U.S. stocks declined slightly with mixed data. The ISM Manufacturing PMI data showed the fastest growth since May 2011 and underlined the positive economic outlook for the U.S. However, falling oil prices caused a decline in energy shares. The S&P 500 lost 0.05% and the Dow Jones lost 0.18%. Asian markets climbed across the region as the Dollar climbed to an 8 month high against the Yen following great Manufacturing data. The Dollar traded at ¥105.3 compared to ¥105.158 the previous day. The market also reacted to a possible pension fund reform. Japanese Prime Minister, Shinzo Abe, might make the current Deputy Policy Chief of the Liberal Democratic Party, Yasuhisa Shiozaki, manager of the Government Pension Investment Fund. This report has boosted speculation that pension funds could shift to riskier assets. The Hang Seng gained 2.17% following positive data from China. European markets are higher today as a potential Cease fire in Ukraine is being discussed. Currently, the DAX is up 1.19% while France’s CAC 40 is up 1.13% and London’s FTSE 100 is up 0.76%.
WTI Crude sharply declined yesterday after the U.S. New York Mercantile Exchange re- opened after the longer weekend. The drop could be explained by worries over Chinese data which has been pointing to a slower economic recovery and could lead to less demand. The price is now climbing ahead of a report from the API at 8.30pm GMT. Gold is continuing to fall and is trading near a 2.5 month low as the Dollar strengthens. Geopolitical tension is also falling and no longer supporting the price. Markets are now waiting for the Interest Rate decision from the ECB tomorrow and the NFP report from the U.S. on Friday.
Today’s Main Events:
08.30 GMT: GDP – Services PMI – measures the activity level of purchasing managers in the services sector.
14.00 GMT: CAD – Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
September 3, 2014 – Daily Market News
Today’s Hot Assets: GBP, USD, Oil
U.S. stocks declined slightly with mixed data. The ISM Manufacturing PMI data showed the fastest growth since May 2011 and underlined the positive economic outlook for the U.S. However, falling oil prices caused a decline in energy shares. The S&P 500 lost 0.05% and the Dow Jones lost 0.18%. Asian markets climbed across the region as the Dollar climbed to an 8 month high against the Yen following great Manufacturing data. The Dollar traded at ¥105.3 compared to ¥105.158 the previous day. The market also reacted to a possible pension fund reform. Japanese Prime Minister, Shinzo Abe, might make the current Deputy Policy Chief of the Liberal Democratic Party, Yasuhisa Shiozaki, manager of the Government Pension Investment Fund. This report has boosted speculation that pension funds could shift to riskier assets. The Hang Seng gained 2.17% following positive data from China. European markets are higher today as a potential Cease fire in Ukraine is being discussed. Currently, the DAX is up 1.19% while France’s CAC 40 is up 1.13% and London’s FTSE 100 is up 0.76%.
WTI Crude sharply declined yesterday after the U.S. New York Mercantile Exchange re- opened after the longer weekend. The drop could be explained by worries over Chinese data which has been pointing to a slower economic recovery and could lead to less demand. The price is now climbing ahead of a report from the API at 8.30pm GMT. Gold is continuing to fall and is trading near a 2.5 month low as the Dollar strengthens. Geopolitical tension is also falling and no longer supporting the price. Markets are now waiting for the Interest Rate decision from the ECB tomorrow and the NFP report from the U.S. on Friday.
Today’s Main Events:
08.30 GMT: GDP – Services PMI – measures the activity level of purchasing managers in the services sector.
14.00 GMT: CAD – Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
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