March 3, 2014 - Daily News
Today's Hot Assets : USD, Gold, Oil
U.S. GDP negative out on Friday and showed the economy only grew by 2.4 % in the previous quarter . Investors shrugged off the release and instead chose to focus on the Chicago PMI and Michigan Consumer Sentiment report is better than expected. As a result of U.S. stocks rise; S & P 500 once again above 1850 and closed 0.28% higher. The Dow Jones closed 0.3 % higher . The political situation in Ukraine rose over the weekend. Russian forces have reported that they have taken full control of the Crimean peninsula . This has raised concerns how stable region and traders are turning to safer assets . Asian stocks fell due to progress in the market . The Nikkei lost and from 1.27% to as little as a week and a half people are turning to safe haven yen causing it to climb against the U.S. dollar . Hang Seng lost 1.47% due to losses in the financial sector and concerns about the health of the Chinese economy remain . China's yuan has lost 1.3 % over the past two weeks and have questioned whether other asset markets can also change the course . European markets have opened sharply lower tensions between Ukraine and Russia is widely weighed risk sentiment .
WTI crude is soaring higher rising tensions in Ukraine fueling fears that energy supplies could be disrupted . Positive Chicago PMI and consumer sentiment data from the United States on Friday also supports raw because they supported the energy demand outlook . Price is trading around 5month high around $ 104.5 / barrel. Gold is also soaring higher because many investors turned to safe haven metal as unrest in Ukraine . Concerns about China's economy has increased the demand for gold. Prices touched $ 1.350 / oz but has reversed slightly .
Key Events Today:
09:30 GMT : GBP - Manufacturing PMI - measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector below 50 indicates contraction .
14:00 GMT : EUR - ECB President Draghi Speaks - Due to testify before the Committee on Economic and Monetary Affairs of the European Parliament , in Brussels
15:00 GMT : USD - ISM Manufacturing PMI - The PMI Manufacturing ISM Report on Business is based on data compiled from monthly replies to questions asked of purchase and supply executives in over 400 industrial companies .
