U.S. stocks declined following worse than expected data. Existing Home Sales dropped 1.8% to 5.05 million during the past month. At session close, the S&P 500 was 0.8% lower and the Dow Jones was 0.62% lower. Asian markets mostly declined. The Hang Seng lost 0.49% despite manufacturing data being higher than expected at 50.5. The index was dragged lower by casino shares and estimates for gaming revenues were lowered. The Nikkei lost 0.71% as the Dollar fell against the Yen, reached a low of 108.239. European markets are sharply lower today after Euro zone data was mostly lower than expected. German Manufacturing PMI hit a 15-month low of 50.3. Tesco also dropped strongly after reports that their profit had been over estimated by 250million GBP.
WTI Crude declined due to speculation that the Chinese PMI would be worse than expected. However, the actual figure came out at 50.5 showing that the Chinese economy is expanding and therefore, the price of Oil jumped to $91.50/barrel. Later today, the API will release inventory data and this could spark some short term movement. Gold is climbing in reaction to airstrikes against Islamic State in Syria. The metals safe haven appeal is growing, however, gains may be limited as investors are still focusing on a potentially earlier hike in U.S. interest rates. Today, traders should keep an eye on speeches from FOMC members Powell and Kocherlakota.
Today’s Main Events:
07.30 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
12.30 GMT: CAD – Core Retail Sales – measures the change in the total value of sales at the retail level in Canada, excluding automobiles.
13:20 GMT: USD – FOMC Member Powell Speaks – Due to deliver opening remarks at the Federal Reserve System and Conference of State Bank Supervisors Conference on Community Banking in the 21st Century, in St. Louis
18.00 GMT: USD – FOMC Member Kocherlakota Speaks – Due to speak at the town hall forum, in Marquette. Audience questions expected
September 23, 2014 – Daily Market News
Today’s Hot Asset: Gold
U.S. stocks declined following worse than expected data. Existing Home Sales dropped 1.8% to 5.05 million during the past month. At session close, the S&P 500 was 0.8% lower and the Dow Jones was 0.62% lower. Asian markets mostly declined. The Hang Seng lost 0.49% despite manufacturing data being higher than expected at 50.5. The index was dragged lower by casino shares and estimates for gaming revenues were lowered. The Nikkei lost 0.71% as the Dollar fell against the Yen, reached a low of 108.239. European markets are sharply lower today after Euro zone data was mostly lower than expected. German Manufacturing PMI hit a 15-month low of 50.3. Tesco also dropped strongly after reports that their profit had been over estimated by 250million GBP.
WTI Crude declined due to speculation that the Chinese PMI would be worse than expected. However, the actual figure came out at 50.5 showing that the Chinese economy is expanding and therefore, the price of Oil jumped to $91.50/barrel. Later today, the API will release inventory data and this could spark some short term movement. Gold is climbing in reaction to airstrikes against Islamic State in Syria. The metals safe haven appeal is growing, however, gains may be limited as investors are still focusing on a potentially earlier hike in U.S. interest rates. Today, traders should keep an eye on speeches from FOMC members Powell and Kocherlakota.
Today’s Main Events:
07.30 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
12.30 GMT: CAD – Core Retail Sales – measures the change in the total value of sales at the retail level in Canada, excluding automobiles.
13:20 GMT: USD – FOMC Member Powell Speaks – Due to deliver opening remarks at the Federal Reserve System and Conference of State Bank Supervisors Conference on Community Banking in the 21st Century, in St. Louis
18.00 GMT: USD – FOMC Member Kocherlakota Speaks – Due to speak at the town hall forum, in Marquette. Audience questions expected
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