17/03/2014 - March Daily Review
- Mark Densel
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March 17, 2014 - Daily Market News
Hot Assets Today : USD
Last week , the market was focused on turmoil in Ukraine , the signs of a slowdown in China and speculation about the efforts of the Federal Reserve to reduce monetary stimulus . In addition to these factors the U.S. release some lower than expected on Friday , the Michigan Consumer Sentiment and PPI data both disappointed the market . At the close of trading the U.S., the Dow Jones Industrial Average lost 0.27 % , the S & P 500 lost 0.28 % , and the Nasdaq composite index lost 0.35 % . Yesterday there was a referendum in Crimea with 93% of voters choosing to secede from Ukraine and Russia join . The U.S. immediately said the vote violated the Constitution of Ukraine as they believe that the votes were kept under intimidation of Russian military intervention . Markets were mixed after the vote . Shares in Japan and Hong Kong fell as investors cautiously waited to see how the West would respond and that sanctions would be placed against Russia . The Nikkei closed 0.35 % lower and the Hang Seng closed 0.3 % lower . European stock markets are positive after Vodafone and RWE gained following news of a deal . Currently , the CAC 40 is 0.73 % , while Germany's DAX is 0.57 % and the FTSE 100 in London is 0.39 % .
After the vote in the Crimea , WTI crude rose due to speculation that there could be disruption of oil supplies as Russia is the largest energy producer in the world. The EU , U.S. and Ukraine consider the vote to be illegal and President Barack Obama signed an order authorizing financial sanctions . Production in Libya was also lower following protests . Gold is trading near a high six months after the referendum . The U.S. and Europe said they would impose economic and diplomatic sanctions on Russia this week if the vote occurred . Traders should wait for key data on the final day of the U.S., including the Index of NY Empire State Manufacturing at 12:30 ( GMT )
Today Main Events :
12:30 GMT : CAD - securities purchased abroad - measures the total value of domestic stocks , bonds and money market assets acquired by foreign investors .
12:30 GMT : USD - NY Empire State Manufacturing Index - rates the relative level of general business conditions in the state of New York
13:15 GMT : USD - Industrial Production - measures the change in the total inflation-adjusted value of output produced by manufacturers , mines and utilities .
15:00 GMT : EUR - German Buba President Weidmann Speaks - Deutsche Bundesbank ( Buba ) Jens Weidmann president is speaking . As president of the Bundesbank and a member of the ECB , which controls the interest rates on short-term , Weidmann has some influence on the value of EUR .