The Philadelphia Federal Reserve Manufacturing Index results were published yesterday, showing results significantly less positive than expected. The failed expectations led investors to sell off stocks, leading stocks downward. The Dow Jones Industrial slid 0.61%, the S&P 500 went down 0.92%, and the Nasdaq fell 1.48%
Yesterday, the Swiss National Bank released a decision which has been described in the same terminology as a natural disaster. By removing the exchange cap between the euro and the franc, Switzerland sent the euro to its lowest rates this decade. European stocks initially sank along with the euro, though recovery started as OPEC predicted that countries not affiliated with OPEC would begin to cut their oil production. The news bolstered BP PLC 2.7% and Royal Dutch Shell PLC 2.9%. The FTSE 100 rose 1.73% to 6,498.78. French stocks increased after the initial shock of Switzerland’s decision wore off, bringing the CAC 40 up 2.37% to 4,323.20. German economic strength for 2014 resulted in strong market rallies based on the surplus in the governmental budget. Automotive sales increased, and the DAX increased by 2.20% to 10,032.61.
Trauma from the Swiss National Bank’s decision carried over to export-reliant Asian countries, where the sudden drop of the euro was unfavorable to trading conditions. Losses were heavy and widespread, including a 5% drop in Yamaha Corp and a 4.6% drop in Sony Corp. The Nikkei decreased by 1.43% to 16,864.16. Hong Kong losses were reduced by strong banking, as Bank of Communications Co Ltd increased 1.16%. The Hang Seng declined 0.89% to 24,134.30.
January 16, 2015 – Indices News
The Philadelphia Federal Reserve Manufacturing Index results were published yesterday, showing results significantly less positive than expected. The failed expectations led investors to sell off stocks, leading stocks downward. The Dow Jones Industrial slid 0.61%, the S&P 500 went down 0.92%, and the Nasdaq fell 1.48%
Yesterday, the Swiss National Bank released a decision which has been described in the same terminology as a natural disaster. By removing the exchange cap between the euro and the franc, Switzerland sent the euro to its lowest rates this decade. European stocks initially sank along with the euro, though recovery started as OPEC predicted that countries not affiliated with OPEC would begin to cut their oil production. The news bolstered BP PLC 2.7% and Royal Dutch Shell PLC 2.9%. The FTSE 100 rose 1.73% to 6,498.78. French stocks increased after the initial shock of Switzerland’s decision wore off, bringing the CAC 40 up 2.37% to 4,323.20. German economic strength for 2014 resulted in strong market rallies based on the surplus in the governmental budget. Automotive sales increased, and the DAX increased by 2.20% to 10,032.61.
Trauma from the Swiss National Bank’s decision carried over to export-reliant Asian countries, where the sudden drop of the euro was unfavorable to trading conditions. Losses were heavy and widespread, including a 5% drop in Yamaha Corp and a 4.6% drop in Sony Corp. The Nikkei decreased by 1.43% to 16,864.16. Hong Kong losses were reduced by strong banking, as Bank of Communications Co Ltd increased 1.16%. The Hang Seng declined 0.89% to 24,134.30.
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