February 6, 2014 - Daily Market News
Today 's Hot assets : Euro , Pound , USD
The U.S. ADP Employment Change nonfarm came below expectations growing uncertainty about the economic outlook . Markets are increasingly wary as it raises speculation that chain NFP report a disappointment . Shares fell but losses were limited as weak data can probably be attributed to the bad weather in the U.S.. At the end of the U.S. trade , the Dow Jones industrial average fell 0.03 % and the S & P 500 index fell 0.20 % . Asian markets were given a negative lead from the U.S. and stocks finished mixed . The Nikkei dropped 0.18 % , while the Hang Seng dropped 0.61 % . European stocks open higher interest rate decision of the ECB 12:45 ( GMT ) and the press conference from Mario Draghi at 01:30 ( GMT ) . Some analysts predict that the bank could cut rates further if disinflation is still a problem for the Eurozone . It will be a major event and will probably cause a lot of volatility . The Bank of England will release the interest rate decision 12:00 GMT .
Crude oil inventories fell for another week to send WTI prices higher , but signs of weaker demand from the U.S. ( weaker data including ADP employment figure) caused the price to fall . It is now inching higher as the cold weather in the U.S. is an ongoing feature boost demand for heating fuel. Investors should look carefully at economic data continue to measure the strength of demand in the economy . Gold prices are higher because of the U.S. data . Signs of a stronger economy, suggesting that the Fed can not continue to increase focus on their next policy meeting . The price remained high because of the trend sentiment in the stock market . The Asian market will reopen tomorrow after a week break for the New Year , so we can see physical demand picks up during the Asian session. Traders should watch U.S. data as predictors for chain NFP report will be on 01:30 ( GMT ) .
Today 's key events
12:00 GMT : GBP - BoE QE Total - The Bank of England creating new money electronically and use gilts from private investors , such as pension funds and insurance companies to buy .
12:00 GMT : GBP - interest rate decision - Bank of England ( BOE ) Monetary Policy Committee members vote on where to set the rate .
12.45 GMT : EUR - interest rate decision - The six members of the European Central Bank ( ECB ) Executive Board and the governors of the 16 euro - area central banks vote on where to set the rate
13.30 GMT : EUR - ECB Press Conference - held monthly , about 45 minutes after the minimum bid rate announced. The conference is about an hour long and has two parts . First, a prepared statement , then the conference is open to press questions . The press conference examines the factors that affected interest rate decision and deal with the overall economic outlook and inflation the ECB 's . Most importantly , it gives clues about future monetary policy
13.30 GMT : USD - Initial jobless claims - measures the number of people who filed for unemployment insurance for the first time in the past week
15.00 GMT : CAD - Ivey PMI - measures the activity level of purchasing managers in Canada . A reading above 50 indicates expansion , a reading below 50 indicates contraction
22.30 GMT : USD - FOMC Member Rosengren Speaks - FOMC members are responsible for setting the benchmark interest rate and their speeches are closely watched for indications of the future possible direction of monetary policy.
