings and data. Positive earnings were also released throughout the week boosting sentiment. The S&P 500 closed 0.71% higher but posted its biggest weekly advance of the year. The index climbed 4.1% over the week. The Dow Jones climbed 0.76% higher and added 2.6% over the week. Asian markets were mixed today. The Nikkei added 0.63% as positive earnings and data reinstated confidence in the economy lowered fears of a global slowdown. The Hang Seng, however, lost 0.68% as the direct link for trading between Hong Kong and Shanghai was delayed further. European markets are lower today after another round of weak data from Germany. Markets were initially reacting to results of stress tests performed on 130 European banks over the weekend. The outcome was not as bad as expected as only 25 banks failed. Currently, the DAX is down 0.96% while France’s CAC 40 is off 0.79% and London’s FTSE 100 is lower by 0.42%.
WTI Crude traded choppy due to concerns of oversupply and lower demand. Goldman Sachs, an investment bank, has cut its forecast for oil for 2015. Their analysts now predict the price to be $75/ barrel, which is $$15 below their original estimation. The market is now waiting to see if OPEC will decide to cut output. Gold is trading sideways between $1234/ounce and $1227/ounce. Volatility will increase ahead of Wednesday’s FOMC statement where traders are eager to hear any updates regarding raising interest rates.
Today’s Main Events:
14:00 GMT: USD – Pending Home Sales – measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
October 27, 2014 – Daily Market News
U.S. stocks climbed at the end of last week after better than expected earnings and data. Positive earnings were also released throughout the week boosting sentiment. The S&P 500 closed 0.71% higher but posted its biggest weekly advance of the year. The index climbed 4.1% over the week. The Dow Jones climbed 0.76% higher and added 2.6% over the week. Asian markets were mixed today. The Nikkei added 0.63% as positive earnings and data reinstated confidence in the economy lowered fears of a global slowdown. The Hang Seng, however, lost 0.68% as the direct link for trading between Hong Kong and Shanghai was delayed further. European markets are lower today after another round of weak data from Germany. Markets were initially reacting to results of stress tests performed on 130 European banks over the weekend. The outcome was not as bad as expected as only 25 banks failed. Currently, the DAX is down 0.96% while France’s CAC 40 is off 0.79% and London’s FTSE 100 is lower by 0.42%.
WTI Crude traded choppy due to concerns of oversupply and lower demand. Goldman Sachs, an investment bank, has cut its forecast for oil for 2015. Their analysts now predict the price to be $75/ barrel, which is $$15 below their original estimation. The market is now waiting to see if OPEC will decide to cut output. Gold is trading sideways between $1234/ounce and $1227/ounce. Volatility will increase ahead of Wednesday’s FOMC statement where traders are eager to hear any updates regarding raising interest rates.
Today’s Main Events:
14:00 GMT: USD – Pending Home Sales – measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
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