Greece Back in Focus
May 5, 2015 3:10 pmVideo
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May 5, 2015 – Indices News
U.S markets climbed as better than expected data was released. Factory Orders in the U.S had been predicted to increase by 2% but actually increased by 2.1%. In addition, FOMC Member, Evans, spoke and repeated his belief that rates should be hiked in early 2016. However, he also noted that the economy appears to be solid and that recent weak data was most likely transitory. The market welcomed his speech as it was taken to be quite balanced; Evans is usually considered to be dovish. At session close the S&P 500 was 0.3% higher at 2,114.49 and the Dow Jones was 0.3% higher at 18,070.4.
Asian markets were lower today. The Hang Seng lost 1.31% and the Shanghai Composite plummeted 4.06%, which was its highest daily loss seen since January. According to MarketWatch, worries about margin trading entered the market and added to fears that the economy is slowing down. Two firms raised their requirement for margin financing on Tuesday, reducing the amount of collateral which can be used for short selling. In the Hang Seng, Bank of Communications Co lost 4.21%, China Overseas Land & Investment lost 3.91% and CITIC lost 3.73%. The Nikkei remained closed for the ongoing Greenery day observation.
European markets are mixed today. The FTSE 100 is up 0.14% after a long weekend. Traders are eyeing the U.K election which will be held on Thursday and there is now speculation that a Conservative majority would be good for the economy. Coca Cola is up 3.92%, Fresnillo PLC is up 3.58% and TUI is up 2.58%. The DAX is down 1.4% and the CAC 40 is down 0.91% as Greek bailout talks still hit sentiment. The Austrian Finance Minister, Hans Joerg Schelling, told Reuters today that there is some progress but it still doesn’t appear certain that a deal will be reached. In the DAX, Allianz is down 2.32%, E.ON is down 2.2% and Deutsche Telekom is down 2.16%.
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