U.S stocks were mixed yesterday but with little change. Sentiment was hit by falling oil prices. Trade was also subdued as investors are awaiting the result of the two day FOMC meeting beginning today. It is widely expected that the Federal Reserve will finish their bond buying program this month. However, investors are mostly waiting to hear any clues regarding increasing interest rates sooner than currently expected. At market close the S&P 500 was 0.15% lower and the Dow Jones was 0.07% higher. Asian stocks were also mixed today. The Nikkei lost 0.38% as the Dollar traded lower against the Yen. Traders were also apprehensive before Central bank meetings from both currencies. The Bank of Japan will be meeting on Friday. The Hang Seng, however, climbed 1.63% after the President, Xi Jinping, signaled expansion of free – trade zones. European markets are higher today following earnings reports. Gains are also seen after Peter Praet, a member of the European Central Bank, stated that the risk of deflation is much lower than previously estimated by the IMF. Currently, the DAX is up 1.41% while France’s CAC 40 is up 0.54% and London’s FTSE 100 is up 0.37%.
WTI Crude dropped to its support level at 80.00 once again but bounced straight off it. Declines were seen after Goldman Sachs downgraded their forecast. The American Petroleum Industry will release inventory data today and this report will be closely watched as the market has been facing higher supply and lower demand in recent months. The report will be released at 8.30pm GMT. Gold continues to trade sideways ahead of the FOMC Statement. Any hawkish remarks would be bullish for the Dollar and negative for Gold. Traders should watch U.S. data today as it could provide short term trading opportunities.
Today’s Main Events:
12.30 GMT: USD- Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items.
14.00 GMT: USD – C.B. Consumer Confidence – measures the level of consumer confidence in economic activity.
17.00 GMT: GBP – MPC Member Cunliffe Speaks – Due to speak at the Cambridge Economics Curriculum Reform event
23.50 GMT: JPY – Industrial Production – measures the level of consumer confidence in economic activity.
October 28, 2014 – Daily Market News
Today’s Hot Assets: Oil, USD
U.S stocks were mixed yesterday but with little change. Sentiment was hit by falling oil prices. Trade was also subdued as investors are awaiting the result of the two day FOMC meeting beginning today. It is widely expected that the Federal Reserve will finish their bond buying program this month. However, investors are mostly waiting to hear any clues regarding increasing interest rates sooner than currently expected. At market close the S&P 500 was 0.15% lower and the Dow Jones was 0.07% higher. Asian stocks were also mixed today. The Nikkei lost 0.38% as the Dollar traded lower against the Yen. Traders were also apprehensive before Central bank meetings from both currencies. The Bank of Japan will be meeting on Friday. The Hang Seng, however, climbed 1.63% after the President, Xi Jinping, signaled expansion of free – trade zones. European markets are higher today following earnings reports. Gains are also seen after Peter Praet, a member of the European Central Bank, stated that the risk of deflation is much lower than previously estimated by the IMF. Currently, the DAX is up 1.41% while France’s CAC 40 is up 0.54% and London’s FTSE 100 is up 0.37%.
WTI Crude dropped to its support level at 80.00 once again but bounced straight off it. Declines were seen after Goldman Sachs downgraded their forecast. The American Petroleum Industry will release inventory data today and this report will be closely watched as the market has been facing higher supply and lower demand in recent months. The report will be released at 8.30pm GMT. Gold continues to trade sideways ahead of the FOMC Statement. Any hawkish remarks would be bullish for the Dollar and negative for Gold. Traders should watch U.S. data today as it could provide short term trading opportunities.
Today’s Main Events:
12.30 GMT: USD- Core Durable Goods Orders – measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items.
14.00 GMT: USD – C.B. Consumer Confidence – measures the level of consumer confidence in economic activity.
17.00 GMT: GBP – MPC Member Cunliffe Speaks – Due to speak at the Cambridge Economics Curriculum Reform event
23.50 GMT: JPY – Industrial Production – measures the level of consumer confidence in economic activity.
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