Market Awaiting Result of U.K Election
May 7, 2015 2:40 pmVideo
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May 7, 2015 – Indices News
U.S markets closed lower following weak data and a warning from Yellen. The ADP Nonfarm Employment Change was released and showed a very disappointing figure of 169K, missing expectations of 200K. In addition the previous figure was downgraded to 175K. The data added to recent negativity and not only added to speculation that Friday’s NFP figure will be weak but also pushed off interest rate hike expectations. Later in the day, Janet Yellen spoke at the Institute for Economic Thinking Conference. She commented that stock values are quite high and could be dangerous for the economy. Her comments pushed markets down and at session close, the S&P 500 was 0.5% lower at 2,080.16 and the Dow Jones was 0.5% lower at 17,841.98.
Asian markets declined today. The Nikkei reopened after a long holiday and immediately dropped 1.23%. The index reacted to the weaker Dollar which was trading around 119.2 at the close. Markets were also affected by Yellen’s comments and traders became cautious ahead of important U.S data. The Bank of Japan’s Monetary Policy Meeting Minutes will be released at 11.50 PM (GMT). Casio Computer Co was down 5.13%, Citizen Holdings Co was down 4.94% and NTN was down 4.1%. The Hang Seng lost 1.27% following a report from Morgan Stanley downgrading the MSCI China Index. China Mengniu Dairy Co lost 4.69%, China Merchants Holdings International Co lost 4.04% and China Resources Land lost 3.57%.
European markets are mixed today. The market is eyeing the U.K election which is being held today as not party appears to be taking a clear lead. Currently, the FTSE 100 is down 0.83%, and the CAC 40 is down 0.43%. In the FTSE, WM Morrison Supermarkets is down 6.34%, Anglo American is down 4.81% and GlaxoSmithKline is down 4.26%. The DAX is up 0.44% despite the release of weaker than expected Germany Factory Orders which grew by just 0.9% when expected to grow by 1.5%. Commerzbank is up 2.83%, Volkswagen is up 2.54% and E.ON is up 1.81%.
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