U.S. stocks closed higher following gains in energy shares and speculation that the Fed will keep interest rates low for a long period of time. Following a two day meeting, the FOMC Statement will be released today at 6pm GMT and Janet Yellen will lead a Press Conference 30 minutes later. The S&P 500 posted its biggest daily gain in four weeks and closed 0.75% higher at 1,998.98. The Dow Jones reached an intraday record but closed 0.59% higher at 17,131.97. Asian markets were mixed. The Hang Seng added 1% as the central bank injected 500 Billion Yuan into the banking system with the goal of supporting growth. The Nikkei, however, lost 0.14% as investors became hesitant ahead of the FOMC statement. European markets are higher today after the CPI for the Eurozone came out better than expected and showed an increase of 0.4% during the past year. Currently, the CAC 40 is up 0.70% while Germany’s DAX is up 0.48% and London’s FTSE 100 is up 0.16%.
WTI Crude climbed yesterday, despite a report from the EIA which showed Crude stock to increase by 3.3 million barrels. The increase came following comments from OPEC’s Secretary General that the target for Crude Output next year may be cut by 500,000 barrels in 2015. The EIA will release a separate report today at 2.30pm GMT and the expectation is to see that stock piles shrank by 1.5million barrels. Gold is ranging around an 8 month low as traders await the statement from the Fed. It is widely expected that the Fed will reduce quantitative easing by a further $10 billion. The market also expects information regarding an interest rate hike, with any change in projections we may see the metal drop down.
Today’s Main Events:
08.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month.
09.00 GMT: EUR – CPI – measures the change in the price of goods and services from the perspective of the consumer.
12.30 GMT: USD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
18.00 GMT: USD – FOMC Statement – the primary tool the panel uses to communicate with investors about monetary policy
18.30 GMT: USD – FOMC Press Conference – covers in detail the factors that affected the most recent interest rate and other policy decisions, along with commentary about economic conditions such as the future growth outlook and inflation. Most importantly, it provides clues regarding future monetary policy
22.45 GMT: NZD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.
23.50 GMT: JPY – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period.
September 17, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold, Oil
U.S. stocks closed higher following gains in energy shares and speculation that the Fed will keep interest rates low for a long period of time. Following a two day meeting, the FOMC Statement will be released today at 6pm GMT and Janet Yellen will lead a Press Conference 30 minutes later. The S&P 500 posted its biggest daily gain in four weeks and closed 0.75% higher at 1,998.98. The Dow Jones reached an intraday record but closed 0.59% higher at 17,131.97. Asian markets were mixed. The Hang Seng added 1% as the central bank injected 500 Billion Yuan into the banking system with the goal of supporting growth. The Nikkei, however, lost 0.14% as investors became hesitant ahead of the FOMC statement. European markets are higher today after the CPI for the Eurozone came out better than expected and showed an increase of 0.4% during the past year. Currently, the CAC 40 is up 0.70% while Germany’s DAX is up 0.48% and London’s FTSE 100 is up 0.16%.
WTI Crude climbed yesterday, despite a report from the EIA which showed Crude stock to increase by 3.3 million barrels. The increase came following comments from OPEC’s Secretary General that the target for Crude Output next year may be cut by 500,000 barrels in 2015. The EIA will release a separate report today at 2.30pm GMT and the expectation is to see that stock piles shrank by 1.5million barrels. Gold is ranging around an 8 month low as traders await the statement from the Fed. It is widely expected that the Fed will reduce quantitative easing by a further $10 billion. The market also expects information regarding an interest rate hike, with any change in projections we may see the metal drop down.
Today’s Main Events:
08.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month.
09.00 GMT: EUR – CPI – measures the change in the price of goods and services from the perspective of the consumer.
12.30 GMT: USD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
18.00 GMT: USD – FOMC Statement – the primary tool the panel uses to communicate with investors about monetary policy
18.30 GMT: USD – FOMC Press Conference – covers in detail the factors that affected the most recent interest rate and other policy decisions, along with commentary about economic conditions such as the future growth outlook and inflation. Most importantly, it provides clues regarding future monetary policy
22.45 GMT: NZD – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.
23.50 GMT: JPY – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period.
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