Subscribe to RSS

Forthcoming ECB meeting and further US earnings reports weigh on markets

On Monday the US stock market was nearly flat due to the mixed expectations of the market. The US Dollar index, a measure of the dollar’s strength against the basket of six major currencies, closed 0.46% higher. The technological and biotechnological companies stocks were on increase with Nasdaq Biotech index up by 6%. But the caution about this week’s forthcoming earnings reports weighed on the market which resulted in major US stock indices – S&P 500, Dow Jones industrial average and Nasdaq – being flat. Thomson Reuters data forecast the 4% slump in S&P 500 earnings in the 3rd quarter from a year ago. Morgan Stanley was among the bottom performers of the day losing 4.8% after the report which showed the bank’s profits plunged by almost half in the 3rd quarter. The Morgan Stanley quarterly data proved to be the weakest among the major US banks falling for the second quarter in a row. Cimarex Energy Co and Marathon Oil Corp fell both 5.2%, Pioneer Natural Resources fell 5.1%, Murphy Oil Corp fell 4.7% due to the sharp fall in oil prices. Exxon lost 1.8% and Chevron lost 1.4%. Nevertheless, the losses of the stock market were pared by the positive performance of Quanta Services (+3%), Delta Airlines (+2.3%), Intel (+1.7%), Apple (+0.6%). The trade volume on the US exchanges was 6.0bln stocks which is slightly less than the daily average of 7.3bln for the past 20 trading days. US homebuilder sentiment improved in October with NAHB/Wells Fargo housing markets index growth exceeding expectations.

This week several quarterly earnings reports from Dow Jones components, including Coca-Cola, Caterpillar and Boeing, will come out. Today at 13:30 CET the US September Housing starts monthly change will be released, the reading is expected to grow to +1.9% from -3.0%. At the same time the US September Building Permits monthly change will be released, the tentative outlook is negative. At 14:00 CET Fed governors William Dudley and Jerome Powell will speak at Market Conference in New York City.

The European investors are focused on the forthcoming ECB meeting due on Thursday this week. Having touched the 1.15 resistance level last week, the euro was weakening yesterday against the US dollar as investors were closing their positions avoiding risks ahead of the ECB meeting where Mario Draghi can give some hints about the future monetary policy in Eurozone. European stocks closed higher on Monday after the release of better-than-expected economic growth data from China. The FTSE Eurofirst index climbed 0.4%, German DAX 30 index added almost 0.8%. Late on Monday the ECB’s governing council member Noyer said the bank’s quantitative easing programme is “well calibrated and doesn’t need to be adjusted”. No important macroeconomic data is expected today in eurozone.

Nikkei index closed today 0.42% up with telecommunication services companies adding 3.9% and utilities losing 1.9%. The dollar was flat against the yen at JPY119.39 ahead of merchandise trade balance data. No important macroeconomic data is expected today in Japan.

Brent crude oil prices lost around 2% yesterday on Chinese demand concerns and the rise in the Saudi stockpile. Today oil prices continue falling ahead of this week’s oil producers meeting as investors do not expect any real measures to be undertaken to struggle the global oil supply glut. Brent crude oil is falling today 0.5% to $48.37 a barrel on London’s ICE Futures exchange while WTI futures are losing 0.1% to $46.25 a barrel.

Today Gold spot prices are edging higher (+0.3%) ahead of the ECB meeting.

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

Free $30 Earn Trade-able Trading Credit Bonus – Forex Time

Free $30 Earn Trade-able Trading Credit Bonus – Forex Time(0)

Switch to ForexTime and Free $30 Earn Trade-able Trading Credit Bonus. Join the hundreds of thousands of traders around the world who have already chosen ForexTime as a broker and Free Earn $30 Trade-able Trading Credit Bonus as a thank you for switching. Link:  Receive $30 Tradeable Credit Bonus Link:  Loyalty Cashback Promotions Link:  FX

$100 Risk Free Money on your Live Account – FidelisCM

$100 Risk Free Money on your Live Account – FidelisCM(0)

