U.S. stocks closed rallied on Friday but finished lower for the week. Gains were seen after U.S. GDP came out on target increasing by 4.6% during the last quarter, this is the second strongest pace seen since the recession. At session close the S&P 500 was 0.86% higher and the Dow Jones was 0.99% higher. U.S. Futures are currently lower as the market awaits Pending Home Sales and Personal Spending data coming later in the day. Asian markets started the week mixed. The Nikkei increased 0.5% as the Yen weakened against the U.S. Dollar, trading at ¥109.35 compared to ¥109.01. The Hang Seng, however, dropped 1.9%, reaching their lowest close for two months following violent demonstrations which caused banks and businesses to close. European markets are lower today following news that the European Central Bank will inject monetary stimulus to help the economy. Focus will be on Thursday’s Interest Rate Decision and Press Conference. Currently, the CAC 40 is down 0.51% while Germany’s DAX is off 0.35% and London’s FTSE 100 is lower by 0.16%.
WTI Crude climbed above $93/barrel due to air strikes in both Syria and Iraq. The U.S., Saudi Arabia and the UAE attacked refineries which were under the control of the Islamic State over the weekend. The U.S. economy has been showing signs of consistent improvement and as it is strengthening this should also bolster demand for oil and push prices higher. Gold is climbing as a safe haven as investors focus on the protests in Hong Kong. Gains may be limited, however, after the metal recently declined to a 9 month low. The U.S. Dollar is also climbing and has reached a four year high against a number of currencies. Typically, the metal moves inversely to the Dollar and so we would recommend taking caution with any call positions.
Today’s Main Events:
12.00 GMT: EUR – German CPI – measures the changes in the price of goods and services purchased by consumers.
12.30 GMT: USD – Personal Spending – measures the change in the inflation-adjusted value of all spending by consumers
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
September 29, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. stocks closed rallied on Friday but finished lower for the week. Gains were seen after U.S. GDP came out on target increasing by 4.6% during the last quarter, this is the second strongest pace seen since the recession. At session close the S&P 500 was 0.86% higher and the Dow Jones was 0.99% higher. U.S. Futures are currently lower as the market awaits Pending Home Sales and Personal Spending data coming later in the day. Asian markets started the week mixed. The Nikkei increased 0.5% as the Yen weakened against the U.S. Dollar, trading at ¥109.35 compared to ¥109.01. The Hang Seng, however, dropped 1.9%, reaching their lowest close for two months following violent demonstrations which caused banks and businesses to close. European markets are lower today following news that the European Central Bank will inject monetary stimulus to help the economy. Focus will be on Thursday’s Interest Rate Decision and Press Conference. Currently, the CAC 40 is down 0.51% while Germany’s DAX is off 0.35% and London’s FTSE 100 is lower by 0.16%.
WTI Crude climbed above $93/barrel due to air strikes in both Syria and Iraq. The U.S., Saudi Arabia and the UAE attacked refineries which were under the control of the Islamic State over the weekend. The U.S. economy has been showing signs of consistent improvement and as it is strengthening this should also bolster demand for oil and push prices higher. Gold is climbing as a safe haven as investors focus on the protests in Hong Kong. Gains may be limited, however, after the metal recently declined to a 9 month low. The U.S. Dollar is also climbing and has reached a four year high against a number of currencies. Typically, the metal moves inversely to the Dollar and so we would recommend taking caution with any call positions.
Today’s Main Events:
12.00 GMT: EUR – German CPI – measures the changes in the price of goods and services purchased by consumers.
12.30 GMT: USD – Personal Spending – measures the change in the inflation-adjusted value of all spending by consumers
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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