December 4 , 2013 - Daily Market News
Today's Hot Assets : EUR , USD , Gold
U.S. stocks declined yesterday as positive data is boosting speculation that the Federal Reserve will reduce stimulus in early 2014 . At the session close the S & P 500 was down by 0.32% and the Dow Jones was down by 0.59 % . Asian stocks also fell with the Nikkei closing 2.17 % lower as the yen strengthened against the dollar. After hitting its highest level since 2011, the Hang Seng declined due to tapering fears and closed 0.76 % lower. Following their drop yesterday, European stocks opened in positive numbers . Investors should focus on key data out today from both Europe and the United States .
WTI is rising after data showed that U.S. inventories fell . TransCanada has released news that it plans to increase deliveries of crude to Texas next month by easing supply bottleneck which resulted in the lack of pipeline capacity. Gold reached a 5 month low due to the speculation that quantitative easing will be reduced. Physical demand is also weak . Retailers should focus on U.S. data today including the ADP Nonfarm Employment Change at 1.15 pm (GMT ) . If the data are positive and show a further improvement in the economy we see the price drop down further.
Today's Main Events :
9.00 at : EUR - Services PMI - measuring the activity of purchasing managers in the services sector .
09.30 GMT : GBP - Services PMI - measuring the activity of purchasing managers in the services sector .
10.00 GMT : EUR - GDP - measures the annualized change in the inflation - adjusted value of all goods and services produced by the economy
10.00 GMT : EUR - Retail Sales - measure the change in the total value of inflation - adjusted sales at the retail level. It is the main indicator of consumer spending , which make up the majority of overall economic activity .
13.15 GMT : USD - ADP Nonfarm Employment Change - a measure of the monthly change in non- farm , private employment, based on the payroll data of approximately 400,000 U.S. business clients . The release, two days before the government data , there is a good predictor of the government non- farm payroll report.
15.00 GMT : CAD - interest rate decision - Bank of Canada ( BOC ) governing council members come to a consensus about where to set the rate.Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
15.00 GMT : ISM Non - manufacturing PMI - calculated as an indicator of the overall economic condition for the non - industrial sector . The NMI is a composite index based on the diffusion indexes for four of the indicators with equal weights : Business Activity ( seasonally adjusted ) , New Orders ( seasonally adjusted ) , Employment ( seasonally adjusted ) and Supplier deliveries.
15.00 GMT : USD - New Homes Sales - measures the annualized number of new single-family homes that were sold during the previous month . This report tends to have more impact when it's released in advance of the existing Home Sales because the reports are tightly correlated