Get $100 Free Risk Forex Money on your Live Account There is no better way to trust more. Sign up for $100  No Deposit Bonus from FidelisCM Live Account and start forex trading now. Link: $100 Free No Deposit Forex Bonus Link: 200% Margin Bonus on all Deposit Available to: New and Existing clients Ending

$14000 New Accounts Bonus on Initial Deposits – AvaTrade

$14000 New Accounts Bonus on Initial Deposits – AvaTrade(0)

Up to $14000 New Accounts Bonus on your Initial Deposits to all new trading account. Open a new live trading account and verify it Make a deposit of no less than $100 and request the New Accounts Bonus. Link:  100% Bonus to Your First Deposit Link:  30% Sign-up Bonus on your Deposit Link:  Up to

Up to 200% Withdrawable Cashback Bonus – Forex Time

Up to 200% Withdrawable Cashback Bonus – Forex Time(0)

Always aims for profitable promotions for FXTM Customer, this time they have come up with a 200% Cashback Rebate Bonus promo which enables traders to earn up to 10,000 USD withdraw able Cashback bonus. Link:  Receive $30 Tradeable Credit Bonus Link:  FX Circuits Live Trading Contest Link:  Demo Forex Trading Contest Link:  Loyalty Cashback Promotions

$2500 Forex No Deposit Free Startup Bonus – InstaForex

$2500 Forex No Deposit Free Startup Bonus – InstaForex(0)

$2500 Free No Deposit Forex Bonus to Start Risk Forex Trading on InstaForex.com‎. With $2500 Free Forex Bonus you will be able to estimate our unsurpassed quality of order execution in live trading conditions with no risk and personal investments. Link:  Up to $5000 No Deposit Free Bonus Link:  $500 Forex No Deposit Free Bonus

100% Special Bonus Offer on a Deposit – World Forex

100% Special Bonus Offer on a Deposit – World Forex(0)

Get a 100% Special Bonus Offer on a Deposit plus for replenishment account And a free VPS server for every account replenishment in the amount of 100 USD. Link:  $10 No Deposit Forex Special Bonus Link:  Deposit $5 Receive $20 Special Bonus Link:  100% Forex Special Deposit Bonus Available to: All new trading account Ending

50 USD Forex No Deposit Bitcoin Bonus offer – UFX

50 USD Forex No Deposit Bitcoin Bonus offer – UFX(0)

$50 Forex No Deposit Bonus on their real account. This initial $50 Forex No Deposit Bonus offer is intended to allow new users of the platform the opportunity to test the real trading account. Link:  $50 No Deposit Bonus Promotion Link:  $50 Free No Deposit Bitcoin Bonus Link:  100% Real Money CashBack Promotion Available to:

Deposit $5 Receive $20 Forex Special Bonus – WForex

Deposit $5 Receive $20 Forex Special Bonus – WForex(0)

$10 Forex No Deposit Free Bonus or Deposit $5 Receive $20 Special Bonus Forex to all World Forex New Clients only. Trade with World Forex Broker Get 20$ or 10$ on your choice Link:  $10 Forex No Deposit Free Bonus Link:  Deposit $5 Receive $20 Special Bonus Available to: All new trading account Ending Date:

25 USD Receive Forex Cash Bonus for Free – Xtrade

25 USD Receive Forex Cash Bonus for Free – Xtrade(0)

$25 Receive Forex Cash Bonus for Free No deposit required to all Xtrade New Clients only and 60% Forex Deposit Bonus on your first time deposit to all new live trading account Link:  Up to $5000 No Deposit Free Bonus Link:  $500 Forex No Deposit Free Bonus Link:  $1000 Forex No Deposit Free Bonus Link: 

50% Deposit Bonus for Every Deposit – Fort Financial

50% Deposit Bonus for Every Deposit – Fort Financial(0)

Up to 50% Deposit Bonus for Every Deposit. Open and fund an account at FortFS.com and receive an exclusive 50% bonus on top of your initial investment up to $1000. Link: Up to 50% Bonus of Every Deposit Link: $5 Forex No Deposit Welcome Bonus Link: 15% Support Margin Bonus Available to: New and Existing

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories